Retirement Is About More Than Money: How to Squeeze All the Juice Out of Retirement

When I sit down with someone approaching retirement, we usually spend a good amount of time discussing the financial side of things.

How much have you saved? When should you begin Social Security? How much income will you need? Will your money last?

These are all important questions, and answering them is a big part of what we do as financial planners.

But there's another question I've been bringing into conversations lately:

You've spent your entire working life preparing financially for retirement. But have you thought about what you're actually going to do when you get there?

Think about it. For 30 or 40 years, you've had somewhere to be, responsibilities to fulfill, coworkers to interact with, and a reason to get out of bed every morning.

Then, one day, you retire.

Now what?

The Four Phases of Retirement

I recently came across a TED Talk by Dr. Riley Moynes titled How to Squeeze All the Juice Out of Retirement.

Dr. Moynes, who spent time in both education and financial services, describes four phases that many people experience during retirement.

I thought his perspective was fascinating because it addresses something that doesn't always get enough attention in financial planning: the emotional and psychological side of retirement.

Here's a quick breakdown of his four phases.

Phase 1: The Vacation Phase

This is what most people imagine retirement will look like.

No alarm clocks. No meetings. Travel, golf, spending time with family, and doing whatever you want.

And for a while, it's fantastic!

But eventually, the novelty can begin to wear off. There's only so much relaxing you can do before you start wondering what's next.

Phase 2: Feeling Loss and Feeling Lost

This is the phase people don't always anticipate.

You may begin to miss the structure, relationships, identity, and sense of purpose that came with working.

Think about how often we introduce ourselves by what we do for a living. When that part of our lives ends, it can take time to figure out who we are without it.

You might have plenty of money and all the free time in the world, but still feel like something is missing.

Phase 3: Trial and Error

This is where you begin exploring.

Maybe you start volunteering, take up a new hobby, join a club, mentor someone, or reconnect with an old passion.

Some things you'll enjoy. Others you won't.

And that's perfectly fine!

The idea is to keep trying until you find activities and relationships that give you a reason to look forward to tomorrow.

Phase 4: Reinvention and Repurposing

This is where Dr. Moynes believes retirement can become especially fulfilling.

You've found something that gives your days meaning.

Maybe that's spending time with grandchildren, volunteering in your community, teaching, mentoring, or pursuing something you've always wanted to do.

The important part isn't necessarily staying busy.

It's having something in your life that gives you a sense of purpose.

Not everyone experiences these phases in the same way or follows the same timeline, but I think the framework provides a valuable perspective.

What Does This Have to Do With Financial Planning?

Quite a bit, actually.

When someone tells me they want to retire at 62, 65, or whenever their investment accounts reach a certain dollar amount, I think that's a great starting point.

But it's only a starting point.

I want to know what retirement looks like for them.

Are they planning to travel? Spend more time with family? Work part-time because they enjoy what they do? Pick up hobbies they've put off for years?

And perhaps most importantly:

What are they retiring TO, rather than simply retiring FROM?

Financial planning helps determine whether you have the resources to support your retirement. But the financial plan should ultimately serve the life you want to live.

After all, what's the point of spending decades saving and investing if you haven't thought about how you want to enjoy the years ahead?

A Final Thought

Retirement isn't simply reaching a certain age or seeing a particular number in your investment account.

It's a major life transition, and one that deserves just as much thought emotionally as it does financially.

If you're approaching retirement, I'd encourage you to spend some time thinking beyond the numbers.

What will your days look like? What will keep you active, connected, and engaged? What are the things you've always wanted to do but never had the time for?

And if you're already retired, maybe it's worth asking whether you're getting everything you hoped for out of this chapter of life.

The goal shouldn't just be to have enough money to retire. It should be to build a retirement worth looking forward to.

As Dr. Moynes puts it, the idea is to squeeze all the juice out of retirement.

I think that's something we can all appreciate.

The four phases discussed above are based on Dr. Riley Moynes' retirement framework. Individual retirement experiences vary. Dr. Riley Moynes is not registered or affiliated with Cetera Wealth Services, LLC. The information provided is only for educational purpose only.

The opinions are those of the writer, and not the recommendations or responsibility of Cetera Wealth Services, LLC or its representatives. Please consult with your financial professional before making any investment related decisions.