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?Click here to continue reading.
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