Retirement Stages, Impact, and Implications for Nursing Practice

This report examines the various stages of retirement experienced by older adults, including pre-retirement, the honeymoon period, early retirement, mid-retirement, and late retirement. It utilizes a case study of a 68-year-old man with health issues to illustrate these stages. The report explores the impact of retirement on older adults, such as changing health profiles, increased healthcare demands, and burdens on families. It compares Australian data on the aging population with other contexts, focusing on the implications for nursing, including increased healthcare needs, the demand for new skills, and the potential for changes in nursing practice. The report emphasizes the need for healthcare providers to adapt to the diverse needs of an aging population, including diverse healthcare services and specialized nursing care.

STAGES OF
RETIREMENT
OF OLDER
PEOPLE
Name:
Date:

INTRODUCTION
 There have been drastic changes in retirement
over the years due the increasing aged labour
force
 It is important that retirement planning be
initiated early enough to avoid depression
which is common among senior adults (Lim et
al., 2018)
 Outline:
 Case Study
 Stages of retirement
 Impact of retirement stages on older adults
 Comparison with ……
 Implication

CASE STUDY
 Client name: Mark Spencer
 Age: 68
 Marital status- Separated
 Dependants - none
 Age pension -$826.20 per fortnight
 Worked as a teacher for 42 years.
 Retirement savings: $300,100.5
 Health status:
 Dementia
 Depression
 Loneliness

STAGES OF RETIREMENT
1). Pre-retirement:
o 10-15 years to the day of retirement
o time to contribute to tax advantaged accounts
o Most of the contribution is towards healthcare
2). Honeymoon Period
o Immediate time after retirement
o Characteristic of euphoria/happiness
o Freedom of traveling and having fun with couple
3). Early retirement
o Commences around 70 years
o Transition period from full time worker to retiree
o More focused on saving
o Characteristic of downsizing certain aspects to
save
(Post, Schneer, Reitman, & Ogilvie, 2013).

STAGES OF RETIREMENT…
4). Mid-retirement
o Commences at age 70
o Characteristic of loss of ability
o Requires caretaker/assistant/other
couple
o Need for social connectivity
5). Late retirement
o Need for more care and social
connectivity
o Health deterioration
o Dependent on effectiveness of early

IMPACT OF RETIREMENT
ON OLDER ADULTS
 Changing health profiles
Multiple health conditions are
experienced at old age such as arthritis,
hypertension, dementia, and general
disability.
 Increasing demand for health
services
Increases cost of care by draining savings
Burdens the family which has to take care
of the senior adult
(AIHW, 2014).

COMPARISON
Total and share of Canadian population
65 and over by decade, 1971–2080-
Proportion of the Australian
Population Aged 65 and over
(AIHW, 2018) (AIHW, 2018)

IMPLICATION OF AGING
POPULATION ON NURSING
 Increased number of older adults
 Older adults use significantly more health
care services than younger people
 More healthcare providers needed to meet
the health needs
 Older adults need more diverse healthcare
services than younger population. Expert
nurses required to handle diverse cases.
 Shortage of healthcare professionals
 The increase in aging population which
demands diverse services require more nurses
to meet the healthcare needs.

IMPLICATION OF AGING
POPULATION ON NURSING…
 The need for new skills and procedures
 Healthcare experts may be forced to look for
new ways of providing healthcare services
such as nursing homes or through the
internet
 Possibility of change in the formal or informal
scope of practice due to the diversity and
increasing demand of the aging adults
 Most of the older adults require fulltime
home caregivers, whereas most of the care
has been on single disease and not
comorbidity.

REFERENCES
Australian Institute of Health and Welfare (AIHW). (2014).
Australia’s health 2014. Australia’s health series no. 14.
Cat. no. AUS 178. Canberra: AIHW. Retrieved from
https://www.aihw.gov.au/getmedia/19dbc591-b1ef-4485-80ce-029ff
66d6930/6_9-health-ageing.pdf.aspx
Australian Institute of Health and Welfare (AIHW). (2018).Older
Australia at a glance. Cat. no. AGE 87. Canberra: AIHW.
Retrieved from https://www.aihw.gov.au/reports/older-people/older-
australia-at-a-glance/contents/demographics-of-older- australians
/australia-s-changing-age-and-gender-profile
Lim, G. Y., Tam, W. W., Lu, Y., Ho, C. S., Zhang, M. W., & Ho, R. C.
(2018). Prevalence of depression in the community from 30
countries between 1994 and 2014. Scientific reports, 8(1), 1-10.
Post, C., Schneer, J. A., Reitman, F., & Ogilvie, D. T. (2013).
Pathways to retirement: A career stage analysis of
retirement age expectations. Human Relations, 66(1), 87- 112.