With today’s rising lifespans, we could be facing roughly 20 or more years in retirement, which is approximately 8,000 days. Once thought of this way, it becomes clearer that retirement is not an end, but rather a new, complex, and unknown phase of life, during which so much could happen.
The Four Phases of Retirement
It’s often asked, “What will you do on Day One of your retirement?” Most people have a clear image of Day One. Maybe even Day 1,001. But few can imagine 8,000 days of golf, and even fewer have a vision of what they will be doing on any given day—such as Day 4,567. But getting started on the right foot can be crucial.
Instead of planning for ‘retirement’ as a single state, it may be beneficial to reframe the conversation to reflect a four-phased concept of retirement. Each is characterized by the tasks and issues individuals are most likely to be managing. The four retirement phases enable a clear vision to plan and to anticipate what is likely to come.
The Honeymoon Phase
The Big Decision Phase
The Navigating Longevity Phase
The Solo Journey Phase
Michael Lynch is a managing director of strategic markets for Hartford Funds. In his current role, Mike is responsible for engaging and educating both financial advisors and their clients about current and emerging opportunities in the financial-services marketplace. These opportunities range from tactical strategies in areas such as retirement-income planning, investment planning, and charitable planning, to anticipating and preparing for long-term demographic and lifestyle changes.
Mike joined the organization in 1993 as an annuity client service specialist. In 1997, he joined the advanced product marketing department, where he developed an extensive knowledge of estate and retirement planning. In 2004, Mike became a regional sales director. In 2006, he became vice president and national director of The Hartford’s Retirement and Wealth Consulting Group, which provided thought leadership and financial education focused on retirement and small-business planning. In 2012, he joined Hartford Funds.
Mike has been quoted in prestigious publications such as Fox Business, Today.com, US News & World Report, and MarketWatch.
Mike earned his bachelor’s degree in business administration from Eastern Connecticut State University. He is a registered representative of Hartford Funds Distributors and is FINRA Series 6, 63, and 26 registered and holds a life, health, and variable insurance license. Mike currently lives in Charlotte, North Carolina, with his wife, Kim, and their children, Josh and Em.