As people contemplate their lives, they realize that taking more risks could have provided the opportunity for richer experiences, and that extra time and freedom would let them do things differently. (Getty Images)

Go to school. Get a job. Get married. Raise a family. Retire. The American dream all packaged up with the right stages at the right time. But what if someone told you that you now have a gift of 30 extra years of life to live at any stage?

What would you do with those extra years? Spend more time with family? Live overseas pursuing the dream job that life pushed aside years ago?

Although it may be surprising to many, that gift is the new reality.

According to the Stanford Center on Longevity, Americans are living an average of 30 years longer than they did a century ago. However, for many, the prospect of living longer has simply become code for "extended retirement." Although this fits with the traditional way we've been conditioned to think about life – a linear track that has been the de facto life template for generations – longevity is causing many people to rethink their major life choices, the paths they may take and alternative possibilities for their future. Longevity is the opportunity to turn the traditional paradigm of life on its head and, in turn, revisit the customary path of retirement planning.

Taking a step back, there is no doubt that Americans are excited to have 30 extra years to work with. According to the The Gift of Time study from Allianz Life Insurance Co. of North America, in which we partnered with the Stanford Center on Longevity, more than nine in 10 Americans expressed having a favorable view of living 30 extra years. In addition, given the addition of these 30 years, 49 percent of Americans would choose a nontraditional life path that fits their interests rather than the formulaic approach we are all used to living.

And there is good reason they feel this way. As people contemplate their lives, they realize that taking more risks could have provided the opportunity for richer experiences, and that extra time and freedom would let them do things differently. Sadly, nearly a third of Americans surveyed said they regret the major life choices they have made, including not following their dreams, not taking risks with their career and not taking risks with their lives in general (new jobs, going back to school, etc.).

How would Americans take advantage of a do-over? Offered with this gift of 30 more years, 56 percent of respondents would travel extensively, 35 percent would live in a different place, and 29 percent would pursue a dream or start their own business. And many fully believe it is never too late to turn traditional retirement upside down. Sixty-five percent of Americans do not think people should wait until retirement to explore, travel and try something new.

In terms of the things people believe are holding them back, the study found that fears surrounding money and a lack of planning are formidable barriers keeping people from taking risks and following their dreams. However, the good news is, despite these barriers, Americans also have a clear understanding that with proper planning they can be successful in a pursuit of a nontraditional life path. And the motivation is also clearly there as 93 percent of Americans agree that they need to start being more thoughtful as to how they plan for longer lives.

So what can you do now in order to take better advantage of these 30 extra years? The first step you can take is to change how you look at retirement planning. In fact, stop thinking of it as simply retirement planning. Rather, consider it as longevity planning – an opportunity to develop a strategy that recognizes the gift of time and allows for exploration and experimentation outside of traditional retirement years. Keep in mind, no one is saying cash out your 401(k) and hit the road. In fact, maintaining some traditional aspects of financial planning is always wise. However, it may be beneficial to take a step back and evaluate your short- and mid-term goals so that you have the opportunity to try something new.

Perhaps you have always wanted to live overseas? Maybe even leave the corporate rat race and start your own business or work part-time to help take care of younger children? Thirty extra years is a lot of time to pursue your goals and there are no rules that say you need to wait until you are 65 to pursue them.

The good news is, planning for shorter-term goals can have a positive effect on your willingness and ability to save for later in life. After you determine how all of your goals fit into the larger picture, revisit your financial plans and assess what is necessary to make them happen. A financial professional can be a valuable resource in assisting with this type of planning.

The American dream as we know it is changing. We have a longer time frame to attain it and a better understanding of our how our increased longevity should play an important role in the planning process. With this gift of time, the time has never been better to embrace a nontraditional future.