How “Longevity Fitness” Advances the Conversation
by Michael Hodin
Longevity fitness: add this vital new concept to how we talk — and more importantly, think — about financial wellness. That’s the takeaway from the TIAA Institute’s new report, From Longevity Literacy to Longevity Fitness, which puts it this way: “literacy, while essential, is not enough. To give themselves the best chance of filling those extra years with meaning, financial security, good health and happiness, individuals must pursue longevity fitness, which might best be described as longevity literacy converted into action.”
That’s exactly right, and an important sign of just how far this conversation has come, thanks in large part to pioneering research and thought leadership from the TIAA Institute and others. We’re moving past a singular focus on “retirement readiness” — a phrase that frames later life as primarily a challenge to prepare for retirement — towards a more holistic, empowering vision of how people can plan, stay active, contribute, connect, and enjoy the full span of modern long lives. It also becomes how older adults are not only a part but drivers of overall economic growth in an era of more old than young.
It’s a concept that fits nicely alongside “healthy aging” — the centerpiece of the UN and WHO’s Decade of Healthy Aging. As Surya Kolluri, Head of the TIAA Institute, says in the introduction to the report:
“The biggest challenge — and the biggest opportunity — will be helping people improve not just the length of their lives, but also the extent of their health and wealth. We need to make sure retirees have enough money to last as long as they live, and we need to help them live longer by matching their life span with their health span. … Health and Wealth are two sides of the same coin.”
In other words, just as people can weave physical fitness into their lives with exercise, nutrition, and other daily steps — understanding that these steps add up to a longer, better life — they can do the same with planning, saving, investing, and spending. The needs for a productive 100 year life is very different from one decades shorter. And that an individual’s connection to their community is at least as powerful.
However, aging societies must do more to help more people realize that goal. According to the research, 31% of U.S. adults have weak longevity literacy, compared with just 12% who have a strong level. Unsurprisingly, those who better understand the length of today’s lives are also more longevity “fit.” This “strong literacy” group was significantly more likely to have determined how much they need to save for the future (50% vs. 32%), to save regularly for retirement (72% vs. 58%), and — among retirees — to say that their current lifestyle meets or exceeds their previous expectations (77% vs 62%).
Policymakers, employers, the financial services industry, and other stakeholders all have a role to play in filling those gaps. Several actions are essential:
· Change the conversation. To help people embrace longevity fitness, we need to continue advancing how we talk about aging and longevity more generally. Centering the opportunities of longer lives — to stay connected, pursue passions, travel, teach, learn, begin second or third careers, and more — is a motivating factor too often overlooked.
· A smarter approach to investing, saving, and spending. Once people understand what longevity offers, financial literacy and tools can help them to make the most of it. The financial services industry can provide longevity-informed education, consider how financial products are designed and communicated, and shift away from a single “retirement savings number” to a more flexible framing of later-life income, aspirations, and quality of life.
· Healthy aging, for everyone. When people take steps to stay healthy and active as they age, they can also reduce the significant financial risk of health and long-term care costs. Which has impact on the community as well. At the system level, policymakers and health systems need to connect people with solutions for obesity, loneliness, bone health, CVD prevention, brain health, and other health challenges and inequities outlined in the TIAA Institute report. It’s the only sustainable approach for personal finances — and ultimately public budgets. Nor is it inconsequential that we spend on prevention — such as adult vaccines — to enable that healthier aging.
· Embrace the potential of the workplace. Employers not only provide access to financial vehicles and wellness offerings, but also meaningful careers for people to contribute, earn, and stay connected long past traditional 20th century retirement age. Organizations can extend these opportunities and tap a vital pool of talent by implementing solutions for a multi-generational workforce, such as a supportive working environment, inclusive culture, flexible work time, policies for employee-caregivers, and options for lifelong learning.
We’re entering a new era that requires bold new concepts to meet the dynamics of longevity. In short, it’s not your father’s retirement — or your grandmother’s retirement savings. Instead, it’s all about empowering people to understand, plan, and pay for long lives that are as vibrant as they are, which will have enormously powerful positive effects for the community as well.
