Eoghan Gavigan BSc CFP® SIA QFA on LinkedIn: With people set live into their 90s, 25 years of education, 35 years… (2024)

A thoughtful read to start the week. "It is going to be necessary to work longer as a matter of course. This is also going to require several changes in one’s career over a lifetime. Instead of one period of education, one of work and one of retirement, it will make sense for people to mix the three up. People will go back to study, repeatedly. They will take breaks, repeatedly. They will change what they do, repeatedly. This is the way to make longevity affordable and, as important, bearable. To make such a world work, we will have to reorganise education, work, pensions, welfare states and health systems... mandatory or standard retirement ages will be senseless."#pensionfunds

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**Life Expectancy Leaps: Embrace the Change! 🌟**As an actuary, I found this article about longevity by Martin Wolf in the Financial Times fascinating: https://on.ft.com/3UMd0KT📊 Some interesting stats:In 1965, the UK's most common age of death was infancy. Now, it's 87! 🚼➡️👴 In Japan, a girl's chance of reaching 60 is 96%, with a life expectancy of nearly 88.As, we're living longer, it's time to rethink life's stages. 🔄 Education, work, retirement—how should we blend them for a fulfilling extended life? 🎓💼🏖️Can we innovate for vibrant later years, transforming pensions, healthcare, and social norms? 🛠️🏥📊Please share your ideas below. 💡#Longevity #LifeStages #Actuary #Retirement Aon's Wealth Solutions

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Increased longevity will bring profound social change. People will have to work longer and pension systems will need to be transformed. We need to rethink old age, as individuals and societies. This topic is explored by Martin Wolf chief economics commentator at the Financial Times London.''To make such a world work, we will have to reorganise education, work, pensions, welfare states and health systems. People must be given options to work and not to do so at various stages of their lives.'' Martin Wolfinteresting read below:#futureofwork #pensions #worklife #longtermplanning #changingworklandscape #economics #socialimpact #socialchange #reform #systemschange

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We are moving into a new, old world. To make such a world work, we will have to reorganise education, work, pensions, welfare states and health systems. In 1990, there were only 95,000 people over 100 years old in the world. Today, there are over half a million, and rising. If so, we must rethink our view on the priority of preserving life. An extra burden for Europe’s economy stems from its ageing population and falling birth rates, which are already creating widespread labour shortages as the baby boomer generation retire. There are negative wealth effects in Europe. If you don’t expect to get more from public welfare or pension systems, you are likely to save more and spend less. Then you add in the uncertainty from wars, AI, Geopolitics, changing world order and you land up in a not so favourable situation! #socialchange https://lnkd.in/gxyffzcT

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Imagine this: one in every two five-year-olds today will celebrate their 100th birthday by 2050. 🎉 It's not science fiction; it's the incredible future of longevity. But with this "longevity revolution" comes challenges and opportunities.💡 We need to bridge the racial gaps in longevity and ensure everyone benefits from this extended life.💰 Financial planning should start early, as pensions fade away, and we embrace the gig economy.👵 Who will care for us when we're 100? Immigration reform could be the key.🤝 Connecting socially and emotionally becomes paramount to beat loneliness.👴 Let's tackle ageism head-on by valuing wisdom and experience over youth.Living to 100? It's not just about adding years but making every moment count. #Socialconnection #LiveLongerBetter #EquityInLongevityhttps://lnkd.in/gXEvvDsp

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𝐏𝐫𝐞𝐩𝐚𝐫𝐞 𝐭𝐨 𝐫𝐞𝐯𝐢𝐬𝐞 𝐲𝐨𝐮𝐫 𝐢𝐝𝐞𝐚𝐬 𝐚𝐧𝐝 𝐛𝐞𝐥𝐢𝐞𝐟𝐬 𝐚𝐛𝐨𝐮𝐭 𝐥𝐨𝐧𝐠𝐞𝐯𝐢𝐭𝐲!So many great points and quotes in the article.Here are a few to consider that illustrate how 𝐥𝐨𝐧𝐠𝐞𝐯𝐢𝐭𝐲 𝐢𝐬 𝐜𝐡𝐚𝐧𝐠𝐢𝐧𝐠 𝐭𝐡𝐞 𝐰𝐚𝐧𝐭𝐬, 𝐧𝐞𝐞𝐝𝐬, 𝐚𝐧𝐝 𝐞𝐱𝐩𝐞𝐜𝐭𝐚𝐭𝐢𝐨𝐧𝐬 𝐨𝐟 𝐲𝐨𝐮𝐫 𝐜𝐥𝐢𝐞𝐧𝐭𝐬, 𝐩𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐜𝐥𝐢𝐞𝐧𝐭𝐬, 𝐚𝐧𝐝 𝐞𝐦𝐩𝐥𝐨𝐲𝐞𝐞𝐬.💥These longer-lived, longer-working individuals generate an ever-bigger slice of global GDP and control an expanding tranche of global wealth.💥AARP estimates that people over 50 already account for half of consumer spending worldwide, or $35 trillion.💥“People 50 and older hold the vast majority of wealth in the country, but we’re producing products and services for people who don’t have nearly as much money to spend.” Laura Carstensen💥“Most people’s instincts are to focus younger, when the opportunity really is to focus older.” Rob Chess💥As people enjoy longer, healthier lives, many will have to rethink their educational, career, and retirement paths. Organizations, meanwhile, will have to reconsider how they recruit, retain, and manage employees. That will require us to grapple with deeply ingrained ageism.💥Many older people will likely cycle through a variety of nonsequential and potentially overlapping stages: working for a while, taking a break to raise kids, going back to work in a new role, taking another break to care for parents, retraining and reentering the workforce, taking another break to pursue other interests or additional education, and so on.💥The rewards for doing so, however, are potentially vast. “This is a unique and unprecedented opportunity. We have 30 extra years. How could we use those years to improve quality of life at all ages?” Laura CarstensenConsider how these and other points in the article apply to 𝐜𝐥𝐢𝐞𝐧𝐭𝐬 (how will financial services firms help guide aging clients?) and 𝐩𝐫𝐨𝐬𝐩𝐞𝐜𝐭𝐬 (how will they perceive our value and client experience?), and 𝐞𝐦𝐩𝐥𝐨𝐲𝐞𝐞𝐬 (how do/will they perceive their work options with your company as they age?). 𝐓𝐡𝐢𝐧𝐤 𝐨𝐟 𝐭𝐡𝐞 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬!#longevity #longevityplanning #retirementredefined #nonfinancial

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We must rethink our view on longevity "a world in which most are likely to live into their 90s, many even longer, needs to be thoroughly rethought. The idea of 25 or so years of education, 35 years of work and then, say, 35 years of retirement is impossible, for both individuals and society. It is certainly unaffordable. It is also likely to produce an empty old age for vast proportions of the population.We are moving into a new, old world. This is the fruit of a huge success. Yet there is also a realistic danger of a Struldbrugg future for individuals and society. If so, we must rethink our view on the priority of preserving life." https://lnkd.in/etFVXMEw

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Are we living in a TALE OF TWO CITIES?Not all #OlderAdults are alike.Gerontologists and geriatricians frequently say this; it's always in regards to health.In this excellent article for Next Avenue, Richard Eisenberg interviews the authors of two books I'm currently reading: 📕 Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy, by Teresa Ghilarducci 📕 Unretired: How Highly Effective People Live Happily Ever After, by Mark S. WaltonThe interview makes clear that yes, we are living in a tale of two cities when it comes to older adults, working and economic security.I'VE SEEN BOTH SIDES. 👁️🗨️ I've been active in the #encore movement for years, chairing The Encore Network for three. 👁️🗨️ In my work at Changing the Narrative, a leading anti-ageism initiative, I hear daily from people who have been pushed out of the workforce because of #ageism and are being challenged financially, and from people who have faced economic security their entire lifetimes, which is exacerbated by ageism as we age.THE REAL QUESTION IS: What do our public policies need to look like to reflect that people have these different experiences? Would love to hear your thoughts.

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People around the world are living longer. But more important than just living longer, people want to live longer better. Achieving this could be challenging, as outlined in a study jointly published by Mercer and the World Economic Forum, "Living Longer Better: Understanding Longevity Literacy". While physical wellbeing is critical, financial wellbeing has also come to the fore as today's generation needs to grapple with issues like caregiving responsibilities and having adequate levels of income needed for retirement.You can also read the report here: https://lnkd.in/ezAhkQB9#health #wealth #future #retirement #longevity #report

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Are you properly positioned to grow your money, and most importantly grow your income, in retirement? Is your current allocation possibly too conservative to fully cover a 25yr to 30yr + retirement? The length of time we spend in retirement is going up, not down, are you prepared?#westinghouse #ppg #verizon #att #highmark #USSteel #arconic #transtarrail #howmetaerospace #msasafety #ironbowtechnologies #verizonvusiness #ppgindustries #highmarkhealth #cwalocal13000 #cwalocal13500 #WestinghouseElectricCompany #UnitedStatesSteelCorporation #WestinghouseProud #msathesafetycompany #vzbusiness #eaton #wabtec #uss

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