Despite common belief, retirement takes more than financial planning. And while you may be beyond ready to go on permanent vacation, you also have to psychologically prepare for when the novelty wears off. Riley Moynes explains the four phases of retirement and offers a framework for how to avoid the inevitable pitfalls of taking it too easy in order to help you make the most of your golden years.

Riley Moynes: How to squeeze all the juice out of retirement

How to squeeze all the juice out of retirement

Entering retirement, many confront a 'vacation phase' illusion, only to discover the crucial role routines play in their fulfillment.

Phase two of retirement unveils the 'big five' losses: routine, identity, relationships, purpose, and power, marking a pivotal struggle.

In phase four, retirees find rejuvenation by engaging in meaningful activities and service, recovering lost routine, identity, and purpose.