In the last few articles, we have covered what to do in the years leading up to retirement, what to expect in the early years of retirement, and now we are moving on to the mid-years of retirement. This may be characterized by feeling like the novelty of retirement has worn off, and you are settling into your “golden years”. Retirees often laugh and tell me that this is the “boring part”. I believe they are referring to the fact that they are starting to slow down in terms of activity. This might be characterized by less travel, less dining out, etc. This is what I refer to as a normalization of retirement. This can be a great time for many retirees. The reduced feeling of constantly being on the go may be replaced with a contentment of simply enjoying retirement and the time spent with family and friends. Sometimes this stage doesn’t happen by choice, but rather because of health reasons. Again, this is why working diligently to maintain your health is so important. Characteristics of mid-stage retirement include:
- Reduced expenses. Now that the newness of retirement may be wearing off, travel, dining out, bucket list items completed, etc., may not be the same priority that they were in the beginning of retirement, and expenses may start to reduce. This is where I often see families with multiple cars start to consolidate. This saves in multiple ways, including reduced insurance costs, maintenance, and repairs, etc. This is a good time to reassess expenses in general. Are you really watching 1200 TV channels, including all the premium subscriptions?
- Downsizing. It is not uncommon for retirees at this stage to begin to think about downsizing. This certainly goes along with reducing expenses. Downsizing can save money on virtually everything in your home. Insurance costs, taxes, utility bills, repairs, maintenance, and the list goes on. I prefer to consider downsizing at this stage instead of waiting until the final stage, which is often at an age where you may be physically less able or less inclined to make a big move.
- Less stuff. Like downsizing your home, mid-stage retirement is a great time to consider downsizing your life. Having less “stuff” makes life less complicated. Start thinking about what you should part with and how. This is when I suggest thinking about who gets what when it comes to your stuff. I feel like many retirees wait until the late stages of life to begin this process, and many of them say they wish they had started the process earlier.
Mid-stage retirement, while perhaps not as exciting as the early stage, can be a great time to just enjoy life. Getting prepared for the final stage of retirement now can make life a lot easier when you have prepared as many things as possible in advance. After all, the point of retirement is to be enjoyable, and waiting until the last minute with anything in life rarely makes it more enjoyable.
Frequently Asked Questions About Mid-Stage Retirement
1. What defines mid-stage retirement?
Mid-stage retirement (roughly years 8–14) is often when life begins to stabilize. The excitement of early retirement settles into a more relaxed, routine lifestyle.
2. Do expenses typically decrease in this stage?
Yes, many retirees naturally spend less as travel slows and major experiences have already been completed. This is a great time to reassess and optimize spending.
3. Why should I start organizing my belongings now?
Decluttering and deciding “who gets what” earlier can reduce complexity later and give you more control over your decisions, rather than leaving it to others.