The retirement lifecycle has three phases:1.Pre-Retirement Stage– During this time, individuals are working and focusing on saving and investing for retirement.2.Retirement Stage– Just after retirement, people in this stage rely on their investments to take care of their day-to-day expenses.3.Post-Retirement Stage– At this stage, people may require additional support while dealing with age-related health concerns. Some individuals may require long-term care, which will only be possible through adequate financial planning in the pre-retirement stage.