What You Need to Know
- The author breaks lives into three stages.
- One is Adulting, and a second is Striving.
- The third is Fulfilling.
We call it retirement. Today it is not. A new reality is apparent for millions of Americans. Most of us dream of the time when we finally stop having to work full-time. It is the event that allows us to regain control of our time such that each day is a weekend.
I believe we need to rename this period of our lives to what is has become – our Fulfilling stage. In my books, blog and podcast I discuss the three major stages of an individual’s financial life – Adulting (to age 30), Striving (ages 31 to 70) and Fulfilling (over age 70).
I developed these stages by considering today’s demographic, economic, personal savings, technological, educational and life expectancy trends.
A Gold Watch? Maybe Not
The Fulfilling stage begins around age 70.
This stage begins later than most people think, but I believe reflects today’s need to work longer to accumulate assets and benefits to properly fund longer life expectancies.
When this stage begins, individuals usually don’t get a gold watch or major send-off. They simply transition to the next stage of their productive lives.
Also, more and more older individuals are continuing to voluntarily work, at least part-time, well past age 70 as they enjoy the psychological, social and monetary rewards they get from work.
For others, working is involuntary as they have no choice because they are without the savings and benefits to pay their necessary living expenses. I meet people from both camps every day and they tell me they will never stop working unless their health prohibits them.
A Time for Choices
This newly named Fulfilling stage is the time when we all get to decide how we spend our time and what activities we want to pursue.