In my last post I focused on the first of two conference themes I observed: "As a company selling to seniors you will fail if you rely only on traditional marketing". This post focuses on how the he concept of "retirement" is going through a transformation.
What is retirement? And how is it changing.The thought, let alone concept of retirement did not even really exist in the pre-industrial agrarian era up to the mid 1800's. Prior to that people had no choice but to work until they physically or mentally could not. But since the industrial era people have increasingly treated retirement as if it was a right - it's considered a given. But all that is changing right in front of us. Not since the change from an agrarian to industrial economy has 'retirement' gone through this much transformation
This is big stuff. While we are not sure exactly what this change means a few things ere clear. When looking at the retirement that the parents of Boomers had versus what many Boomers will have:
Then: A hard stop. People quit worked at 65 and lived off their pension until death, maybe making a few trips per year if they were fortunate.
Now: No stop. People will take on-and-off "gigs" until they are physically or mentally unable, and live highly active lifestyles until the end.
I realize this is a broad generalization but it makes the point.
It's almost as if we are returning to a modern day version of an agrarian society. Not that our economy will become more agriculturally based but more in the sense that work is life, life is work. Some because they want to. Most because they have to.
Frankly, the age 65 'retirement' makes no sense with many people likely to live active and healthy lives well into their 90s. Many Boomers will choose to work but more in the form of "gigs" than full-time employment. By gigs I mean not working as an "employee" for the same company year after year. And many people 55+ will become solo practitioners. The point is that Boomers will redefine what retirement is and the implications are enormous - as are the opportunities.
Some related articles:
- Economy pushes boomers to the brink -- retire or wait?
- Ten reasons why boomer start a business
Comments