The Metamorphosis of CapitalTM Principle
Metamorphosis: a profound change in form from one state to the next in life history of an organism, as from the caterpillar to the pupa and from the pupa to the adult butterfly.
From Human Capital to Financial Capital
Financial Capital: Increases with age.
Human Capital: Decreases with age.
Dent's variation on Modigliani's Life Cycle Theory of Consumption
Both spending and income follow a curve based on age. In late retirement, spending exceeds income as savings are used.