The “longevity economy” (i.e., aging baby boomers seeking long lives) meets “the quantified self” (tracking everything we do online) in the above video about technologies that help aging boomers stay fit.
The PBS video shows off some of the products being developed to cater to an enormous market of some 100 million Americans over age 50, who are spending about $7 trillion per year. Products include a treadmill desk, technology that reveals sleep patterns, and fitness watches measuring everything from blood pressure to how many steps are walked daily.
One issue not mentioned is the privacy around health matters that boomers sacrifice when their every move and personal health metric is a digital data point stored in the cloud. Younger Americans are comfortable about disclosing their private lives online, but are boomers willing to go this far in the name of health and longevity? Learn More
Americans have been labeled everything from the Greatest Generation to Generations X, Y, and Z. Are you ready for the Centenarian Generation?
The number of 100-years-olds has roughly doubled over the past two decades to more than 67,000 – mostly women – and the U.S. Census Bureau predicts it will double again by 2030. Just think about the implication of living for a century: retirement at, say, 65 means 35 years of leisure.
This is unappealing to some, unaffordable to many, and it impacts us all.
“We’ve added these extra years of life so fast that culture hasn’t had a chance to catch up,” Laura Carstensen, director of Stanford University’s Center on Longevity, said during a panel discussion at a recent Milken Institute Global Conference in Los Angeles. The best use for a additional 20 or 30 years of life isn’t, she said, “just to make old age longer.”
Granted, the Milken panelists – all privileged and accomplished baby boomers – are removed from the financial and other challenges facing most older Americans. But they have thought deeply about longevity and its consequences.
The following is a summary of their musings on how we might adjust to the coming cultural tilt toward aging:
Young people need to be more engaged in the issue of increasing U.S. life expectancy, because it will affect Generation Z far more than it has today’s older population. To engage his son’s interest in the topic, Paul Irving, chairman of the Milken Institute’s Center for the Future of Aging, said he introduced the concept of 80-year marriages. “That started a conversation,” he said. …Learn More
These federal government resources should be helpful to Squared Away readers ranging in age from 20 to 70:
Free credit report: Young adults in particular may not be aware they’re entitled to a free credit report from one of the major credit rating agencies. To ensure the report truly is free, click and follow the links to an outside source recommended by the Federal Trade Commission. To file a paper request or ask for a report by telephone, try the federal Consumer Financial Protection Bureau’s website.
New U.S. Social Security Administration blog: The agency started a new blog last month to provide important benefit information under various programs. Here’s a sample of three useful articles on the blog:
Parents should watch this video with their college-bound children.
The young adults featured in “Voices of Debt” have one thing in common: a lack of understanding of the financial implications of debt at the time they were taking out their student loans. So it’s critical that parents start this conversation early with their children.
The compelling video, produced by Manhattan ad agency The Field, speaks for itself. Similar videos can be found here.Learn More
Here’s actually some good news about student debt: borrowing by undergraduates is now declining.
Annual borrowing by all full-time undergraduates peaked at $6,122 per student in the 2009-10 academic year and fell to $5,490 by 2013-14, according to the Urban Institute’s new report, “Student Debt: Who Borrows Most? What Lies Ahead?”
For its shock value, the media toss around the $1.2 trillion figure – the total of all U.S. student loans outstanding. The institute provides a more refined look at student debt by diving into U.S. Department of Education data to learn who tends to borrow the most and why.
If so many human characteristics are universal, why does something so basic as the household saving rate vary from 10 percent in Belgium to 4 percent in the United States?
Traditional economic explanations point to built-in retirement account defaults, government mandates or financial incentives. But UCLA behavioral economist Keith Chen mines the study of linguistics for an unorthodox explanation of the wide global disparities in saving.
Discussing his early findings in this new field in the video above, Chen explains one aspect of grammar that may influence saving.
To find out what that is, watch the video. This Ted talk was filmed in Edinburgh, Scotland in 2012. …Learn More
With snowstorms hammering the eastern United States, some baby boomers may be looking for a permanent escape when they retire.
Yet Southern cities did not come out on top in the Milken Institute’s new ranking of the Best Cities for Successful Aging, a ranking based on a fairly comprehensive set of factors important to seniors. Take frigid Iowa City, the No. 1 small city: it gets credit for its transportation and the affordability of its assisted living and adult day care services.
Milken Institute economist Anusuya Chatterjee saw common themes among the top-ranked metro areas. They tended to have vibrant economies, quality healthcare services, opportunities for intellectual stimulation and active lifestyles, and easy access to amenities like grocery stores, transit, and culture.
University towns often fill these requirements, she said. Madison, Wisconsin – home of the University of Wisconsin – was the top-ranked large metropolitan area.
Financial considerations also influenced the rankings, such as living costs and the cost of day services for the elderly or assisted living. Convenience amenities have financial implications too – a monthly subway pass is cheaper than owning a car.
The methodology, explained in more detail later, was more rigorous than what’s typically found in city rankings. Here are other surprising results: …Learn More