The 4 phases of retirement | Dr. Riley Moynes | TEDxSurrey

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Published 2022-05-26
Imagine squeezing all the juice out of retirement! When interviewed on his research, Dr. Riley Moynes commented, “I wish I knew then what I know now about the psychological challenges that accompany retirement. It would have made things much clearer and easier.”

By interviewing hundreds of retirees, he has discovered a framework that can help make more sense of this challenging chapter of our lives…one that, for many, could last for 30 years or more.
If you’re retired, this talk will make things much clearer for you. If you’re not, you’ll have a better idea of what to expect when that time comes. Riley has enjoyed a distinguished career spanning four decades in both public and private sectors.

In public education, he served as a teacher, Department Head, a Superintendent and a Director of Education. He also authored several textbooks including a History of Russia, and a World Religions text.

In the private sector, he was a Founding Partner of a national wealth management firm, author of a book entitled The Money Coach which enjoyed sales of over 200,000 copies in six editions, and co-author of several editions of Top Funds.

Since stepping back from day-to-day involvement in financial services, Riley researches and writes reader-friendly publications on topics of general interest, and presents Workshops across the country based on those publications.

One of his most recent books, The Four Phases of Retirement, became a Canadian best-seller within 12 months of publication, and is the basis of his TEDx Talk.

In the book, he explains how he waltzed through Phase One of retirement, struggled in Phase Two, tried a dozen ventures in Phase Three and now in Phase Four, assists others as they navigate their way through the psychological changes and challenges almost everyone faces in retirement. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at www.ted.com/tedx

All Comments (21)
  • Following the current inflation rate, FIRE and Retirement plans should be out of the options with seasonal job layoffs included! at this point having a job doesn't mean security rather people should join a business trade and build more streams.
  • Recently, I've been pondering retirement. I've also want to put $800K into the stock market but i need an approach that will align with my risk tolerance and financial goals to secure our future.
  • @Me-sq9ol
    I love being retired. 7 years now.
    I’m not super well off, but I’m comfortable and never get bored.
    I enjoy the quiet and simplicity.
  • @esther.74
    The thought of retirement makes me cry. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you weren't to blame for.it's especially difficult for people who are retired.
  • @greco37
    This talk is for people who did not develop and nourish a life outside of work.
  • There is potential for considerable wealth increase with the correct strategy. I want to know; How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?
  • @tomesplin4130
    I retired from a busy and stressful corporate life at age 65. I migrated straight to Phase 4 - clearing invasive weeds and regenerating degraded / infested rainforest opposite our home. Found complete enjoyment and immense satisfaction. Two years later I have cleared around 7 acres of invasive species and witnessing the return of natural rainforest flora and fauna which had previously been choked out. I have enlisted other retirees as co-volunteers. Never been happier and fitter. Can’t wait to wake up for the next days efforts including photographing and cataloguing species I am finding…
  • Retired for over six years now and my only down side is regretting how much of my life was wasted working for a living.
  • I worked in a very toxic work culture but was too terrified to look for another job---the pay and benefits were terrific, and both my boss and my (now ex-) husband kept telling me, "Who'd hire you?" Finally, at age 67, I was downsized out. After awhile I moved into a seniors facility that is like being on a permanent cruise. I've been retired now for almost 9 years and for the first time in my life I'm actually happy. I feel like I'm "resting" from all the bad stuff in my life, and there was a lot of that. I no longer care about "finding meaning" in my life. The thought of working fills me with horror. And frankly, I STILL can't wait to get up in the morning. I do what I please, when I please and with whom I please. There is no one to get approval from any longer.
  • I really liked this video because it confirmed for me what the majority of people think about retirement: that you will quickly get bored because of lack of a routine, and will struggle to find a way to replace the meaningful parts of your life when you were working. When I was nearing retirement, many people told me that I would be disappointed after I retired due to boredom, and I told them that I didn't think that would be true for me, but that I would let them know if they were right sometime down the line. I retired at 62 after working full-time for 40 years, and immediately felt the freedom of not having to keep to anyone's schedule but my own. My wife and I have been retired for 12 full years now, and neither of us has spent ONE SECOND being bored. We aren't wealthy but we have enough to pay our bills and have a little more fun. We love going on vacation, usually just a drive to a different city, and sometimes a flight to Hawaii or Florida. When we're not travelling, we have our own hobbies that keep us busy. My wife likes gardening, making jewelry, and cooking. I like music, golfing, and photography. We combine our hobbies sometimes, like when she helps me with my photos on vacation as she's learned to take great photos with her camera, or when I help her cook and develop my own favorite recipes. Best of all, our retired life IS our new routine. We have all our meals together and watch TV from 8 to midnight most evenings. We sleep on our new schedule, 2 am to 10 am, and are both sound sleepers. Fortunately, we are both healthy and have a fitness workout 3 times a week that helps keep us that way. In short, our Phase 1 has lasted WAY longer than the average 1 year he spoke about, and to be honest, I think we're still in Phase 1 after 12 years. Maybe it's because my hobbies are not something that you master quickly enough to get bored. Golf is something you never master, you just keep trying to hit good shots, and if you really like to play, you keep practicing in order to hit more good shots. I've played guitar for over 50 years, but I never had the time to get really good at it. But now I can practice much more and have improved a lot more in the last 12 years which is very gratifying. It inspired me to try to learn to play piano at age 71, which was a real challenge. After 2 years of instruction, I am nowhere near any good, but I do get better the more I play. So much more so, that I play piano every day now but only play guitar once a week. I guess my main point here is that not everyone is going to experience these 4 phases, so if you are nearing or new to retirement don't think that it's automatic. Do use these concepts to guide your retirement planning but make your golden years your own in your own way. If you need to make life more meaningful, follow some of his ideas. If you're happy to be free of the 9-to-5 grind and don't feel depressed or adrift, just continue to enjoy it.
  • @ClementRusso2
    Retirees facing financial challenges often couldn't save enough during their working years. Retirement decisions play a pivotal role. Despite my parents having similar years in civil service, my mom invested with a wealth manager, while my dad relied on his 401(k). As a result, my mom retired with approximately 3.7 million, whereas my dad retired with around 1.4 million
  • @BiggySnacks
    I just retired at 58 years old. It is easy if you are introverted and could not stand working....I have never been happier.
  • @oldroscoe2590
    Retired now for almost 23 years. My advice is take care of your health and finances. Travel wasn't on my list of things I wanted to do, I did plenty of that during my working years. Get and stay healthy ! Stay mobile as long as you can, normal weight, good diet, reasonable exercise (physical and mental exercise). Help others when you can but don't become an enabler. Mobility becomes very important as we get older, eyes, ears, balance, dexterity and the strength to do what we want. Many of the people I know (probably most) have prediabetes or diabetes type 2 a lifestyle disease that can and should be controlled by diet. Relatives, relationships, beware of toxic personality people. Help them if you can but be ready to detach if you can't. Each of us are individuals but these things will apply to all us.
  • I’m 66, divorced and retired for several years, alone but not lonely! Workout everyday , bike ride along the river, hiking and fishing. Top it it off with lots of travel. And read a couple books a week. Life is good.
  • @JaykeTurner
    People are working and there is little or nothing to show for it. everybody is basically working to sort out one bill or the other. no savings.
  • Never a worry for me. My husband had numerous hobbies…physical ones, brainy ones. Still downhill skied in his 70’s, sailed, Tai Chi….astronomy, RC gliders, and MORE. At 78 a brain aneurism took him suddenly. He went out on a high….active, doing what he loved. I’m the one that’s dealing with loss. I’m 85 now and life seems to be one long exercise in letting go.
  • @jeffcope100
    Baloney. I'm 74 years-old and retired 16 years ago. I'm still in phase 1 and couldn't be happier.
  • @LynnColorado
    My phase 4 is my grandchildren. I am giving myself to them for as long as I am able.
  • @andrewchandler0
    Just what I needed to watch.
    My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 55, my wife is 52.
    We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.
  • This was very good. However, I think one phase was overlooked. I’ll call it the Caregiver Pause Phase — experienced more often (but not exclusively) by female retirees. This is the phase where you are forced by desire and/or obligation to pause your natural retirement flow and take on an unpaid difficult and exhausting job of managing the finances and/or healthcare of elderly parents or other relatives. It can entirely interrupt your retirement for months or years, and depending on numerous factors it can be a blessing or a burden.
    Just surprised he didn’t mention it!