The concept encompasses the planning and execution of financial strategies designed to minimize anxiety and uncertainty associated with the transition from active employment to a life of leisure and personal fulfillment in later years. For example, it involves developing a robust financial portfolio, securing reliable income streams, and addressing potential healthcare costs to ensure long-term financial stability and well-being.
Successfully navigating this phase offers numerous advantages, including reduced emotional strain, increased personal freedom, and the ability to pursue passions and interests without financial constraints. Historically, this proactive approach represents a shift from relying solely on traditional pension plans and social security to actively managing one’s own retirement resources, fostering a greater sense of control and security.
