Age 80 is the new 60, according to the UBS Investor Watch report, which found investors have drastically increased what they consider to be “old” compared with the previous generation.

“Old” used to be defined as around 60 years of age, according to the report issued by UBS Wealth Management Americas, but now it is defined as about 80. Respondents viewed 80 as when people begin to lose individual independence. That's the age when many people can no longer live independently, said 71 percent of respondents, and when people lose the ability to drive, said 67 percent. Only 16 percent defined “old” as retiring.

Investor Watch is a quarterly publication analyzing investor sentiment and behavior. The survey included 2,319 investors with at least $250,000 in investable assets who have a financial advisor.

“People do not see retirement as a sign of being old, as it was for their parents,” says Emily Pachuta, head of UBS Investor Insights. “What we’re hearing from people is that age is nothing more than a number and the age when people feel old has gone way up.”

Ninety percent of working investors under the age of 65 believe retirement will come in three stages, the report says. A transition phase of reduced work will last five to 10 years; a time to focus on travel and leisure will last ten to 15 years, followed by another ten to 15 year span of slowing down and increasing health concerns.

When asked what they would like to be doing at age 65, nearly half of investors indicated traveling, while 22 percent want to be working. A small portion wants to be spending more time on hobbies (14 percent) or spending more time with family (12 percent).