The last stage of life is called “Sanyāsāshram” - when we give up all desires and live like a homeless monk. Anyone can enter this stage at any time in life - like Gautam Buddha did during Gruhasthāshram. He left his wife, son, palace, and kingdom to find the real meaning of life. Sanyāsi- s live under a tree on the outskirts of a town or in a temple, or in a jungle, and meditate. They do not participate in activities of the family or society. The main goal is to practice Tyāg (giving up or abandoning all possessions & pleasures). This is developed through Vairāgya (moving away from the desires for worldly pleasures and activities).
Rooshi Bhartruhari wrote 100 verses titled Vairāgyashatakam in which he writes that the pleasures derived from our five senses are as temporary as a wave in the ocean. We are worried about paying the tax when we are rich, about losing power or status when we are powerful, losing our life to disease and death when we are old. Renunciation of all these attachments is the only path to long lasting peace and happiness.
There are six types of renunciations that one needs to be practiced in life: 1.
Remaining the same during adversity or failure and
2.
In success or prosperity (giving up personal attachment to success and failure, praise or criticism, calamity or good fortune).
3.
Giving up selfish desire to gain something out of any Yagna (rituals, visit to temples or pilgrimage).
4.
Dāna - giving money or help to deserving without expecting anything in return.
5.
Not expecting or asking for help from son, daughter, wife, relatives or friends.
6.
Giving up all desires and withdrawing from the world Sanyāsa.