That's the starting point for most people in laying plans for the years after they leave career jobs, a new study of people ages 40 to 75 shows.

Released last week, the New Retirement Mindscape identifies five stages of retirement imagination, anticipation, liberation, reorientation and reconciliation to describe a life transition that's much more than just a plug you pull.

The transition can be "much like an adolescent trying to figure out who to be next," says Ken Dychtwald, an authority on the aging of the baby boom.

The study gauges people's hopes and dreams for retirement along with the challenges and emotions it brings. It goes beyond a traditional focus on finances to zero in on how retirement might look and feel.

"Retirement can be a bit of a wonderland," says Dychtwald, a California-based psychologist, gerontologist and author of 11 aging-related books. "But there are some patches of quicksand and some mines in the field."

Retirement lifts most people into euphoria for about a year and then drops them into a new reality, the study shows. As little as two years into retirement, 49 percent of retirees express feelings of emptiness.

About two in five retirees say they remain enthusiastic, energized and engaged in life. Labeled "empowered reinventors," most in this group planned ahead. But they also approached retirement as an adventure.

This innovative group may offer a glimpse at how baby boomers may reinvent the retirement model their parents created, the study suggests.

America's 77 million baby boomers head into retirement with more of a sense of its possibilities and challenges than any previous generation. Because of growing longevity, most have observed or are observing their parents in retirement and see the many choices it can entail. The oldest boomers, born from

1946 through 1964, will turn 60 this year.

"They've been able to take some notes on what aspects of retirement are attractive and what is unappealing," Dychtwald says.

People who most enjoy their retirement reflect a pattern that's true at any life stage. Scoping out what lies ahead can help find a road to success.

"You can't play golf forever," Dychtwald says. He suggests considering a spectrum of choices and then mapping a plan for retirement.

"I see people who are giving of themselves through volunteerism or going back to school," he says. "Or maybe working at something that's not so pressured as their former work but that fulfills a personal dream."

The study's key finding is that people who started planning early, had a vision of retirement and stayed engaged and active reported the most satisfaction in retirement, says Craig Brimhall, a vice president at Ameriprise Financial, a Minneapolis-based financial planning company that commissioned the study.

"We need to be attuned to what people are retiring to, rather than what they 're retiring from," he says.

Kay Harvey can be reached at kharvey@pioneerpress.com or 651-228-5468.

Five stages of retirement

The New Retirement Mindscape identified five stages of retirement and the emotions they can bring:

Imagination: Optimism colors almost every picture of retirement for pre-retirees, though fewer than half of pre-retirees rate their preparation as "on track."

Anticipation: Two years before retirement, four of five people believe their retirement dreams will come true. But about two in 10 say they'll feel a sense of loss about leaving their jobs. When do pre-retirees expect to make the break?

Common answers are when they arrive at "financial freedom" or "a significant birthday."

Liberation: Ahhh, freedom! That expression captures the aura surrounding the first year of retirement. But much like a honeymoon, this stage soon gives way to new challenges.

Reorientation: The next two to 15 years after retirement encompass the most potentially complex and disappointing stage. Almost half say they feel emptiness, and others express worry (38 percent) and boredom (34 percent). The study defined four distinct retiree profiles at this stage: "empowered re-inventors," (19 percent), "carefree contents" (19 percent), "uncertain searchers" (22 percent) and "worried strugglers" (40 percent).

Reconciliation: Increased contentment, acceptance and personal reflection mark this last stage of retirement. But some report lower levels of depression (5 percent), and others say they feel sadness (22 percent) as they confront end-of-life issues.