We are just about to be swept into some significant shifts in how we live thanks to aging demographics. With so many of us moving into the latter half of our lives and our life expectancies extended (we expect to live to our 90s or older), this will affect how we live and function as a society in North America and in most advanced, Westernized countries. And there are already companies, think tanks, venture funds and government programs–many of which we have covered here on You Are UNLTD–examining and working on what this future will look like and how we can best prepare for it.
To start, the concept of retirement has already started to change. As esquire.com reports, the retirement model was created in the 1930s. But back then, life expectancy was one’s early 60s. With today’s longer life expectancies, the current concept of retirement will be a thing of the past. When we are looking at living a hefty 25 years more, retiring at 65 no longer makes sense when, as thriving 60s continue to be driven and seek purpose in their lives for many more years.
That said, how we work will also shift with this aging workforce and new longevity. Other factors that will have to be addressed include the age of full retirement eligibility and Social Security in the U.S.; companies focused on serving the needs of an aging population, including age-tech focused businesses; and housing and medical treatments will also have to alter direction in order to meet the needs and demand of a population that is composed of older adults. Esquire.com delves into the ways the world is already changing due to the new longevity already here, along with the opportunities this immense shift brings with it–read the full Esquire article here.