Many of us enjoy youth – even some of us want to stay young for a long time. Yet, time keeps passing and suddenly you’re entering the retirement phase. While this could sound frightening and exciting for some, have you ever wondered how retirement and pre-retirement really feels or looks like?

How retirement feels like

Some cited that retirement is an enjoyable period as you can have more time to do what you are never able to do before. Meanwhile, some others might be worried about their financial arrangement after getting out of work. Bob Lowry in his book titled Living a Satisfying Retirement said that one of the biggest misconceptions regarding retirement is that people cannot fill up their days productively, thus leading to unhappiness. When still going to work, you were busy with a mountain of tasks and meetings while enjoying time with coworkers. But then, retirement changes the way you use your time and activity dramatically.

See also: Singapore to Raise Retirement Age Amidst Greying Society

Other than that, you also need to change your lifestyle and perspective on how to spend your money. You might think that what you save today will be enough for tomorrow. However, some experts told Capital Group that in retirement, you will need 80 percent of your final annual salary each year. You might also need to provide 40 percent for the security plan. Not to mention, daily expenses could increase depending on how you plan retirement times. Whether to spend time on a mansion, travel in an RV, or dedicate retirement time to volunteer, you should start thinking on how much money you should save or invest from today.

How retirement looks like

Each of us will face different retirement time as we have different plan ahead. Suzanne Wolfson, the founder of For Retired Only, revealed that there are some distinct phases you will encounter on your way to the retirement age.

1. Pre-retirement

Pre-retirement phase might vary from individual but it commonly takes five to ten years. Significant changes to this stage are financial assessment, preparation, and evaluation options. Anticipating your financial needs in this stage is important as it will impact on your retirement goals.

2. Active phase

Generally, active phase is marked with an activity you’ve planned before. You will have so much time for relaxation as you retire. Additionally, depending on your age, pension benefits, and financial resources available, your income could decrease. Therefore, during the planning, you should find the best financial strategy that meets your current and future retirement needs.

3. Slowing down

Wolfson advised that it is necessary to plan for the future while you can as the reality of the aging process and potential economic impact become clear. Slowing down stage is also the best stage to talk with experts on how to best plan your retirement.

4. Limited or letting go

Many elders will experience a significant fulfilment and enlightenment in this phase. You will recognise a newfound appreciation that is truly impacting your joy. However, this phase is considered as the most expensive because the need for care and associated service which are generally very costly. Thusly, professional guidance might be required to minimise the downside such as debt in old age.

None of us have a guaranteed future tomorrow. Therefore, the best way to retirement is to find joy in every little thing you do. Just like what Hartman Jule advised, “Retirement has been a discovery of beauty. You will find time to notice every beauty of your grandkids, spouse, or tree outside your very own front door. You might also find beauty of time itself.”

Read also: Is 70 Soon Becoming the New Retirement Age?