Aging expert Joesph Coughlin with "AGNES" -- short for "Age Gain Now Empathy System" -- which simulates how aging affects mobility.

(Money Magazine) -- You think you're on top of this retirement-planning thing. You've maxed out your 401(k) matches and loaded up your IRA.

Joseph Coughlin says you probably aren't even close to being ready for life after 65. The director of the AgeLab at the Massachusetts Institute of Technology says you also have to consider whether you'll be able to work if you want to, where you'll live, how you'll stay connected with friends and family, and whom you'll be able to trust when you need help making financial decisions.

The AgeLab's work is eclectic -- one of Coughlin's research specialties is the driving ability of older people -- tapping fields from engineering to psychology to find insights into ways people can live better as they age.

The group has designed a full-body suit, which enables product designers to experience the physical limitations of older customers, and has worked to develop smart-home technologies to help seniors live independently.

Coughlin spoke with editor-at-large Penelope Wang; their conversation has been edited.

You say that people need to think about not just retirement planning but "longevity planning." What's the difference?

The good news is that you are likely to live a lot longer than your parents did. That requires thinking and planning in areas that go beyond hitting a certain number in your retirement account.

Take the idea of working in retirement. People say they want to do it. But do you really believe that the education you got before you turned 22 -- or 24 if you went to grad school -- is going to last till you're 50, let alone 75?

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Planning for a very long retirement