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Avoid the first four stages of retirement grief and skip straight to acceptance
The five stages of grief are well known to most people, with the concept often trotted out on TV and in films to portray the emotional rollercoaster that characters go through when they’re recently bereaved or terminally ill.
While typically used for dramatic effect for audiences, the Kübler-Ross model of grief is at the root of scientific thought processes. The five stages, which follow on from each other, are:
Denial;
Anger;
Bargaining;
Depression; and
Acceptance.
What does this have to do with retirement? Well, as you approach your golden years, you may find yourself experiencing some of the emotions associated with the five stages of grief!
Don’t believe us? Take a look below at some of the questions and concerns that we regularly hear from people preparing for retirement. Any feel familiar?
Denial
“I can’t believe retirement is just around the corner! How much will I need to live comfortably? Is that right? That can’t be right … Oh well, I’m sure everything will work out fine in the end.”
Anger
“How was I expected to save that much money for retirement?? If only I’d been told to start planning sooner, I’d nearly have reached my target by now. This must be someone else’s fault …”
Work with an adviser to make your transition to retirement as easy as possible.
Bargaining
“Ok, no point in getting angry, what’s done is done. Maybe if I retire a little later than planned or negotiate a pay rise at work then it’s not too late? Perhaps I can cut back a little on my travel plans or downsize on my home?”
Depression
“It’s not going to work. I can’t do it. I’ll be working until I’m 100 at this rate! Why oh why didn’t I plan better when I was younger? I may as well give up; I’ll never have enough to enjoy my dream retirement.”
Coming to terms with your retirement reality
The longer you stay in each stage of retirement grief, the less time you’ll have to plan effectively for the future if you’ve suddenly found yourself short of your goals.
Acceptance can be difficult, and you may have to make some short-term sacrifices.
However, with a proactive approach and the right advice, you can maximize the time you have left before you reach retirement.
Would you like to discuss your retirement reality?
What you need to know
This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.
