Vanaprastha - The Hermit in Retreat:
This stage of a man begins when his duty as a householder comes to an end. He has become a grandfather, his children are grown up, and have established lives of their own. At this age, he should renounce all materialistic possetions and, retire from his social and professional life. Spending his time in prayers. He is allowed to take his wife along, but is supposed to maintain little contact with the family.
Sannyasa - The Wandering Recluse:
At this stage, a man is supposed to be totally devoted to God. He is a sannyasi, he has no home, no other attachment; he has renounced all desires, fears and hopes, duties and responsibilities. He is virtually merged with God, all his worldly ties are broken, and his sole concern becomes attaining moksha, or release from the circle of birth and death.
Stages of Life in Hinduism