UBS survey: People feeling youthful longer

“To most people, it’s when people can no longer live in their own homes or whey they can longer drive,” the survey adds. “In short, you get old when you lose your individual independence, when you can’t do things for yourself.”

When asked after which life events they consider someone hold, survey respondents answer as follows;

• When they can no longer live in their own homes (71 percent)
• When they can no longer drive (67 percent)
• When they start forgetting things (45 percent)
• When they have a serious health issue/diagnosis (37 percent)
• When they have trouble hearing you (26 percent)
• When they retire (16 percent)
• When they have grandchildren (10 percent)
• When their hair is gray (9 percent)

Most people, the report observes, underestimate the percentage of pre-retirement income they will need during each of three post-retirement phases. Whereas the industry rule of thumb pegs pre-retirement income at 78 percent for each of these three phases — “transition,” “my time” and “the last waltz” — survey respondents estimate 58 percent, 63 percent and 56 percent, respectively.

The survey defines “transition” as a time when people are still working, but in a reduced or different capacity. During the “my time” individuals are focused on travel and leisure.”  Phasing into “the last waltz,” people lead a relaxed, simpler life and health issues eventually become a focus.