MIT AgeLab: 8,000 Days of Retirement

Bill McManus, Managing Director, Applied Insights, Hartford Funds

September 23, 2020

With today’s rising lifespans, we could be facing roughly 20 or more years in retirement, which is approximately 8,000 days. Once thought of this way, it becomes clearer that retirement is not an end, but rather a new, complex, and unknown phase of life, during which so much could happen.

The Four Phases of Retirement

It’s often asked, “What will you do on Day One of your retirement?” Most clients have a clear image of Day One. Maybe even Day 1,001. But few can imagine 8,000 days of golf, and even fewer have a vision of what they will be doing on any given day—such as Day 4,567. But getting started on the right foot can be crucial.

Instead of planning for ‘retirement’ as a single state, it may be beneficial to reframe the conversation to reflect a four-phased concept of retirement. Each is characterized by the tasks and issues individuals are most likely to be managing. The four retirement phases enable a clear vision to plan and to anticipate what is likely to come.

  1. The Honeymoon Phase
  2. The Big Decision Phase
  3. The Navigating Longevity Phase
  4. The Solo Journey Phase

Download Webinar Slides