Reframing retirement

In my last Advisor.ca article, I shared how the traditional retirement model was built for a different era when careers were linear, retirement was a short phase and financial planning followed a straightforward accumulation-to-decumulation approach.

But longevity and evolving work patterns are rewriting the rules.

Over the past few years, I’ve worked with thousands of pre-retirees to help them see retirement through the lens of a longer life. Through workshops and one-on-one discussions, five retirement reframes have emerged — mental shifts that reshape how people approach retirement in a world where they can remain engaged for decades beyond 65.

For financial advisors, these reframes are critical to understanding how to effectively plan for retirement. They reflect how clients truly experience retirement, not just as a financial transition but as a multi-stage life shift that requires guidance beyond investments.

1. The longevity bonus: retirement is about redistributing time, not just extending it

Clients who recognize they could live to 90 or 100 rethink how they structure their time. The old model treated retirement as a finish line, but today’s clients are asking:

• What if I pace myself for a 60-year career instead of a 35-year sprint?
• Can I take career breaks, sabbaticals or shift to part-time work rather than stopping at 65?
• How do I blend work, learning and retirement over multiple phases?

For advisors, this means shifting from retirement readiness to life-stage readiness. Clients need financial advice to support a flexible approach to career transitions, phased retirements and shifting income needs. It’s not just about hitting savings targets for a retirement end date.

2. Holistic planning: retirement is more than a financial decision

Some of the most financially prepared clients I’ve met are the least ready for retirement.

Financial security alone doesn’t guarantee a fulfilling retirement. Well-being in later life depends on health, purpose and social connection as much as wealth.

Expand your retirement conversations to include purpose, engagement and social well-being. Questions to ask clients:

• How will you stay mentally and socially engaged?
• What will give you a sense of purpose when work no longer defines you?
• How will you continue learning and growing?

This shift is essential. Clients who plan holistically will thrive, rather than just survive in retirement.

3. Time affluence: free time isn’t always a gift

A retiree suddenly gains back 2,000 hours per year that were once dedicated to work. Many don’t realize that having too much unstructured time can lead to restlessness and even depression. One in three retirees struggle with depression due to the loss of structure and purpose.​

I’ve met retirees who feel lost within a year of stopping work. Others try to fill the void with too many commitments, leaving them overwhelmed.

The happiest retirees create structured flexibility by balancing leisure, purpose-driven work and community engagement.

Ask your clients:

• What will your ideal day look like in retirement?
• How do you want to invest your time in ways that are fulfilling?
• Do you need to financially prepare for volunteering, consulting or a phased professional wind-down?

Helping clients plan their time is just as crucial as planning their finances.

4. A positive view of aging: retirement is an opportunity, not a decline

Clients typically approach retirement in one of two frames of mind:

1. Excitement and possibility.
2. Anxiety and fear of becoming irrelevant.

What makes the difference? Their perception of aging.

Financial conversations often reinforce aging as a period of decline, focusing on risk, asset protection and long-term care. However, research tells us that a positive mindset about aging leads to better health, cognitive function and life satisfaction. A Yale study found that a positive view of aging can increase life expectancy by seven and a half years​.

Instead of simply preparing clients for risk management in retirement, help them see the positives of aging.

5. Curiosity and lifelong learning: retirement is an evolution, not a single decision

One of the biggest mistakes in financial planning? Treating retirement as a one-time decision.

The most successful retirees realize that retirement isn’t a static phase. Instead, they approach it as an experiment, testing new possibilities and adjusting along the way.

Encourage clients to plan retirement in three- to five-year increments rather than setting a rigid 30-year plan. A flexible financial strategy allows them to adjust based on health, interests and family dynamics.

Encouraging small experiments helps clients ease into new identities rather than making abrupt shifts.

Advisors as longevity guides

The old retirement model wasn’t built for today’s reality. These five reframes help clients understand the emerging retirement model. For advisors, it means:

• Helping clients define what retirement truly looks like so their financial plan supports their evolving lifestyle, work and purpose.
• Educating clients on how longer lives affect retirement timing, income and estate planning needs so they can make better financial decisions at every stage.
• Building financial flexibility into plans so clients can confidently navigate phased retirement, career pivots and evolving priorities without financial stress.

The best advisors don’t just plan retirements. They guide clients to navigate a longer, more dynamic life with purpose, flexibility and financial confidence.