Technology seems to be changing quarterly, if not monthly or even daily in some cases. Whether it is the latest iPhone rollout or a new website, game, or app, sometimes it’s hard to keep up on the latest advancements. Just imagine how hard it must be for some of your older clients; there’s so much to keep up with that they may even be tempted to avoid Smart technology altogether. If that’s the case, then I’d recommend sharing with them the idea that the Smart phone is not just for emergencies or making phone calls, but rather, the Smart phone could actually offer them freedom.
The concept that a Smart phone could be the difference between assisted living and aging in place may seem far-fetched, but the reality is that today’s technology offers countless opportunities for retired individuals to live independently and enjoy a good quality of life in their later years.
Retirement is often talked about as an end—it’s the end of one’s career, it’s the last stage of one’s life, it’s the end game. Clients might be focused on how to prepare for retirement, which is critically important, but if they’re looking at retirement as the final goal, then they might not be preparing in the best way.
I recently sat down with Dr. Joseph F. Coughlin, PhD, Director of the MIT AgeLab, to discuss the dichotomy of retirement—it is seen as an end, but it can actually make up more than a decade or two of one’s life—and he gave me his perspective on how to help clients navigate what he refers to as the 8,000 days of retirement. I asked Dr. Coughlin to share his 8,000 days analogy for the purposes of this blog, and the following is his contributed content:
Retirement is the great unknown, and much to everyone’s chagrin, there are no cut-and-dry answers to most of our biggest retirement questions: when should I retire, and how much money do I need? The answers are different for everyone, and they are much more nuanced than coming up with a set age and amount. But, clients still ask these questions, and financial advisors still need to find a way to respond. I’ve addressed the “magic number” question in the past, but for the “when?” question, I suggest using a three-tiered approach: fiscal, physical, and psychological.