Retirement, said de Cervens, “spans a non-linear path of growth and activity, such as the enjoyment of continued work, travel, volunteering, and family, through declining health and loss of independence at the end of life. The Journey Map represents various aspects of each retirement journey.”
The Map illustrates how the six “levers”—health, finances, learning, purpose, community, and resilience—can be used to “navigate the journey to a happy, financially secure and fulfilled life after a full-time career,” explains a press release.
There are three illustrative examples and worksheets to help people map their own retirement journey. The idea is to help you visualize and create a personalized plan for various stages, events, and decision points along the way, as well as the potential consequences of each. It’s both a practical and interactive tool for “re-imagining and charting” how retirement might and should go.
More Need Than Ever
“The countless decisions people have to make for and in retirement has become overwhelming, and the consequences and emotional toll of each decision is often difficult,” said Jason Fichtner, senior fellow and head of the Retirement Income Institute, a nonprofit that bridges scholarly, evidence-based retirement-income research with practical ideas.
He notes that more Americans are reaching retirement age than ever before—some 10,000 per day, a number that’s expected to peak in 2024. These retirees and near retirees are facing concerns about high inflation, market volatility, economic uncertainty, and pandemic-related health. They want a usable, straightforward, honest guide that weighs and illustrates the many critical factors that can impact outcomes—a guide that can help them chart their retirement path.
“Financial service providers can also use the maps and guide to help their clients and customers visualize their own retirement journey, guide financial decisions impacting the journey, and identify specific areas of products and services ripe for innovation,” said Fichtner.