Check out the timestamps below to help you navigate through the many topics we discussed.
On This Episode:
Retirement represents a pivotal milestone in a CRNA’s life and it ushers in a new phase that could extend over 20 to 30 years or more. How do you best prepare yourself for that transition after work? Today we’re joined by John Diehl, CFP®, CLU®, ChFC® of Hartford Funds to discuss the four stages of retirement and the impact of longevity on financial planning and quality of life. Join us as we explore the concept of 8000 days developed by the MIT Age Lab.
John Diehl, CFP®, CLU®, ChFC® is the Senior Vice President of Applied Insights with Hartford Funds. His focus over the past two years has been on longevity and the quality of life as lifespans continue to expand. He’s been working with a group of researchers at the MIT Age Lab and sharing that information with clients.
The ‘8000 Days’ concept, developed by the MIT Age Lab, segments life into distinct phases, each lasting approximately 8000 days or 22 years. These segments encompass the entire journey from birth to retirement and beyond. During the final 8000 days, the focus turns to retirement and the four phases you’ll go through: honeymoon, the big decision, navigating longevity, and living solo.
Each of these phases comes with critical decisions and requires proactive planning in order to have success. Conversations regarding retirement goals, living arrangements, and financial security should commence at least ten years prior to retirement. This proactive approach facilitates a smooth transition and contributes to a more fulfilling retirement.
The 8000 Days concept offers a valuable framework for comprehending the various phases of life and retirement, and Diehl’s breakdown provides great insights into the steps CRNAs need to take to enjoy a long retirement, including social, financial, and physical considerations.
Here’s some of what we discuss in this episode:
- Why MIT breaks down things down into 8000 day sections of life.
- What is the Age Lab and what research are they doing?
- Breaking down the four phases of retirement.
- All the things you need to be thinking about as you start aging.
- The psychological adjustment CRNAs need to make for retirement.
- The most underestimated aspect of working with great advisors is not just the investment component.
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"Retirement as we know it, as most Americans think of it, was not designed to last 20 to 30 years. It was designed to last five, seven, maybe ten years. And what we're finding is just that extended length of time, not only do we have trouble envisioning what we'll be doing, but we also are experiencing difficulty filling all of that additional time. So these are challenges that are brought about solely because of extended longevity."
- John Diehl, CFP®
