Panel, Conference Presentation
Investing in Our Future: Best Cities for Successful Aging
- The funeral home industry faces a decline due to demographic shifts where people are not dying fast enough, while the US population is projected to reach 410 million by 2050 and China's over-60 population is expected to reach 437 million.
- A structural shift involves 2.8 million people turning 65 annually, totaling over 60 million during the 18-year boom, with the first boomers turning 65 in 2011 and the majority entering a "gray" phase by 2025.
- Business opportunities require cross-sector collaboration including employers, manufacturers, and service providers to address the "mismatch" between environments built for youth and current life expectancies.
- Cities face risks of isolation, assault, and lack of healthcare access if infrastructure fails to adapt, prompting a "Cities for All Ages" framework that applies principles of walkability and livability to aging populations.
- Job creation is expected in home health care aides coordinated by local governments, while virtual technology and new communication systems are planned to prevent isolation and assist with medical appointments.
- Corporate and political structures are adapting, with corporate board age limits rising to 75% in 22% of boards and 16% of elected officials feeling prepared for the demographic shift.
- Living arrangements are diversifying to include multi-generational households and Naturally Occurring Retirement Communities (NORCs) where 50% of residents are older, driven by the fact that 89% of seniors wish to remain in their current communities.
- Financial intergenerational support is significant, with 50% of boomers providing substantial financial aid to family members, while 43% of US women over 65 live alone.
- Consumer product innovation targets user-friendly appliances with larger dials and sensor-based monitoring that avoids feeling intrusive, noting that many avoid "old man devices" despite 50% of iPad buyers being over 50.
- Economic incentives include Pittsburgh's initiative to attract 1,250 entrepreneurs over 50 to generate a $2.5 billion increase, capitalizing on the trend where 9 million people have moved to Encore Careers and 31 million view it as a priority.
- Social and health strategies focus on "compression of morbidity" to save societal costs, high-density social networks in retirement, and fitness programs like San Antonio's "Sports for Life" with 34 events for those 58 and over.
- Specific regional examples include Charlotte's transportation improvements, Philadelphia's consolidated services, Iowa's "blue zones" for health, and Singapore's premium public housing for seniors.
- Innovation drivers include public unhappiness with current offerings leading to creativity, with a warning that without timely societal recognition, the transition may require visible signs of pain.
- Potential consequences of inaction are described as an "abundance challenge" rather than a crisis, though the picture of full demographic impact remains unfinished.
- Institutional change is predicted to be slow, potentially requiring federal intervention that should have begun 10 years ago to address the needs of an aging society.