What Will You Do with Your 8,000 Days? Retirement Planning and the Importance of Place

What Will You Do with Your 8,000 Days?

8,000 days and growing. This is the number that Joe Coughlin, head of the MIT AgeLab, uses to estimate the amount of time we’re expected to live beyond the age of 65. It’s roughly the same period as from growing up to graduation from college (early 20s), post-college to mid-life (40s) and from mid-life to retirement age. This “retirement” stage represents 1/3 of adult life today.

It’s great to be living longer but I imagine few of us want to live them as Bill Murray did in the movie Groundhog Day. For 8,000 straight days?

A key question quickly emerges: what will you do with your 8,000 days?

It’s becoming increasingly relevant as more people wish to rewrite the script for retirement planning, particularly as compared to their parents. In some cases, it’s a necessity based on financial realities; in fact, more than half of U.S. workers plan to work past 65, the traditional retirement age. For others, it’s a sense that there is more to life than permanent leisure. The research bears this out: as Dr. Laura Carstensen, Director of the Stanford Center on Longevity, states in the Big Idea in 4 Minutes, “There isn’t anything in the psychology literature that suggests that it is good for people to go on vacation for decades.”

The general trend appears to be towards a more active retirement, according to Catherine Collinson, President of the nonprofit Transamerica Center for Retirement Studies. Work and time for personal pursuits or leisure are not mutually exclusive. This transition to a new stage of life is highly personalized, not as monolithic as the days of receiving a gold watch and moving to Florida.

The 2018 Class of Stanford’s DCI Program - An Effort to Reinvent Retirement Planning
The 2018 Class of Stanford’s DCI Program – An Effort to Reinvent Retirement Planning (Source: Stanford)

Some are looking to go back to school to figure it out. Literally. Five years ago, Stanford started a program called the Distinguished Careers Institute (DCI) that brings together a cohort of “highly accomplished individuals from all walks of life who are eager to transform themselves for roles with social impact at the local, national, and global levels.” As part of the program, these older students enroll in classes across the university. Harvard’s Advanced Leadership Initiative is a similar program with a particular focus on helping leaders’ transition from their main career to their next years of service. More universities across the country, including the University of Texas, are creating similar programs to support this group, often catering to their alumni.

Other resources are becoming available to help think through what to do with these 8,000 days. Designing Your Life was birthed out of an elective class at Stanford University. It applies designing thinking to one’s life (click here for previous SmartLiving 360 blog on the subject). The intended audience is recent college grads but it has struck a chord with older people, too. Faith-based thinkers are entering the conversation as well. Earlier this year, Jeff Haanen released An Uncommon Guide to Retirement: Finding God’s Purpose for the Next Season of Life. His book provides a basis for how to think about retirement in the context of faith and a specific approach to create a customized plan.

Another trend is to avoid age-segregation. That’s not to say that older people don’t wish to be around people like themselves but to do so exclusively is less desirable than it may have been in recent generations. Beyond personal preference, there is recognition that age-segregation is not good for one’s health: according to a Harris Poll, 74% of people believe that age-segregation is harmful. Another poll found that the vast majority of people (92%) believe intergenerational activities and relationships are particularly helpful in reducing loneliness for all ages.

Tomorrow, I’m excited to be moderating a discussion with a friend and mentor of mine, Marc Freedman. Marc has given these extra 8,000 days considerable thought as a gifted social entrepreneur and founder of Encore.org. He sees tremendous potential in the longevity revolution for both personal and societal good and envisions a particular opportunity through greater intergenerational connectivity as outlined in his book, How to Live Forever. And, as he enters his early 60s, planning for these 8,000 days is becoming less theoretical for him.

New Retirement Housing Models on College Campuses that Integrate Residents, Students & Faculty
New Retirement Housing Models on College Campuses that Integrate Residents, Students & Faculty (Source: NY Times)

One of things that Marc gets is the importance of proximity. Location, location, location. We can have the best vision for this life stage but place can either hold us back or propel us ahead.

Take housing. Margaritaville has made a splash with their Jimmy Buffett themed age-restricted communities in the southeast. They promise to inject fun and a sense of belonging – both areas often neglected in this life stage.  However, will Buffett songs hold their charm for 8,000 straight days??? And, if you value intergenerational relationships, it’s hard to see how living separate and far away from younger people is conducive to developing and nurturing such relationships.

Others may wish to “age in place”. However, if that increases social isolation and presents physical hazards then it may not be a very effective strategy, regardless of how long one has lived in a home.

Fortunately, new housing models are emerging at a range of price points and locations that offer more choice for people in this life stage. The Stories at Congressional Plaza, an intergenerational community co-developed by SmartLiving 360, is one example. There are also a growing number of retirement housing options near or affiliated with universities. I would expect these and other options, particularly ones that lean more heavily on technology to help people stay healthy, to accelerate in the years ahead.

Simply, it starts with a vision and a plan for how to lean into these 8,000 days – understanding there will need to be flexibility and contingency planning – and to make sure that one’s place and home is aligned with this vision.

No doubt, it’s not easy, but it’s probably better than the alternative of not living as long. As my friend, Paul Irving of the Milken Institute Center for the Future of Aging, puts it, “We’re living longer, now what?” That’s for each of us to figure out.

Want to have Ryan speak at your event? For speaking engagements or media inquiries, please email media@smartliving360.com.

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