Many of us grew up thinking, if you retire at 50, you’re really good. But I’m not sure that for me retirement is the end game–the true measure of success. What are your thoughts about this?
The new narrative is: “I get the opportunity to contribute to the world through my professional work maybe until I’m 100.” Nowadays I’d extend that statement for those in the expanding group of those who are our new Centenarians. For instance, two of my most impactful mentors are currently age 102 and 105. That’s a huge mindset change and significantly drives industries now from the obvious retirement planning to all kinds of financial services, and even more stunning are the breakthroughs combining cutting edge science, healthcare, technology. As this extended and greater quality of life driven by longevity is now possible, companies are asking, “How do we ride this wave?” Even in the auto industry, for example, the questions have shifted to: How can we build cars to accommodate people who are 100?
Early retirement is still, of course, an option and many are taking it due to the threats of Covid-19 and/or being pushed out for being over-the-hill in a job shortage Covid economy; however, as there are going to be more and more shortages of highly skilled and knowledge workers, especially as we return to a new normal as yet ill-defined, there will be increasing opportunities for people over 50 to radically reinvent themselves and enjoy a whole new way of working and contributing their talents.
There is a reason it is called the “Longevity Economy.” Generally, people will be living longer forcing enterprises, small businesses, and individuals to make important shifts to adjust to this new view of elongated work, retiring retirement, and a redefinition of the entire life span.