Conference Presentation, Panel
The Future of Retirement: Redefining Work, Leisure, Money, Purpose and Success
Milken InstituteIna Jaffe, Ken Dychtwald, Paul Irving, Andrew Sieg, Jacqueline (Jackie) Wong, Andy Sieg, Jackie Wong, Martha Minow, Paul Hanson, Judy Woodruff, Nelson Carbonell
- The US longevity economy is projected to reach a $7.1 trillion market by 2030, driven by an aging demographic that includes the fastest-growing population segment in developed countries.
- Singapore's population aged 65 and over is expected to increase from one in eight to one in four by 2030, coinciding with the statutory re-employment age rising to 67 by next year and potential future moves to 70 or full elimination.
- Over the next 10 years, age-friendly status is forecast to become the primary metric for companies targeting the elder market, while cultural shifts will normalize role models and living arrangements across all life stages.
- Financial advisors are projected to spend 80% of their time discussing longevity, philanthropy, and housing rather than traditional markets, and the market for 50-plus products and services remains largely underserved by major investment vehicles like ETFs or venture capital.
- Within 10 years, elder care for working family members is predicted to become the number one workplace topic globally, and age-friendly infrastructure will be critical for organizations to manage the elder market effectively.
- The concept of "unretirement" and continuous reinvention is expected to become as natural as breathing, with 72% of Americans intending to work past age 65 and a shift away from retirement as a linear stop point toward continuous work.
- Individuals stepping away from jobs are expected to spend 15 to 20 months resetting and rethinking their next steps, with a significant number beginning their "next act" roughly two years into retirement.
- Innovations in the 50-to-80-year-old segment are anticipated to expand opportunities in health, money management, travel, education, and housing, with the intersection of innovation and demographic change dominating global investment over the next 50 to 100 years.
- Intergenerational workforces are expected to outperform same-age teams through increased creativity and innovation, while Millennials will increasingly view careers as non-linear with gaps and sabbaticals.
- A scientific breakthrough to prevent dementia, which strikes 47% of people over 85, is viewed as essential for liberating financial well-being, even as over half of those over 70 currently live alone, suggesting a need for interdependence and cohabitation.
- Challenges ahead include a concurrent retirement of a high percentage of the doctor population alongside a rise in chronic diseases, and a projected decline in resources for higher education over the next 10 years.
- Singapore plans to open all institutions to spare-time courses for everyone to set targets for new jobs and skill transfers, while the "youth era" of marketing is expected to evolve as the 50-plus population is recognized for their size, growth, and financial resources.
- Retirees currently constitute 31% of the population but contributed 45% of all volunteer hours last year, and adult diapers already outsell baby diapers in Japan, highlighting the scale of the demographic shift.