As more people live longer, there’s a ton of money to be made.
By 2020, the “Silver” or “Longevity” economy is expected to reach $15 trillion globally.
If it were a national economy, it would be the third largest, ahead of Japan and right behind China and the United States.
This mounting spending power is “the economic opportunity of our lifetime,” according to a recent article in Forbes:
Longevity: The Economic Opportunity Of Our Lifetime
( Next Avenue invited all our 2016 Influencers in Aging to write essays about aging in America. This is one of the…
The article’s author is Andy Sieg, managing director of Bank of America Merrill Lynch, and also appears in Next Avenue. It draws its data from Oxford Economics, NLIRI.
The actual opportunity may be much larger than the article suggests!
The $15 trillion estimate appears to assume “business as usual” in human behavior. Everyone will keep on living and declining pretty much as they do now.
But what if we launch a global “healthy longevity” campaign? Help people not just age, but super-age? Not just get older a little better, but stay “younger” longer (as today’s “superagers” already do)?
What if billions of us really shape up?
- Greatly improve our health
- Avoid avoidable illnesses
- Postpone our need for long-term care
- Keep sharp and productive years longer
- Maybe even turn the age clock backward and get better with the years
In 1911, I wrote a white paper outlining such a campaign. It was featured in the December, 2011 issues of National Underwriter and ThinkAdvisor, the insurance and financial industry journals.
Here’s a link to the ThinkAdvisor version:
Riding the Life Extension Wave | ThinkAdvisor
Failure to plan Adequately for the long-term care (LTC) needs of our longer-living population is putting more than just…
The white paper contains additional information, illustrations, and references. (You can read it or download it below.)
Three constituencies stand to benefit greatly:
- Aging citizens: They can avoid billions in unnecessary care-related expenses and losses.
- Governments (national, regional and local): They can save billions by making care less necessary and by helping citizens provide for their own care.
- Insurance carriers: They can take in billions by increasing market penetration and by taming excessive, mounting care claims.
Another constituency also stands to benefit greatly: providers of anything that impacts one’s healthy, productive lifespan or quality of life. That’s potentially everything that everybody in every business or calling provides.
The biggest part of the financial gain may not be in savings or consumer spending, but in vastly increased lifetime productivity.
Incalculable wealth could from from extending and enhancing the peak-productive years.
Imagine a brighter, stronger, longer-living workforce gainfully employed for 5, 10 or 20 extra years!
Imagine the added trillions they might pump into our global coffers!
It stands to reason, doesn’t it? During their period of contribution beyond age 60, our new “super seniors” may possess the same brains and stamina as they did at age 30 or 40. Plus they could deliver an invaluable extra: new reserves of knowledge and wisdom earned only through long years of experience.
Their later-life contributions could have astonishing, planet-changing economic and social value for us all. The world could be on the verge of an unprecedented golden age.
Here’s the white paper:
If you’d like to download it, click this link: Avoiding the Long-Term Care Wipeout by Riding the Life Extension Wave
NOTE: The white paper focuses on the United States, but the principles apply to all nations. The white paper also focuses on senior care, but the applications are universal. And, the white paper needs to be updated and expanded; and new guidance needs to be developed.
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Globally, tomorrow’s long-term society will be run by superagers functioning years longer at their prime. Today’s “early adapters” can make it happen and stand to thrive and prosper.
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