Retirement, for many of us, is often imagined as a chapter in our lives when we can finally kick back, enjoy the fruits of our labour, and make the most of the time and resources we have at our disposal.
In reality, however, retirees will often experience three chapters as they progress through their retirement years: the early (active), middle (passive/sedentary) and late (frail/support) chapters.
These chapters help highlight the link between ageing and our health status. As we age in retirement, our health often progressively declines. This decline can affect our time, work, finances, housing and care needs.
Consequently, while retirement is something to look forward to—and be enjoyed—it’s important to understand the overall picture of the retirement lifecycle. This will allow us to plan and act accordingly; especially when considering retirement savings, aged care and estate planning.
In this animation, we illustrate the three retirement chapters.