Our lives change in many ways as we get older. As we move into the different phases of our life (e.g., infant, childhood, early adulthood, adult, and senior citizen, our overall human needs remain the same (e.g., need for security, safegy, belonging, love, esteem, and self actualization), HOWEVER, what these needs entail and focus are different. Our focus here is on the Senior Citizen and Retirement phase. To cover this topic, we will use the infamous model from Abraham Maslow, known as Maslow’s Hierarchy of Needs.
Maslow's Hierarchy of Needs, a psychological theory proposed by Abraham Maslow, outlines a five-tier model of human needs, typically depicted as a pyramid. The levels, from the bottom to the top, are physiological needs, safety needs, love and belongingness needs, esteem needs, and self-actualization needs. The premise of Maslow’s hierarchy of needs is that, in order to meet higher-level needs in Maslow's hierarchy, we must first meet the lower-level needs first. For example, we must have met the basic physiological needs to exist and maintain a level of health and wellness before we can achieve any of the needs above this in the pyramid. For example, If I am not healthy or able to perform the basic human body needs, one is not likely to exist, much less achieve the needs to feel safe, find love, have a healthy self-esteem, etc. The same is true at the top of the pyramid. In order to Self-Actualize, which is characteristic of becoming your full potential, one must have developed their self-esteem.
Maslow's hierarchy of needs can help with retirement planning by highlighting the importance of meeting basic needs before pursuing other goals. For example, if you want to travel after retirement, you should make sure you have enough money to cover basic needs before you go. Another key example today relates to people living longer, but the key is living longer while maintaining a good to great quality of life. Therefore, part of our planning for retirement should be the physical, mental, emotional, and spiritual needs to stay active and pursuing our self-actualization needs.
Overall, Maslow's hierarchy helps in understanding the psychological adjustments retirees must navigate. While basic needs persist, the shift in focus toward social connections, self-esteem, and personal growth highlights the need for fulfillment in the later stages of life. Recognizing these needs can guide retirees in creating a fulfilling, balanced retirement experience.