In a world where people are generally living longer, we’re starting to move away from the three life stages of education, work, and retirement. Today people are exploring other opportunities throughout their lives, and embracing all that a multi-stage life offers.
We each have the opportunity to carve a unique life path, especially as life stages are no longer tied to age. Some people choose to go to university, others do apprenticeships, take gap years, or delve into the working world – no matter what age they are. And no two person’s retirement years will look the same. One might travel the world, whereas another might open that business they've always dreamt of.
Whatever living a longer multi-stage life means to you, here’s some ideas on how you could prepare.
How can you prepare for a multi-stage life?
Continuous learning
It's good to be curious and have an open mind to other opportunities that are out there. We're only human, and with time, it brings a new perspective and level of motivation. Plans change, and dreams evolve into something else. Some get to a point where a career change feels right, whether for personal circumstances, promotion opportunities, pay rises, or just wanting to experience a new challenge.
There's no doubt that learning new things can be pretty exciting – an opportunity to gain fresh skills and knowledge and guide you to take control of your career.
Whether you're joining a new course, attending an adult education program, reading a book, picking up a new hobby, tuning into a podcast or watching a documentary, it can open doors to a future you might not have considered possible.
Staying curious keeps your options wide open and helps you prepare for the unexpected, giving you control over your career path.
Financial planning
Life is full of exciting changes, some more unexpected than others, which could impact your financial stability. That's why financial planning is something to seriously consider at all life stages. Starting from a young age could help build resilience for the future, helping you take on new opportunities and manage risks along the way.
Not everyone has the freedom to switch careers, move abroad, or take time off to travel – especially without financial backing. That's why having an emergency fund, savings, and investments could help to provide the safety net you need to experience a multi-stage life.
Check out our article on how to build an emergency fund for helpful tips, and remember to save regularly, track your progress, and stay focused on your financial goals.
Health and wellness
Your health is one of your greatest assets. That's why investing in taking care of your body, mentally and physically, is so important. It's a big part of who you are.
While it's natural to feel invincible at times, taking care of yourself prepares you for whatever might swing your way and hopefully gives you the foundations to live a long, healthy life.
In our latest ‘Second 50’ research, we surveyed 900 UK workers and 100 retired UK residents and found that 62% of respondents over 65 are concerned about declining physical health in retirement.
Simple lifestyle changes can help keep your body healthy and support a higher quality of life. There’s plenty of resources out there to help you with your health and wellbeing – from fitness apps, healthy recipes and free workouts on YouTube.
Build and maintain relationships
Throughout your life, you’ll form multiple relationships with others. Each relationship acts as a valuable lesson and helps you grow and prepare for future connections and gain a better understanding of yourself and others.
Networking can be a great way to get out of your comfort zone and build your confidence and a necessary step for personal and professional growth. It can open new doors, from mentorships to career changes, relocations, relationships, and friendships. It introduces us to fresh ideas, experiences, and the support and connections we need to excel in a multi-stage world.
Personal growth
The best way to plan out your multi-stage life is to set goals for yourself that you want to achieve. These goals will naturally change as you grow and learn.
A good starting point could be writing down where you want to be in the next five years and how you plan to get there. To help break this down so that it's not just a fleeting thought, but something you've strategically considered, is to use the SMART method. This will help you delve into the actions you'll take, the timeframe, how you'll measure it, and whether it's achievable.
You could also use past experiences and the lessons you've learnt from them to help motivate you and determine what you would do the same or differently in the future.
Keep a record of your goals, lessons learned and achievements. Tracking your progress will significantly help with personal growth and prepare you for future opportunities, whether taking a career change, solo travel, or new relationships.
Balancing Responsibilities
While it’s great to be prepared to live a multi-stage life, it’s equally important to be mindful of its impact on you.
You might find yourself juggling tasks – looking after elderly or vulnerable loved ones, raising and taking care of your family, maintaining relationships, or even stepping into a new role during a career change.
Currently, we’re seeing a rise in what’s called the ‘sandwich generation’. To be considered a part of this generation, you’re caring for a sick, disabled or older family member, all while caring for your dependent children. It can be hard to take care for yourself while looking after others – check out our article for some considerations to help you become financially resilient when you’re part of the sandwich generation.
Say goodbye to the three-stage life
Each stage of life can bring its own demands, all of which require flexibility and resilience.
Learning to prioritise and delegate is a key part of living a multi-stage life. Make sure to ask for help where needed and always take care of your wellbeing to prevent burnout.
Struggling to say goodbye to the three stages of life. Check out our article: Say goodbye to ‘learn, work, retire’? Embracing the age of longevity. You can find more articles like this on our Money tips hub.