The word retirement conjures up tantalising images: freedom from responsibility; freedom to explore new horizons, both mentally and physically; freedom to do what you want when you want; freedom to be free, almost as if you were a child again.

Amerprise Financial, with over two million clients and 10,000 financial advisors, is one of the largest advisor networks in the country. Focusing on financial planning and retirement, they wanted to understand more about their clients, in order to better assist them with their financial goals.

In a new survey of 2,000 people around the US between the ages of 40-75 called the New Retirement Mindscape study, Ameriprise Financial, Age Wave, Ken Dychtwald, PhD (survey conducted by Harris Interactive) discovered that there are five distinctive and predictable emotional phases of retirement. Further, pre- and post-retirees run through the absolute gamut of attitudes, behaviours, emotions, concerns, and aspirations along this most complex transition in life.

Prior to this study, there had been little comprehensive information regarding retirees emotional experiences. Granted, the financial aspect of retirement has been thoroughly dissected for years, but as the famous saying goes, "it isn't always about the money."

Ameriprise Financial implemented the study to determine three goals about their clients: Are there distinct stages of retirement? Can we document the attitudes, behaviours, emotions, concerns and aspirations of those going through each stage of retirement?

Do we fully understand the role of the financial advisor in retirement planning?

The survey is particularly interesting because the largest retirement group in history, the Baby Boomers, are hitting 60 this year ? some 76 million people.

To understand what they want (as an advisor) is to be able to position yourself in the forefront of providing the BB's with services, products or advice.

This is what the study revealed.

Retirement is the most complex and the longest of all life transitions, not until now has it been so thoroughly investigated.

It can be divided into five distinct stages: Imagination, Anticipation, Liberation, Reorientation and Reconciliation.

The Retirement stages:

First ? Imagination: Anywhere from 16 to 6 years from retirement.

People think of retirement fondly, but don't necessarily go further than that mental image. They are still too occupied working their way. As time gets closer, they turn thoughts toward saving for retirement, developing ideas of what they want out of it. They feel enthusiastic and excited, having visions of empowerment and adventure to spur them all. 38 percent of this group, however, are worried they will not be able to afford to retire when they want. Further, 56 percent say that they don't think they are on track to get there.

Second ? Anticipation: Five years or less to retirement

This is am exciting time, resources are falling into place, emotions are high, plans for recreation, hobbies and 'different' types of post-career jobs are considered. About two years before D-Day, worries set in as the reality of leaving the workplace ? the place they have gone to since the beginning of their adult life, their contacts, their sense of purpose and identity, financial stability are going to change dramatically.

They sense they will feel emptiness when they walk out the door. Still, overall they are happy and optimistic, feel they will achieve their retirement dreams. They plan aggressively, saving more, although less than half have a written financial plan.

Third ? Liberation: Lasts only about a year!

This is a time of great enjoyment, enthusiasm and hopefulness, but it does not last.

Fourth ? Reorientation: Two to15 years after retirement

The study indicated that there is usually a let-down at this stage, but how much and for how long really depends upon preparation made for retirement. Some subjects in the study discover that they are bored, depressed, worried, or challenged more than they thought they would be. The people who appeared to have the best experiences in the initial stages of retirement were the 19 percent ? Empowered Reinventors, who are adventurous, who did more planning for this major event, who ensure a healthy lifestyle, have lined up continued satisfying and meaningful paid employment, travelled and enjoyed their freedom. Baby Boomers fit this category.

19 percent ? Carefree Contents, also settled well into retirement in a different way.

They don't need adventure and challenges, they just love the less frantic pace of their world. Eight of ten of this group don't work at all.

22 percent ? Uncertain Searchers, this group is self-explanatory.

They have yet to figure out what they are going to do with the rest of their life, but then again, they did little in the way of prior planning. They lack of sense of purpose and are not sure if they have enough money to last through retirement.

40 percent ? Worried Strugglers are having the most difficult time and feel bored, sad, with a sense of emptiness resulting from little to do.

Of all of the groups, they are the most likely to say that they gave little thought as to how they would spend their retirement years. They also worry about finances.

Fifth ? Reconciliation: 16 or more years after retirement

In this last and long phase of life, People in the study are generally have reached peace and acceptance. They do feel sad as friends leave this world, but still are enjoying the world and what it has to offer. Family becomes very important. Estate planning advice would be welcome.

Health care and insurance are still the biggest issues for all retirees while loss of social connections was another overlooked effect of leaving the workforce.

The top priorities for all groups were: maintaining their health; family; where to live; and, having meaningful and satisfying work.

In summary, if you are getting close to retirement (and want to end up in the Empowered Reinventors group), the study is an excellent source of emotional and attitudinal data to help you better prepare for the Day.

Source data available at www.ameriprise.com Send me an anonymous letter and let me know how you are doing.

Martha Harris Myron CPA/PFS CFP? is a VP and Senior Private Banker, Private Client Services, Bank of Bermuda Member HSBC Group. She specialises in providing Moneywise financial solutions for individuals and their families. She can be reached at 299-5578. Confidential email can be directed to marthamyronnorthrock.bm. The article expresses the opinion of the author alone. Under no circumstances is the content of this article to be taken as specific individual investment advice, nor as a recommendation to buy/ sell any investment product.