Retirement Reimagined: This generation says it’s no time to slow down
Americans are re-envisioning what retirement looks like, according to a recent study by Edelman Financial Engines. The firm examined the key issues at the intersection of life and money and found that Americans are envisioning their later years as a launchpad for adventure, active living, and passion projects rather than as a time to slow down.
Nearly half of the 2,000 survey participants want a retirement that looks different from that of previous generations, and fewer than 1 in 5 believe that pop culture depictions of retirement match their own vision, the survey said.
The research delves more deeply into the emotional tradeoffs Americans consider in connection with building wealth (or not). The findings suggest that deeply personal priorities are fundamental in driving the more expansive vision that Americans have for their own retirement, the survey said. This more expansive vision includes attitudes about wealth and financial security, the trade-off between time and money, and how Americans make critical decisions when it comes to their spending, the survey pointed out.
Their view of money and time
Americans are increasingly weighing time against money, and the choices aren’t easy, the survey pointed out. For example, when participants were asked to choose between a shorter work week or a raise, preferences were nearly split. 44% of full-time workers said they would prefer to work one day less for the same salary, while the remainder would opt for a $20,000 pay increase. This tension between time and income isn’t just hypothetical, the survey pointed out: More than four in ten Americans said they have turned down a higher-paying career opportunity in favor of preserving personal time.
Parents, in particular, place a premium on the moments that matter. For example, more than half would pay to relive a day with their kindergarten-age child, and nearly a quarter would sacrifice a significant portion of their retirement savings to do so.
The importance of longevity and well-being
The study also underscored the growing recognition that longevity and well-being are priceless. Nearly two-thirds of those surveyed said that they would rather never worry about their health than never have to worry about money again and 58% would trade a million dollars in retirement savings for five extra healthy years. The choice becomes even more pronounced in wealthier cohorts. Among those with more than $1 million, 77% prioritize health over wealth, the survey said.
“Financial planning should feel just as personal as the life it supports,” said Michael Liersch, chief planning officer at Edelman Financial Engines. “We believe the best plans start with listening – understanding each client’s needs, concerns and goals around health, family, work and more – then building strategies that help them live fully, with confidence, and purpose at every stage.”
Why many want a different retirement
So, why are so many Americans re-imagining their retirement? “People entering retirement today often envision a more vibrant, active lifestyle than previous generations,” explained Bill Schultheis, director, financial planning, at Edelman Financial Engines. “Within this context, the survey consistently shows that Americans value time, health, and relationships more than money when forced to weigh tradeoffs.”
For many, Schultheis added, the concepts of time and meaning have become more precious. This shift is especially visible among younger Americans but spans generations. As a result, he pointed out, “many people are willing to embrace a “flexible” retirement, realizing workplace and retirement plans might require modifications in the future that embrace today’s unknowns.”
There are some financial implications for people who want to spend more time with the people who matter the most to them. As Schultheis pointed out, “wanting more time with family often means earning less, spending differently, or doing both at once.” Many Americans are turning down higher pay for flexibility, while also spending more on shared experiences, travel, and caregiving. “Americans want heightened clarity on the impact today’s choices will have on their financial well-being in the decades ahead,” he said. “These choices can compress savings timelines and make flexible, short‑ and mid‑term planning just as important as long‑term retirement projections.”
Working with clients
And how can advisors work with clients to make sure their wishes are reflected in a financial plan that accentuates a re-imagined retirement? “An advisor’s essential role in creating a meaningful financial plan is continual dialogue and inquiry with the client as the re-imagined retirement unfolds,” Schultheis said. “Both the client and the financial advisor inherently know that lifestyle expectations and capital markets will change along the way. This acceptance allows for minor modifications (not drastic changes) within one’s plan, helping to assure the reimagined vision of retirement is the retirement that unfolds.”
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