Wealthy U.S. investors no longer equate retirement with being old, and many expect to spend a prolonged period in that phase of their lives, says UBS Wealth Management Americas in a new report.

The firm released the results of its latest quarterly investor survey, which found that most wealthy investors do not feel “old” until they are 80; which, it says, marks a significant shift from their parent’s generation when “old” was perceived to be around age 60. It found that only 16% consider retiring as a sign of being “old”; and, that the loss of individual independence, such as no longer living in your own home (71%) and driving your own car (67%), are considered more significant signs of being old.

“People do not see retirement as a sign of being old, as it was for their parents,” says Emily Pachuta, head of investor insights, UBS Wealth Management Americas. “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.”

The report says that most pre-retirees (those under 65 and still working) see retirement as having three distinct phases — starting with five to 10 years of transition out of the workforce, 10 to 15 years enjoying travel and leisure, and 10 to 15 years that requires more focus on health issues and losing independence.

“What investors are telling us is that retirement is one word, but it is not one phase,” Pachuta noted. “People now see retirement as being one third of their expected life, and it is marked by distinct phases each with different wants and needs.”

Also, investors expect their key financial needs to change as they move through the three phases of retirement, “with focus on maintaining lifestyle in the first phase, transitioning to an emphasis on cash flow in the second, and finally a spotlight on healthcare in the third phase.”

Yet, the survey also found that pre-retirees are underestimating the financial cost of a drawn out transition.

The survey was conducted online from September 24 to 30, with over 2,300 investors (with at least US$250,000 in investible assets and a financial advisor).