By refuting outdated stereotypes about retirees, Americans are reimagining what retirement looks like, according to a recent study by Edelman Financial Engines (EFE). The independent wealth planning and workplace investment advisory firm examined key issues at the intersection of life and money, finding that Americans at least 30 years old are envisioning their later years as a launchpad for adventure, active living, and passion projects — not a time to slow down.
Nearly half of 2,000 survey participants want a retirement that looks different from previous generations, and fewer than one in five believe that pop culture depictions of retirement match their own vision.
Those findings, published in a 17-page report titled “What Money Means,” suggest that deeply personal priorities are fundamental in driving the more expansive vision Americans have for their own retirement, according to EFE officials. This includes attitudes about wealth and financial security, the trade-off between time and money, and how Americans make critical decisions when it comes to their spending.
“For too long, the retirement industry has treated this stage of life like a finish line,” said Ralph Haberli, EFE’s chief executive officer. “That mindset is outdated. Americans are telling us what we all already know to be true: They want to live fully, prioritize health and wellbeing, and pursue passions that bring meaning.”
Money vs. time
Americans are increasingly weighing time against money, and the choices aren’t easy, according to the survey results. When asked to choose between a shorter workweek or a raise, preferences were nearly split: 44% of full-time workers said they would prefer to work one day less for the same salary, while the remainder would opt for a $20,000 pay increase. Parents, in particular, place a premium on spending more time that matters. More than half would pay to relive a day with their kindergarten-age child, and nearly a quarter would sacrifice a significant portion of their retirement savings to do so.
“People aren’t just telling us they want more time; they’re telling us they want more time with the people that matter most, and that has financial implications,” said Michael Liersch, EFE’s chief planning officer. “What often goes unrecognized is that those changes need to be reflected in a financial plan so that money is used in a way that will help people move forward, not backward.”
Money vs. health
The study also underscored the growing recognition that longevity and wellbeing are vital. Nearly two-thirds of those surveyed say they would rather never worry about their health again than never have to worry about money again, and 58% would trade $1 million in retirement savings for an extra five healthy years. The choice becomes even more pronounced in wealthier cohorts. Among those with more than $1 million, 77% prioritize health over wealth.
From changing jobs and buying a home to getting married, sending kids off to college, and retiring, major life events often bring weighty, stressful decisions. The study uncovered a desire for professional guidance early. In fact, when a major life event occurs, 43% of those working with a financial professional say they reach out before making any decisions — including 13% who say their advisor is one of the very first people they talk to.
“Financial planning should feel just as personal as the life it supports,” Liersch said. “We believe the best plans start with listening —understanding each client’s needs, concerns, and goals around health, family, work, and more — then building strategies that help them live fully, with confidence and purpose at every stage.”
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