Retirement planning is shaped by a story of what we think retirement should be. The prevailing narrative describes life after work as a short period of respite and leisure. In fact, it is likely to be about 8,000 days, or a full one-third of adult life, requiring more than financial planning alone.
My Uber driver and I struck up a conversation about the Orlando traffic and weather. The chatter soon drifted into stories about his experiences living and driving in Florida. I soon learned my driver’s name was Bob.
But, before I could make a guess, Bob volunteered his age with a wry smile, “I am 81 years old and still working! Heck of a thing, don’t you think? 81, and still working.” There are many factors that can describe how life in retirement has changed. But perhaps the biggest difference is time. Numbers alone, such as the cold clarity of 20 years, rarely provide insight. Instead, stories that explain what the numbers may mean can give context and inspiration to comprehensive retirement planning. So how might the 20-plus years in retirement be imagined?
Moreover, life in retirement is equal to other major life stages that benefitted from countless people, institutions, media, advertising, social norms, and more that guided how you lived in, and moved from, one phase of life to another. And during each of those 8,000-day periods there were many transitions as well as planned and unplanned events that punctuated life.
There is the seemingly singular retirement planning question that becomes even more critical when realizing that there is the real possibility that our lifespan could outlive our wealth span. How much money will be needed, not for a brief time, but for a much longer time than most of us imagine?
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