With people living longer, retirement planning is being replaced by longevity planning, according to a study by MIT Age Lab and the Hartford Funds
“We are living longer and healthier than our predecessors, because of advancements in nutrition, medicine, public health and sanitation during the last century,” says Joseph F. Coughlin, Ph.D., founder and director of the Massachusetts Institute of Technology’s Age Lab. “And now, thanks to innovation in technology, we’re transforming growing older into a more vibrant period of life that’s living better as much as it is about living longer.”
Coughlin developed an interesting perspective that he calls the “Eight thousand day concept.” Here is the math: From the day you were born, to college graduation, is about 8,000 days. From college graduation day (age 21 or 22), to what some might consider a mid-life crisis (mid to late 40s), is 8,000 days, and from then to retirement age is … yes, about another 8,000 days.
According to the study, for the next generation of retirees, one question will trump all others: How do you add life to longer lives?
As people live longer, and spend more time in retirement, the challenge will be to get more of out of those years. How do you find a rewarding second career? How to stay close with friends and family?
With a risk of isolation after retirement as friends and families scatter, social interactions keep people vital. In today’s world, more and more retirees go online to keep their skills sharp.
Taking care of a home can be challenging for retirees, but the new computer technology can transform the home into a learning and networking center.
Alan P. Weiss is the president of Regent Wealth Management Group in Woodbridge. He is also a CERTIFIED FINANCIAL PLANNER. Readers are reminded that certain investments and investment strategies may not be appropriate for them and that all investments involve risks and uncertainties. Consult an expert of your choosing if you have questions about investments. More information is available at www.regentwealth.com.