If you could reasonably expect to live past 100 years of age (mentally and physically healthy) how would that alter your perspective on work, family, and self-fulfillment?
This isn’t an idle question. Currently the average lifespan in the US is roughly 78 years. And the percentage of individuals who live through their 80s, 90s and beyond, while small, is still significant, considering the size of the US population.
Some other points to consider: while the United States has finally managed to pass health care reform, Social Security is still a mess. Page 1 of this 2008 report from the US Congressional Budget Office says it all. And while many companies are re-committing to their employee’s 401(k) they’re still weak and most people simply won’t have enough money to retire at the traditional age of 65. So it’s more than likely that people will need to work beyond that age in order to meet their financial needs.
As far as family’s concerned living longer can be a blessing. Older workers can continue contribute their unique skills and abilities to an organization, provided they have the right support (here’s an example from BMW). For families, living longer means more chances to enjoy and enrich the lives of family and community. It also presents challenges, as those across generations attempt to balance work and family responsibilities. Companies which recognize, respect, and support the needs of older workers and their families will be at advantage, talent-wise. All will need to be mindful of legislation (e.g., ADEA, ERISA) and enforcement by government agencies regarding older workers and increasingly, those that must care for them.
As for self-fulfillment, that’s something that people struggle with no matter what age they are. However, knowing that the nature of retirement is changing, how will that alter your perception of what you’re doing now?
The future is less certain than ever-are you prepared for it?
