The traditional 3-stage model of life–education, work, retirement–is giving way to a non-linear multi-stage lifestyle (Palette of Life model) where people will cycle in and out of education, work, leisure, recreation, sabbatical, gig economy, and encore careers. And this new cyclical lifestyle will require significant changes in the nature of financial planning and the role of “saving for retirement.”

Steve Sanduski, CFP® describes the shift to the Palette of Life Model and how it impacts the nature of retirement and life planning.