New Retirement Mindscape® study
Conducted by Ameriprise Financial in conjunction with Age Wave and Harris Interactive in 2006, this groundbreaking study found that retirement is characterized by five distinct stages.
Click each stage below to learn more
Imagination
In this stage, retirement is still 6 to 15 years away. Some people are beginning to spend more time envisioning the retirement they want and making plans. As their retirement vision becomes clearer, so does their optimism for the future.
- 53% have high expectations of adventure
- 44% report they are "on track" in preparing
Anticipation
One to five years before retirement, excitement continues to intensify. Financial resources are falling into place as most people are getting serious about saving. However, in the year or two before Retirement Day, the excitement is accompanied by a natural anxiety for the unknowns that lie ahead.
- 77% expect to enjoy retirement "a great deal"
- 22% say they will feel
a sense of loss when
their working years are over
Liberation
Retirement Day initiates this stage. During the "honeymoon" period, retirees are busy reconnecting with families, pursuing hobbies, traveling, and starting new businesses. This is the most likely stage in which people have a written financial plan.
- 89% say they will have enough to keep them busy
- 78% are enjoying retirement a great deal
Reorientation
One to fifteen years into retirement, many people rearrange their priorities, activities, relationships and lives. Many discover retirement is more challenging than they expected. However, those who have planned for retirement and carry a clear vision create more fulfilling lives for themselves. These retirees stand out for their ability to reinvent themselves through new adventures, hobbies and careers.
- 49% have feelings of emptiness
- 38% feel boredom
Reconciliation
In this final stage of retirement, many people show increased levels of contentment. Although rest and relaxation become increasingly appealing, retirees often have a renewed interest in activities, hobbies and travel. They show more interest in personal reflection, as well as leaving behind financial and emotional legacies for loved ones, charities and the causes they support.
These insights have redefined some of the ways we think about retirement. But they have also affirmed what we've always known: that to know our clients is to be there for them every step of the way. Your Ameriprise financial advisor will use it to get you started, no matter what stage of life you're in.
What is Age Wave?
Age Wave is a strategic consulting and research firm that guides Fortune 500 companies in product/service development for the baby boomer generation. It was founded in 1986 by Dr. Ken Dychtwald, who is widely considered the country's leading authority on aging-related issues.
Download the New Retirement Mindscape study
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