Retirement doesn’t look quite the same for everyone. For some people, retirement begins on a specific date. They turn off the office lights, attend a farewell lunch, and start a completely new routine the following Monday.

For others, the change is less defined.

Someone may step away from a demanding full-time role but continue consulting a few days each month. A spouse may retire while the other keeps working. A grandparent may leave work earlier than expected to help with grandchildren. Someone else may continue working because they enjoy the people, purpose, and rhythm it brings to their week.

All of these can be versions of retirement. They also come with different financial and personal considerations.

Retirement May Happen in Stages

We often talk about retirement as though it’s a single event. In real life, it may unfold over several years.

Imagine someone who has planned to retire at 65. As that birthday approaches, they realize they’re ready to leave their current position, but they aren’t ready to stop working entirely. They decide to work three days a week for another two years.

That change could affect more than their schedule. Continued earnings may reduce how much they need to withdraw from savings. Employer health coverage may remain available. They may also decide to reconsider when to begin Social Security.

Another person may have the opposite experience. They intended to work until 67, but an aging parent begins needing more help with appointments, meals, and everyday care. Retiring at 64 starts to feel more practical, even though it may create a period before Medicare eligibility that needs to be considered.

Working later in life has also become more common. According to the Bureau of Labor Statistics, 27.1% of Americans ages 65 to 74 participated in the labor force in 2024, compared with 22% in 2004. The reasons can vary. Some people may continue working for financial reasons, while others may enjoy the structure, relationships or sense of contribution work provides.

That distinction matters. Continuing to work because you want to can feel very different from continuing because you believe you have to.

Your Retirement Could Have Several Chapters

A retirement lasting 20 or 30 years probably won’t look the same from beginning to end.

The early years may include a long-awaited trip, more golf, home projects, or frequent visits with grandchildren. Ten years later, travel may slow down while time with family, community activities or healthcare becomes a larger part of life.

Even spending can change from one chapter to another.

Consider a couple who plans to travel extensively during their first five years of retirement. Their early expenses may include airfare, hotels, and meals away from home. Later, they might travel less but decide to renovate a first-floor bathroom, replace a vehicle, or help a grandchild with college expenses.

Another couple may spend less on travel than expected but discover that they enjoy hosting family more often. Their priorities shift toward a larger dining table, frequent grocery trips and creating a home where everyone can gather.

Neither picture is necessarily better. They simply require different uses of time and money.

It may be helpful to think beyond a single retirement budget and consider a few possible chapters:

• What might you want to do during your first several years?
• Could caregiving become part of your life?
• Would you like room to help children or grandchildren?
• Might your home still suit you 10 or 20 years from now?
• Which expenses may decrease, and which ones could take their place?

You don’t need to predict every detail. Thinking through a few realistic possibilities can show where flexibility may be useful.

One Decision Can Affect Several Others

Work, healthcare, Social Security, taxes and retirement withdrawals are often discussed separately. Around retirement, however, a decision in one area can influence the others.

Suppose one spouse retires at 63 while the other plans to work until 67. The working spouse’s employer health plan may cover them both, but the couple will still need to understand how that coverage coordinates with Medicare when each spouse becomes eligible.

Or imagine someone who stops working at 62 but decides to wait before claiming Social Security. They may need to draw more from savings during the intervening years. That could influence their taxable income, investment balances and later withdrawal needs.

Social Security retirement benefits generally increase when they are delayed beyond full retirement age, with those increases ending at age 70. Whether waiting fits a particular situation depends on several factors, including health, family longevity, income needs and other resources.

Required minimum distributions can add another consideration later. Under current federal rules, the applicable starting age generally depends on the account owner’s birth year. It is 73 for those born from 1951 through 1959 and rises to 75 for those born in 1960 or later.

There may be several individually reasonable choices. Looking at how they interact can help a family understand the larger picture.

What Will an Ordinary Week Look Like?

It’s natural to picture the memorable parts of retirement: a vacation, a family celebration, or a winter somewhere warmer.

Most of retirement, however, will be made up of ordinary days.

Work may currently provide a reason to get up at a certain time, people to talk with and a sense of progress. Once that structure changes, an open calendar can feel exciting. It can also take some getting used to.

One person may look forward to slow mornings, woodworking and afternoons with grandchildren. Their spouse may imagine volunteer work, frequent travel and a calendar filled with friends. Both may be looking forward to retirement while picturing very different weeks.

Those expectations are worth talking about.

A few simple questions can make the conversation more concrete:

• What time would you like to get up on a typical Tuesday?
• How much time would you like to spend at home?
• Who do you hope to see more often?
• Would you miss any part of your work?
• Are there hobbies you genuinely want to pursue, or do they simply sound like “retirement activities”?
• How much travel feels enjoyable rather than tiring?
• What would give your week a comfortable amount of structure?

The answers may change the financial conversation. Someone who wants to travel for several months each year may plan differently from someone who wants to volunteer locally, work part time or spend most of their time near family.

It’s Reasonable for the Picture to Change

The retirement you imagined at 50 may not be the retirement you want at 65.

Perhaps work has become more enjoyable, and you no longer feel eager to leave. Maybe a new grandchild has made living closer to family more important. A health change could make travel less appealing, while a hobby or volunteer role may have become a meaningful part of your life.

A previous plan may have been entirely reasonable when it was created. Revisiting it allows you to see whether it still reflects your life today.

As you think about your own retirement, what are you most looking forward to? What would you like an ordinary week to feel like? And have your answers changed over the past few years?

You may find that the financial pieces still fit well. You may also discover that one part deserves another conversation. Either way, taking time to picture retirement as a part of real life—not simply a date on the calendar—can lead to a more thoughtful discussion about the years ahead.

Sources

• U.S. Bureau of Labor Statistics: Civilian Labor Force Participation by Age
• Social Security Administration: Delayed Retirement Credits
• Medicare.gov: When Does Medicare Coverage Start?
• Medicare.gov: Who Pays First?
• Internal Revenue Service: Required Minimum Distributions

This material is provided for educational and informational purposes only and should not be construed as individualized investment, tax or legal advice. The information presented is based on current federal rules, which may change, and individual circumstances vary. Please consult the appropriate financial, tax or legal professional regarding your situation. Richmond Brothers, Inc. is an SEC-Registered Investment Adviser. Please see our website for important disclosures.