Retirement! For many, the very word conjures up images of freedom an escape from the demands and drudgery of work; a chance to travel and pursue much neglected avocations; and the time to really enjoy the company of family and friends.

Retirement is supposed to be an exciting new stage of adventure and self-determination. Unfortunately, the reality is both different and much more complex.

In two groundbreaking studies, Ameriprise Financial, a major U.S. financial planning firm, found that retirement is not an end state but more of a series of separate and foreseeable stages through which people move. Understanding and planning for the challenges posed by this odyssey can improve the odds of having a successful journey. Here are the six stages:

Imagination

This stage occurs anywhere 6 to 15 years before the planned date of retirement. People begin to envision being retired even while they are busy with other priorities such a launching their children and paying down their mortgages.

Generally speaking, their outlook is optimistic and enthusiastic, even adventurous, as a picture of retirement begins to form in their minds.

Hesitation

In Ameriprises original study in 2005, this stage didnt exist. However, their 2010 study found that a new stage of worry and hesitation emerges 3 to 5 years before retirement, a consequence of the market meltdown during the global credit crisis.

With retirement approaching, people begin to worry about their preparedness and many begin more detailed planning, often with a financial advisor. The question will we have enough becomes paramount.

Anticipation

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The odyssey of retirement planning