Mature Market Experts Stat of The Day: How Economies Are Effected By The Boomer Tsunami and Immigration

Mature Market Experts: more mature market news and stats more often- The Boomer Tsunami, Economies and Immigration – History shows us that in tough economies struggling “natives” often turn immigrants into villains. As I’ve blogged before, this country cannot survive the coming age wave without immigration.

Now, before I start get started, let me start off by stating that we MUST tighten our security measures and admission standards. Illegal entry into our country cannot be rewarded. If you are working in this country you must be a contributing member (meaning you’re paying your fair share of taxes AND you have committed no crimes). In addition to the financial ramifications of illegal aliens, we now have to worry about the security issues.

Now that being said, we face some serious challenges in the near future. By 2010, the U.S. Department of Labor’s Bureau of Labor Statistics projects that our economy will support 168 million jobs, but the workforce will be only 158 million to fill those jobs. Therefore, a shortfall of 10 million is predicted (Herman, R. E., T. G. Olivo, and J. L. Gioia. 2003. Impending crisis. Winchester, VA: Oakhill Press.).

According to the U.S. Census Bureau, the U.S. birthrate has fallen to about a breakeven level (from 3.3 births per couple in 1960 to 2.2 in 2000), while at the same time the dependency level of our growing population of aging citizens is increasing. By dependency, I mean that as we age we require more services: health care, maintenance, etc). In other words, who will mow my lawn or take care of me when I have Alzheimer’s?

“The soaring number of elderly people will affect the dependency ratio, which describes the impact of a nonworking population on a working population. In the United States, where there will be 246 elderly people for every 1,000 workers in 2010, there are projected to be 411 elderly per 1,000 workers in 2030.”

-D’Vera Cohn, The Divergent Paths of Baby Boomers and Immigrants

What makes the issue even more serious is that so many of us are choosing to retire at 62 (60%) rather than 65, robbing our economy of valuable workers and experience. In fact, in my humble opinion, we would be less dependent on immigration if our economy was better equipped to allow us to work well into our late 70s/early 80s . . . which would require some restructuring of social security and tax laws (in other words, don’t punish people for working).

In this video, Economist Robert Shapiro projects how economies around the world may respond to the aging of the Baby Boom generation.

Thoughts?

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Addressing Employment and Active Engagement Beyond 50

Reinventing Retirement Conference Examines the

Needs of an Older Workforce in the Asian Context

 

(Mature Market Press Release) Singapore – A longer lifespan is one of the great successes of the 21st century. But along with that success come challenges. Living longer means having to work for longer in order to have saved enough for retirement, since right now, someone retiring at age 62 can expect to live for another 20 years or more. The recent problems in the international finance system and stock markets also demonstrate the importance of long-term planning in work, savings, and investment to insure a long and prosperous life.

 

Longer life spans also mean that employers have to be prepared for the challenges of an ageing workforce. The issue is global – the United Nation’s Population Division indicates that the number of people aged 60 and above in the world is expected to triple by 2050. In Singapore, the urgency is especially imminent, since UN projections indicate that by2050, the median age in Singapore will rise to 54 years, making it the 4th oldest population in the world.

 

To address those concerns, the Council for Third Age (C3A), which promotes active ageing here, together with AARP, the US-based organization representing the 50+population, will organize and co-host the Reinventing Retirement Asia Conference in Singapore on January 8 and 9. This is the first time that the conference, which was last held in Japan in March 2007, will be held in Singapore.

 

Singapore Prime Minister Lee Hsien Loong will deliver the keynote speech for the conference, which will provide a global platform for policy makers, entrepreneurs, business leaders and academics to come together to exchange ideas, innovations and solutions to these emerging issues.

 

The objective, ultimately, is to be able to define a new set of age-friendly employment policies that will benefit the economy, society and older individuals, and to promote long-term financial planning for all as we age.

 

“Singapore is ageing. By 2030, one in five Singaporeans will be aged 65 or above. This poses the challenge of developing appropriate policies and programs to accommodate this changing age structure and its impact on the labor force. The retention and engagement of older workers is an important issue, especially when a high percentage of economically-active Singaporeans expect to work beyond the current retirement age of 62,” said C3A Chairman Gerard Ee, citing a recent study on the future of retirement.

 

“From AARP, a leading authority in ageing policies and issues, we can learn ideas and best practices that can put Singapore at the forefront of ageing issues,” he added. AARP is by far the largest membership organization for people 50-plus in the world, with more than 40 million members.

 

Bill Novelli, AARP’s CEO, emphasized the importance of sharing best practices and lessons from countries around the world. “AARP has explored ideas from around the world in an effort to share our experience and learn from other countries in an effort to ensure financial security for all. There is no magic formula, but one thing AARP has learned, especially in a shaky, global economy, is that economic growth is clearly linked to the employment of older workers. That is why we are so pleased to be working with C3A in January to further explore these critical issues for the future well-being of older people.”

 

Highlights of the conference will include the Singapore Roundtable, which will bring together Mr. Gan Kim Yong, Acting Minister for the Ministry of Manpower, Mr. Heng Chee How, Deputy Secretary-General of the National Trades Union Congress, and Mr. Stephen Lee, President of the Singapore National Employers Federation, to share their insights on the nation’s experience in dealing with senior workers. An Asia-Pacific Roundtable will similarly bring together regional leaders from Australia, Japan, and South Korea.

 

Notable speakers who will present at the inaugural conference include Mr. Kenneth Apfel, former Commissioner of Social Security in the United States; Dr. Sarah Harper, director of the Oxford University’s Oxford Institute of Ageing, Dr Flore-Anne Messy, Administrator of the OECD’s Directorate for Financial and Enterprise Affairs, as well as corporate age management expert Mr. Mirko Sporket and Vice-President of International Consortium for Intergenerational Programs Dr Thang Leng Leng. The conference will cover the following areas:

 

· Financial Education & Literacy

· HR Strategies for Engaging/Retaining Older Workers

· Lifelong Learning & Training of Older Workers

· Workplace Design for the Ageing Workforce

· Opportunities of an Ageing Population

· Cultural Change and Intergenerational Cooperation

· Media & Messaging: Changing Attitudes & Perceptions

 

The recent winners of the inaugural AARP International Innovative Employer Award – Alexandra Hospital and Singapore Health Services Pte Ltd (SingHealth) – will also share some of their innovative HR practices which have helped them engage senior workers meaningfully.

 

The Reinventing Retirement Asia Conference is particularly relevant given that it comes ahead of Singapore’s enactment of re-employment legislation by 2012, to enable more people to continue working beyond the current statutory retirement age of 62.

 

“This Conference with AARP will help both employers and employees to prepare themselves for the 2012 legislature. Beyond financial security, continued employment beyond retirement will contribute to the vocational wellness of seniors, which is in line with the six dimensions of wellness that C3A promotes,” said C3A Chief Executive Officer Henry Quake.

 

Reinventing Retirement Asia 2009 will be held on 8 & 9 January 2009 at the Pan Pacific Singapore Hotel. For more information, visit www.c3a.org.sg/conference

 

About Council for Third Age (C3A)

Set up in May 2007, Council for Third Age is an independent body that promotes active ageing, so that seniors can achieve a better quality of life in all the six dimensions of wellness – social, intellectual, physical, vocational, emotional and spiritual. The Council plays a leadership role in driving the thrust towards creating an active ageing culture in Singapore, and partners businesses and community organizations to develop products and services that fulfill the aspirations and interests of seniors.

 

About AARP

AARP is a non-profit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world’s largest circulation magazine with over 33 million readers; AARP Bulletin, the go-to news source for AARP’s 40 million members and Americans 50+; AARP Segunda Juventud, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, AARP.org. AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.

Mature Market Experts Stat of The Day: The 62+ Consumer

Mature market woman beach

Here’s a PowerPoint about the mature market consumer, in particular, seniors 62+. Enjoy.

Mature Market Experts Stat of The Day: What Age Does The Mature Market Think Is Old?

“The age at which of the mature market believes they’ll be ‘old’ is 78, with their health status being a deciding factor. Those in excellent health say they’ll be old at 83, while those in poor health put that number at 74. The most popular words they use to describe the best things about being 62 are ‘retirement,’ and ‘not having to work,’ and the words used to describe the worst things are ‘old age’ and ‘health problems.’ Forty-five percent like the term ‘baby boomer’ outright and another 38% are somewhat in favor of it; 17% don’t like it. As for the term ‘retirement,’ 52% like it, 31% like it somewhat and 18% don’t like it.”

Source: MetLife Mature Market Institute

Mature Market Experts Stat of The Day: Retirement

Source: Institute For The Future: Boomers in Transition

Boomer / Senior / Mature Market Stat of the Day – I have a theory that the upper-middle class to wealthier Boomers will reinvent what retirement means. How? By working longer and creating mini-retirements (a concept developed and coined by Timothy Ferriss in his book The 4-Hour Workweek) throughout their careers.

The idea behind the mini-retirement is that the traditional plan of working hard until you are 62 and then coming to a dead stop seems a little odd. Wealthier Boomers want a healthy mix of work and play with many viewing a traditional retirement as death of the mind and body. And for many Boomers, today’s technology makes working from remote locations a real possibility.

The travel and financial industries need to gain a better understanding of boomers and the mature market if they are to thrive in the changing landscape. In addition, I believe second/vacation homes will continue to grow in importance (for the less adventurous who are afraid to travel far from home).