Our call for catchy namesPosted to Financial Capability on 04-05-2015
What would you call the three stages of retirement? Don your thinking cap and be in to win.
With people typically living longer these days, Retirement Commissioner Diane Maxwell has launched a competition aimed at raising awareness of the three broad stages of retirement – and hopefully finding some better names for them, too.
“We’re talking about 20 to 30 years in retirement, but we tend to talk about retirees as one homogenous group,” she explains. “There are a lot of differences in those stages across those 30 years.”
Here are the three stages, which reflect people’s changing needs during retirement:
- Early (ages 65–74), a quite active phase that for many cover the “doing” years
- Middle (ages 75–84), which may be more about consolidating and slowing down a bit
- Late (ages 85 plus), a time of reflection and time at home, when more support is needed
The three stages are about much more than age; rather they capture degrees of independence, health and activity – as well as different financial needs that require good planning. The key thing is for retirees to not run out of money before their bodies do.
“I’m sure that the New Zealand public can suggest much better phrases than just ‘early’, ‘middle’ and ‘late’,” Maxwell says. “We’re hoping we have those soon.”
Ideally, she says, retirees who are experiencing one of those retirement stages may be best placed to name them.
To enter, send your ideas via email to email@example.com.
Winning entries will be announced the week of 11 May, and winners will be invited to a high tea at with Maxwell and Minister for Senior Citizens Maggie Barry.
Next: Diane Maxwell helps launch ANZ research report