Now, the old rules of retirement just don’t apply any more – to anyone. We are living longer than ever before, and we want to enjoy our extended lives in ways our parents never envisioned. For Baby Boomers, this means not retiring from the pleasures of life at 65 like many of their parents did. Instead, Boomers want to be productive and to continue living their lives to the fullest during retirement. Unfortunately, how to achieve this ‘new retirement’ is a little unclear.
Recently, we partnered with Dr. Joseph F. Coughlin to write an editorial about this issue for the Puget Sound Business Journal called “Aging population and financial planners.” To sum our argument up, we believe that this ambiguity is a call to innovate. Sooner rather than later, engineers, politicians, entrepreneurs and business leaders will introduce new technologies, policies and services that will improve the quality of our longer lives. A dramatic side effect of this innovation will be a changed society. Eventually, all industries will be impacted by our ever-lengthening longevity and collective wish to live better, including the wealth management industry. If you are intrigued by our argument, we invite you to check out the PBSJ’s online Accounting section.