What do people really do in retirement?

According to Paul Brown’s  What’s Offline column in the New York Times, people go through three stages in retirement:

  1. The traditional things people plan for in retirement – travel, new hobbies, gifts to family.
  2. After that, they settle back into the life that made them comfortable before they retired.
  3. In the final phase they tend to have increased health problems.

So he contends that you should do financial planning with those three phases in mind.