An insider’s look at what’s being said by some of the world’s most respected thought leaders on the subject of retirement.
The NeoLife Family Foundation is part of a network of top supporters of the Milken Institute, a non-profit, nonpartisan think tank determined to increase global prosperity by advancing collaborative solutions that widen access to capital, create jobs and improve health.
This year’s Milken Global Conference featured a panel entitled ‘The Future of Retirement: Redefining Work, Leisure, Money, Purpose and Success’. It’s focus was a discussion about the changing landscape of retirement and what that means for the growing majority of older adults. Here’s some food for thought from the panel as well as how NeoLife can be the perfect solution.
What’s the Big Picture?
At the beginning of the 20th century, life expectancy was around 50 years. Today life expectancy is about 80 years. The challenge for those planning for retirement is now to figure out how to plan for those extra years of life.
What’s the Data Telling Us?
65% of Baby Boomers plan to work past age 65
40% of Baby Boomers have no retirement savings
1 of 3 people who are currently retired are living almost entirely off of social security
35% retirees work part-time: Flex retirement is the new ideal
Ask the Experts:
| Q: How do we get opportunities for repurpose and new purpose in later life to people who are in or nearing retirement? | |
| A: “We have to figure out a way for people to learn new things, refresh their skills, and build relationship networks and we have to do it at a mass scale. If we don’t do it, the cost is very much like the prevention and health and wellness area, the cost to individuals and society will be massive”. | Paul Irving Chairman, Milken Institute Center for the Future of Aging; Distinguished Scholar in Residence, Davis School of Gerontology, USC |
| Q: What should we do to help people prepare for longer life? | |
| A: “Education. Younger people need to have a better understanding of fiscal responsibility from a younger age. Having people think about saving for a longer life.” | Jacqueline (Jackie) Wong CEO, Temasek Trust; Executive Director and CEO, Temasek Management Services |
| A: “I think we have a cultural imperative to change the conversation from a very early age from retirement as an aspiration to lifelong work as an aspiration. There’s an awful lot of evidence that traditional retirement is not only bad for your wealth, it’s bad for your health.” | Paul Irving Chairman, Milken Institute Center for the Future of Aging; Distinguished Scholar in Residence, Davis School of Gerontology, USC |
| Q: In the US it is forecasted that by the year 2030, 80% of the population will be 65+ years old. What is the opportunity for investment in business considering what’s happening with the demographics? | |
| A: “Obviously one of them is the whole area of health and that’s just not the traditional health care field, that’s medicine and anti-aging and beauty and nutrition. Then you’re seeing the whole idea of money management. How are people going to prepare for their longer lives, how are they going to fund their longer lives. […] For me there probably is no more vital opportunity for investment and business development than in the 50+ side of the population which is large, growing, and has a good chunk of the money.” | Ken Dychtwald President and CEO, Age Wave |
IMPLICATIONS
Huge Opportunities For NeoLife Promoters:
1. To provide targeted health solutions to older adults in key areas like cognitive decline and anti-aging.
2. To provide an opportunity to older adults to supplement their income and fund their longer lives for comfortable, enjoyable golden years.
THE FUTURE OF RETIREMENT
Moderator
Ina Jaffe, Correspondent, NPR
Speakers
Ken Dychtwald, President and CEO, Age Wave
Paul Irving, Chairman, Milken Institute Center for the Future of Aging; Distinguished Scholar in Residence, Davis School of Gerontology, University of Southern California
Andrew Sieg, Managing Director and Head of Global Wealth & Retirement Solutions, Bank of America Merrill Lynch
Jacqueline (Jackie) Wong, CEO, Temasek Trust; Executive Director and CEO, Temasek Management Services
For more information on NeoLife and NeoLife products, please visit neolifeclub.com or call 800.432.5842. To learn how to build a foundation of good nutrition for you and your loved ones, visit shareneolife.com.