Time and Money During Retirement
Planning for Activity During Retirement: Beyond Wealth Accumulation & Consumption We have all heard the pitches of the financial planners to retirees. That last paycheck has to last us a lifetime! How much money do we need for the rest of our lives? What if we live to be ninety? or (God forbid) a hundred? The answer to all those questions depends upon our habits of consumption. Do we want to maintain our present habits of consumption? Do we want to move elsewhere, or journey around the world? The consumption opportunities are endless, and so could be the amount of money needed to fulfill them. A gold mine for the investment industry! How do we want to spend our time during retirement? I define capital as the accumulation of our labor. We accumulate labor as human capital, our health, our skills, etc. A Nobel prize winner even included our virtues! We also accumulate labor as social capita l, relationships (marriage, work, professional, community, religious, politi...