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Retirement consists of 4 key phases. Here, weâ€™ll present some key considerations for each phase in 4 parts.
For you and for future generations, retirement is a much different animal than it was for your grandparents. Perhaps the biggest difference is that retirement can now last for several decades. But no matter the length of your retirement, you’re likely to go through at least 4 distinct phases. As you get closer to the big day, you’re going to want to start thinking about those phases, how each may be different, and how well prepared you are for the changes that will continue to come into your life once you’ve hung up the white coat. Here, we’ll present some key considerations for those in each phase, in three parts.
Phase 1: Pre-retirement
Some sites refer to this also as “peri-retirement,” but regardless of the nomenclature, this is the stage right before you retire, when your retirement date is getting very close. You’re still working, but you’re starting to get the itch, and you know retirement is right around the corner. This is the time when many retirement savers start to have a great deal of anxiety about how much they’ve put away, how much income they’ll generate from the sale of their practice, and how they’ll adjust to a life away from dentistry.
In part 2, we’ll look at early retirement, and in the last part, we’ll tackle middle and late retirement.