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Lori to speak at ICAA Conference in Orlando

Lori Bitter will moderate a panel on “The intergenerational imperative” at the ICAA Conference 2017. Bitter and colleagues will dive deeper into the companies, organizations and new initiatives working toward an intergenerational future. This session will explore the latest research, look at the workplace and importance of purpose, and provide a case-study view of successful projects.

Friday, October 13, 3:15 p.m.–4:30 p.m.

To learn more about the conference or to register, visit ICAA. 

The Intergenerational Imperative: Why We’ve Never Needed Each Other More

Written for and published in ICAA Journal  by Lori K. Bitter, MS

Intergenerational. It’s the hot new buzzword in aging though it’s been around for years. It’s also steaming hot at a time when ageism is rampant and headlines report workplace warfare between Boomers and Millennials. To be sure, the unrest is real. Boomers lost jobs during the Great Recession and have struggled to earn again at the same rate. Millennials stayed in their parents’ homes, not earning enough to launch into an independent adult life. Throw family caregiving for loved ones into the mix and a clear pattern of interdependency begins to be clear.

SEISMIC SHIFTS
How did we get here? The current picture starts with increases in longevity. Since 1900 we’ve added 30 additional years of life. The United States Census Bureau estimates that the number of Americans living into their 90s will quadruple between 2010 and 2050,4 while the United Nations projects a 351% increase in the global population of adults 85+ over that same period. Unfortunately, the expectations of roles and life stages are rooted in the 1960s. Contrary to common thought, those 30 additional years aren’t simply tacked onto the end of life. Rather, they are distributed throughout the adult life stages, creating seismic shifts that our culture has yet to catch up with.

“By ‘understanding the real root of what is happening across the generational spectrum,’ we can create approaches that recognize interdependencies plus value and benefit all generations”

Young adulthood, midlife and old age are all being transformed by the addition of these years. Yet the changes continue to be written off as generational stereotypes. Understanding the real root of what is happening across the generational spectrum allows us to recognize it and work with it for the benefit of all generations

We are culturally stuck in the life stage paradigm of the last century. We followed a fairly consistent and predictable life script: 1. Go to School
2. Find a Job 3. Get Married  4. Have Children  5. Work Hard 6. Retire.

A few lucky people had some years of leisure before they died. This model has gone the way of the rotary phone, but the universal mindset has not made the change. Or, as author and gerontologist Barbara Waxman says in The Middlescence Manifesto, “We have a cultural lag. People have a lot of needless dissonance between perception and the reality of how our lives are unfolding.”

Markers of change
Life is messier. The predictable script is gone. Yet there is a discomfort with the idea of not living up to the old ideal. Consider some of these markers of change:

  • Young adults
    Taking longer to enter and finish education
    Waiting longer to marry
    Waiting longer to have children
  • “Middlescents”
    Changing career direction
    Retraining/educating
    Starting businesses
    Taking sabbaticals
  • Older adults
    Working to age 70 and beyond
    Remarrying
    Continuing education

Adulthood at every stage has seen shifts. Rather than using ageist stereotypes to put one generation down to elevate another, or feeling uncomfortable for not fitting an old-school life map, we can embrace this opportunity to create an intergenerational approach that recognizes our inherent interdependencies and values every generation for their contributions.

CHANGING PARADIGMS
Let’s examine some areas in which the shifting maps of adulthood contribute to significant intergenerational issues.

Housing
Housing is one of the industries most impacted by these life stage changes. In the US, more than 50% of Boomers have less than USD$100k saved for retirement, though many view their homes as a significant retirement asset. Most will need to sell the large family home and convert that equity to retirement income. But the demand for these homes may be very small. (This will force many Boomers to look to financial tools such as reverse mortgages.)

Millennials are not purchasing their own homes at the same rates of previous generations. They report the size of their student loans as the major issue in not being able to save for a down payment or qualify for a mortgage. With student-loan debt topping USD$1.4 trillion (and growing), research by Citizens Bank found that 60% of college graduates ages 35 and younger expect to be paying these loans into their 40s. Concern also transcends generational divides. Research conducted by the Federal Reserve Bank of New York shows that 2.8 million borrowers are 60 years or older, parents and grandparents of Millennial students.

The rental market
The dream of home ownership isn’t just an issue for younger generations. In 2016, home ownership in the US reached an historic low. While Millennials are part of the issue, surging Boomer interest in renting can’t be discounted.

A 2015 study by the Joint Center for Housing Studies at Harvard University found that families and married couples ages 45–64 accounted for roughly twice the share of renter growth as households under age 35. In urban areas with highly competitive rental markets, it is younger renters who are losing to older renters with greater ability to pay, creating increased need for affordable rental housing.

To manage the cost of living in their homes or high rents, Boomers increasingly choose to live with a roommate. Just like Millennials, Boomers also live with roommates for social reasons. Companies, like Silvernest.com, are emerging to help older adults find roommates and provide a range of services to ensure the success of the match. Some of these matches end up being from multiple generations.

Multigenerational living
Alternatively, there is a growing trend of Boomers remaining in the larger family home and housing multiple generations under the same roof. In 2014, a record 60.6 million people, or 19% of the US population, lived with multiple generations under one roof, according to Pew Research Center. For the first time, young adults have replaced elders as the second adult generation in the household.

Three-generation households—grandparents, parents and grandchildren—include more than 27 million people, while about a million people live in households with more than three generations. Another 3.2 million Americans live in grandparent/grandchild homes. Developers have begun to recognize the needs of these households and have created models to accommodate multiple generations. Companies have evolved to create accessory dwellings—nicknamed “granny garages”—to place on properties with existing homes to house family members. And nonprofits, like Fairhill Partners in Cleveland, Ohio, have developed apartments for grandparents raising grandchildren.

The rise in multigenerational living is one reason why fewer Americans live alone now than they did in 1990.

Caregiving
Increased longevity means more generations are now involved in providing care to older loved ones. In the US, the average age of family caregivers is trending younger at 49 years old. Caregiving has also become much more of a family affair. Generation X and the Millennial Generation are stepping into caregiving roles—47% of caregivers are 18–49 years of age. Part of this shift is due to their availability to provide care due to unemployment or underemployment.

The National Alliance for Caregiving and AARP report that 20% of caregivers are over age 65. There are also 1.4 million (and this estimate is low) children ages 8–18 who take care of a parent, grandparent or other elder, according to the American Association of Caregiving Youth. These hidden caregivers miss school, have little normal social life, and no support network as they navigate caring for the adults in their lives.

A looming crisis?
Cultural shifts have also led to changes in family structures and stability. Divorced and remarried at “unprecedented levels” in their younger years, Boomers have largely been responsible for the doubling of divorce rates in the 50-and-older age group since 1990. Their families are also typically smaller (fewer than two children). So what will caregiver support look like in the future?

In 2010, the ratio of available caregivers to people requiring care was 7:1. This number will continue to fall, to 4:1, as America’s Boomers push over the 80-year-old threshold in 2030. Between 2030 and 2040, the 80+ population will increase 44% while the number of caregivers increases by only 10%. The ratio completely bottoms out to less than 3:1 in 2040, when the Boomers are in old, old age. (In fact, caregiver support ratios will tumble in many countries worldwide.) Additionally, the higher percentage of unmarried Boomers and Boomers without children will require new kinds of support systems not dependent on family caregivers.

Technology is emerging to address some aspects of care. There is still a growing gap, however, in the number of jobs that will be created as a result of aging, and the number of people available to fill those roles.

Aging workforce
Who will work in aging? At some point in the 1980s, vocational education began to disappear from high schools, and the expectation grew that the majority of graduates would go to college. The tide is turning. But it’s not turning fast enough to create the healthcare and technology workforce required for the aging Boomers.

Emerging models aim to address the need for this workforce, with a focus on bridging the generational divide. Connect The Ages is a social enterprise on a mission to connect 5 million students to careers in aging by 2025. The time is certainly right to bridge the potential of Millennials and Generation Z to the aging population.

“Most students aren’t aware jobs in aging even exist, let alone future-proof, interdisciplinary jobs with room for advancement,” says 28-year-old Connect The Ages Founder and AARP Innovation Fellow Amanda Cavaleri. “We want to help educators introduce careers in aging to students by first bridging generational divides. Through our grassroots campaigns, students experience the often unknown positive side of aging and have opportunities to explore this impactful, purposeful work.”

Connect The Ages has released interviews with dozens of Millennials in aging, including architects, entrepreneurs, healthcare workers, lawyers, policymakers and technologists. Complementing the interviews is a national grassroots outreach and intergenerational storytelling and mentorship campaign. Many of the Millennials who work in aging report finding the field entirely by chance. This is not a sustainable way to meet the industry’s needs. Connect the Ages wants to create an active strategy to engage more young people in the field.

THE IMPERATIVE
We are just scratching the surface of understanding the interconnectedness of the generations and the need to work together toward solving the issues ahead of us. The imperative for our organizations, and our industry, is to discover, support and create initiatives that work toward a better-connected intergenerational future that will advance the aging field with young people and benefit everyone. We’ve never needed each other more.

References

1. National Institute on Aging and World Health Organization. (2011). Global Health and Aging. Living Longer, pp. 6–8. NIH Publication no. 11-7737. Retrieved on June 25, 2017, from https://www.nia.nih.gov/research/publication/global-health-and-aging/living-longer.

2. Waxman, B. (2016). The Middlesence Manifesto: Igniting the Passion of Midlife. Kentfield, CA: The Middlescence Factor.

3. Data 360. Life Expectancy Studies, 2016. Available at http://www.data360.org.

4. He, W., & Muenchrath, M. N., US Census Bureau. (2011). American Community Survey Reports, ACS-17, 90+ in the United States: 2006–2008, p. 2. Washington, DC: US Government Printing Office. Retrieved on June 25, 2017, from https://www.census.gov/content/dam/Census/library/publications/2011/acs/acs-17.pdf.

5. Collinson, C. (2016). Perspectives on Retirement: Baby Boomers, Generation X, and Millennials. 17th Annual Transamerica Retirement Survey of Workers. P. 70. Los Angeles, CA: Transamerica Center for Retirement Studies. Retrieved on June 26, 2017, from https://www.transamericacenter.org/docs/default-source/retirement-survey-of-workers/tcrs2016_sr_perspectives_on_retirement_baby_boomers_genx_millennials.pdf.

6. Federal Reserve Board. (2017, June 7). Consumer Credit – G.19. Accessed June 27, 2017, from https://www.federalreserve.gov/releases/g19/current/default.htm.

7. Citizens Financial Group, Inc. (2016, April 4). Press release: Millennial College Graduates with Student Loans Now Spending Nearly One-Fifth of Their Annual Salaries on Student Loan Repayments [Millennial Graduates in Debt study]. Retrieved on June 26, 2017, from http://investor.citizensbank.com/about-us/newsroom/latest-news/2016/2016-04-07-140336028.aspx.

8. Federal Reserve Bank of New York, The Center for Microeconomic Data. (n.d.). Data Bank. 2016 Student Loan Data Update. Number of Student Loan Borrowers by Age Group. Accessed June 28, 2017, from https://www.newyorkfed.org/microeconomics/databank.html.

9. Joint Center for Housing Studies, Harvard University. (2015). The State of the Nation’s Housing 2015. Retrieved on June 26, 2017, from http://www.jchs.harvard.edu/research/publications/state-nations-housing-2015.

10.Cohn, D., & Passel, J. S. (2016). FactTank News in the Numbers. A record 60.6 million Americans live in multigenerational households. Washington, DC: Pew Research Center. Retrieved on June 27, 2017, from http://www.pewresearch.org/fact-tank/2016/08/11/a-record-60-6-million-americans-live-in-multigenerational-households.

11. National Alliance for Caregiving and AARP Public Policy Institute. (2015). Caregiving in the US 2015. Retrieved on June 27, 2017, from http://www.aarp.org/content/dam/aarp/ppi/2015/caregiving-in-the-united-states-2015-report-revised.pdf.

12. American Association of Caregiving Youth. (2015). More Facts about Caregiving Youth. Accessed on June 28, 2017, from https://www.aacy.org/index.php/more-facts-about-caregiving-youth.

13. Stepler, R. (2017). FactTank News in the Numbers. Led by Baby Boomers, divorce rates climb for America’s 50+ population. Washington, DC: Pew Research Center. Retrieved on June 28, 2017, from http://www.pewresearch.org/fact-tank/2017/03/09/led-by-baby-boomers-divorce-rates-climb-for-americas-50-population.

14. Redfoot, D., Feinberg, L., & Houser, A. (2013). The Aging of the Baby Boom and the Narrowing Care Gap: A Look at Future Declines in the Availability of Family Caregivers. INSIGHT on the Issues, 85. Washington, DC: AARP Public Policy Institute. Retrieved on June 27, 2017, from http://www.aarp.org/content/dam/aarp/research/public_policy_institute/ltc/2013/baby-boom-and-the-growing-care-gap-insight-AARP-ppi-ltc.pdf.

15. Centre for Policy on Ageing. (2014). CPA Rapid Review. The care and support of older people–an international perspective. Retrieved on June 28, 2017, from http://www.cpa.org.uk/information/reviews/CPA-Rapid-Review-The-care-and-support-of-older-people-an-international-perspective.pdf.

The Business of Aging: Aging & Innovation in Other Cultures

This week The Business of Aging kicks off an amazing series of articles from all over the world, curated by the very talented Jeffrey Rosenfeld, Ph.D. of Parsons School of Design. Join us each week as we highlight innovation from: Israel by Paula Adelman; Singapore by Ani Gregorian; Mumbai  by Ushma Mody; and Havana by Steve Minkin.

Edited by Jeffrey P. Rosenfeld, Ph.D.  Parsons School of Design, New York, NY

Overview:  It’s A Small World

Back in 1964, when I was still in my teens, I visited the World’s Fair, which was held that year in New York’s Flushing Meadows Park.  I’ll never forget my ride through the Disney Pavilion, on a journey celebrating the idea that “It’s A Small World After All.”

Visitors to the Disney Pavilion embarked on a magical journey to more than 75 nations. Visitors sat four-across in gondolas which each held about 40 people. Together we floated across Disney’s small world, serenaded by a farrago of singing, dancing  (robotic) children. Every nation was represented by children in national garb, who were merrily singing  “It’s A Small World After All,” in each of their native languages.

At the time, it had not dawned on me — and probably on most of the other people in our gondola — that those same nations could just as easily be represented by a chorus of costumed Seniors. Was this ageism, back in 1964?

In all fairness, this was a Disney production; and most of the world’s population was still under the age of 20.  It’s no wonder that back in 1964, most of us took it for granted that youth was the common experience that made it a small world after all. The social and demographic fact is that aging had not yet taken center stage.

its-a-small-world-disneyland

Inside The Disney Pavilion, It’s A Small World,  1964-1965 World’s Fair

More than 50 years later, the Disney lyric still rings true:  It is still very much a small world.  But it’s now a world which is  “Small” for different reasons. Today, ours is a world knit-together by two Master Trends that are compressing and unifying our social, technological and economic space. These are The  Silver Tsunami, and Globalization.

 

The Silver Tsunami, and Globalization:  Unifying and Compressing The World

It is familiar that the world’s population is now shaped more like a rectangle than a youth-heavy pyramid.  And now, more than ever before, the most influential ideas, technologies, products, and services for Seniors have gone global.  They flow worldwide, sometimes in a matter of hours. I am reminded, for example, of a Korean client of mine, living not far from Flushing Meadows Park, whose family was looking at ALF’s in Queens.  I recall that before they finally settled on one, they forwarded the information to Seoul, so that their Korean advisor could give them feedback.  They arrived at a decision within minutes of receiving his email from Seoul.  The most intimate and local of decisions had been shaped by our global connections.

What better place to celebrate this confluence of Aging and Globalization, than a publication like The Business of Aging?  This is a journal whose time has come.  It’s the voice of an economic sector that continues to be stimulated by The Age Wave, and energized by globalization.

What better way to acknowledge globalization than with a series called Learning from Other Cultures?

A Small World Then, and Now

The symbol of the 1964-1965 World’s Fair was the Unisphere.  Even the name underscored that this was one world, and a small one after all.  A glance at Figure 2 confirms that the Unisphere celebrated a world without national or political boundaries. The Unisphere was intentionally designed to make that very point.

unisphere_in_summer

 

There are no national or political boundaries on the Unisphere: 1964-1965 World’s Fair

Although it was created for the 1964-1965 World’s Fair, the Unisphere anticipated the impact of the Master-Trends being celebrated here,  more than 50 years later:  The power of the Silver Tsunami, and the emergence of global markets.  It is still a small world, but for very different demographic, economic, and social reasons.

Our 21st-Century Unisphere celebrates a world in which national and political boundaries are being eclipsed and reshaped by global forces.

Among the most significant of them are:

  • Rapid diffusion of ideas from West to East; and vice-versa;
  • “Floating Populations” which cross borders and boundaries permanently, seasonally, and                  voluntarily;
  • Educational exchanges, “Distant Learning,” and worldwide opportunities to study abroad;
  • The worldwide web, the now ubiquitous http://www , which turns 25 this year.
  • The acceptance of non-Western paradigms, such as Acupuncture, in Western medicine, and germ-theory in non-Western healing.

Together, these forces mean that ideas, innovations and products created in one corner of the world, can be available and accessible everywhere. This series, which is called Learning From Other Cultures,will be reporting on products, services and technologies which are very much a product of these global forces, and which promise to transform the lives and social worlds of older people.

For example, two of the future  installments in this series will focus, respectively, on a Senior-focused food-supplement from Singapore, and a Senior-Friendly mobile phone from India.  They, along with innovations described in other installments of the series, are part and parcel of a global economy built upon the needs and desires of older people.

Learning From Other Cultures will be an ongoing series.  It will showcase the business of aging as it transforms people and cultures worldwide.

Coming installments will celebrate:

  • The Total Lift Bed-Chair, a therapeutic device from Israel, which actually rotates 180-degrees and helps patients to sit-up, without getting out of bed; reported from Israel by Paula Adelman;
  • Health Food Matters, A line of food supplements from Singapore, which offer tasty new options for people who are restricted to easily swallowed and digested foods.  Believe it or not, the product-line even includes vitamin-packed sprinkles; reported from Singapore by Ani Gregorian;
  • A Senior-Friendly mobile-phone from Mumbai, which permits automatic dialing based on the photos of people listed in the phone’s Directory (Ideal for people who easily forget names and phone numbers); reported from Mumbai  by Ushma Mody;
  •  An overview of Cuba’s Casas Abuelos, or Grandparents Homes, which offer the best of Senior Day-Care and Assisted Living; reported from Havana by Steve  Minkin; and
  • A discussion of worldwide developments in the design of products and services for Seniors; reported by Jeff Rosenfeld.

Waiting in the wings, and still in development, are articles on The Business of Aging in Athens, Tokyo, and Buenos Aires.  It is still a small world after all.

Four Ways Your Wrong About Boomers

I am very proud to have received this great review from the National Association of Realtors for my book, The Grandparent Economy: How Boomers Are Bridging the Generation Gap. Following is the blog:

It seems everywhere you turn these days there’s some new diatribe against the generational focus of commentaries on society. It’s boomers attacking millennials attacking boomers… Heck, we even played an April Fool’s joke based on the trend a couple of weeks ago.

As someone who’s always bristled at generational stereotypes, I’m cheering those who are finally agreeing we need to stop playing the millennials vs. boomers card in the media (as no one talks about generation x anymore, that needn’t be halted of course). But as I was working on the upcoming feature for our May/June issue about how brokers are attracting the next generation of real estate pros, I found myself unable to avoid the term “millennial.”

Is your image of grandparents woefully outdated? Photo: bandini, Morguefile.

Are your ideas of grandparents woefully outdated? Photo: bandini, Morguefile.

That’s when I realized it has nothing to do with the terms; it’s the inaccurate stereotypes everyone should be finished with. And that’s why I really liked Lori K. Bitter’s The Grandparent Economy: How Baby Boomers Are Bridging the Generation Gap (Paramount Market Publishing, Inc., 2015). Not only is she seeking to help business owners and marketers better understand the boomer generation through the lens of grandparenthood using actual data, but she also busts a fair amount myths about boomers and grandparents in the process. Among them:

  1. Age and aversion to technology: Bitter says if you do an image search on grandparents in Google you’ll likely see “cartoon caricatures of couples with gray buns, sagging bellies and boobs, and canes… In reality, only 20 percent of grandparents are 75 or older.” She also points out that grandparents not only outspend other generations in traditional shopping environments, but they also “are outspending younger consumers two to one online… and they account for one in four mobile transactions.”
  2. Multi-gen housing as a temporary reaction to recession. Bitter, who was raised by her grandparents, points out that humans have been living with several generations under one roof since the beginning of civilization, and in many cultures around the world, it’s more common than it currently is in the United States. But as we become increasingly multicultural, it’s important to examine our biases and look at the facts: 2.7 million grandparents are raising small children on their own, and that doesn’t encompass the many who are sharing the task of raising children with the kids’ biological parents. She also points out that, far from being temporary, the trend will probably grow as people are living longer, and notes that grandfamilies occur in every area of the country and represent all income levels, races, and ethnicities.
  3. Midlife crises. Rather than fearing their advancing age, boomers are becoming less concerned with numbers as they mature. Bitter says this is the beginning of wisdom, or “the centered sense of the timelessness of all things.” She suggests thinking of marketing in the same way you might universal design: If you create something that can be used by anyone, it will be appreciated by everyone.
  4. The “Me Generation.” Bitter shows how the common trope of younger generations being full of themselves goes astray: All young people project that sort of bravado to a certain extent. “The images of self-entitled, self-centered, and materialistic boomers do not sit well, and the majority of those surveyed believe advertisers and reporters frequently get it wrong. From a developmental perspective self-involvement and materialism are features of a striving lifestyle typical of younger adults, which would be accurate for any generation, not just the Baby Boom.”

Though this isn’t a book specifically about real estate, Bitter includes numerous examples of housing communities that are successfully meeting the needs of this new batch of grandparents. And she clearly thinks highly of REALTOR® outreach to consumers: “Has an ad ever brought a tear to your eye? …Fast forward to the recent ads by the National Association of REALTORS® about the ‘American Dream of home ownership’ featuring a grandfather and his grandson. Mature consumers appreciate the art of a story well told.”

Now that’s a stereotype I think we can all live with.

Meg White

Meg White is the multimedia web producer for REALTOR® Magazine and administrator of the magazine’s Weekly Book Scan blog. Contact her at mwhite[at]realtors.org.

 

The Boomer economy: Caring has its costs

A lot has been written about Baby Boomers, who are doing a lot more to boost the economy than they are given credit for — a lot more — says author Lori Bitter.

Bitter, author of “The Grandparent Economy: How Baby Boomers are Bridging the Generation Gap,” says Boomers are not only taking in their parents, but sometimes several generations of family members who have not recovered from the Great Recession.

The problem, she says, is that they are doing it all at great peril to their own retirement.

“The real story is they may have two or three generations of people living in their homes that they were working their butts off to support,” she says. “This generation just gets bashed. When you see what is really happening. It is more interesting that the headlines and misunderstood labels.

“They are literally holding up the economy by taking care of families who haven’t made it through the recession too well, taking care of their elders and grandchildren,” she says. “Even if they aren’t totally supporting them, they are contributing to all those households.”

Not only are they endangering their own retirement by supporting family members, but they are also doing it at the expense of their own health, she says.

“Fifty is typically is where you have your personal health concerns,” she says. You look at your health in a different way. Middle-age people are managing a number of chronic conditions of their own. While caring for people at the older end of the spectrum or younger end, they’re managing doctor appointments of others, and push their own health care needs to the bottom of the list. They can see the decline of person they are they are taking care and simultaneously ignore their own health. We urge this population to take care of their own health. If their health problems get worse, the whole system breaks down.”

What is Retirement in the 21st Century – Does It Include Work?

By Gregg M. Lunceford, Doctoral Student – Case Western Reserve University

In 2011 America’s Baby Boomer’s began turning age 65 a rate of approximately 10,000 people per day[i]. Historically age 65 has been the milestone at which many people retire. Dictionary.com defines retirement as “the act of leaving one’s job, career, or occupation permanently, usually because of age”. This classic definition was more appropriate when retirement systems were created in the early 20th century to provide income for aging employees with diminishing work skills. When the Social Security Act of 1935 was drafted the average life expectancy for men and women were ages 58 and 62 respectively[ii]. By 2013 the average life expectancy for men and women in the U.S. increased to ages 76 and 81 respectively[iii].

Our increased longevity and improved health now allows for a wider range of lifestyle options therefore retirement is taking on new meaning. For many, retirement has become a career transition that includes work on different terms in the same profession, or the beginning of a new career[iv]. Work with flexible structures has led to “win-win” situation for retiring workers and employers as they recognized several benefits from working beyond retirement age. First, many individuals benefit from the socialization and feelings of accomplishment that come from work. Forty percent of individuals who completely retire from the workplace suffer from clinical depression and 6 out of 10 report a decline in health[v]. For many, work provides an outlet to continue to thrive and improve their well-being. Second, working in retirement allows many employers to maintain valuable knowledge individuals have developed over 30-40 year careers. Such individuals are often valuable mentors and can assist with succession planning and the training of younger employees in the workforce. Finally, Baby Boomers represent the largest cohort in the workplace. The complete exit of all them from the workforce at age 65 has the potential to create a human resource gap and limit overall productivity. The retention of Baby Boomers may help many organizations improve their productivity and become more competitive.

Given the overall benefits, it is important that society better understand what factors may predict an individual’s intent to work in retirement. In 2015, a study was conducted on retirement work intention[vi]. In the study 227 working individuals, of which 93% were age 50 or older, were surveyed to see what factors contributed to their decision to work in retirement. Our research showed that a person’s confidence in their ability, willingness to be adaptable and belief that they will have meaningful opportunities for work in retirement were all predictors of their intent to work in retirement.

Retirement has evolved and no longer means the complete exit from the workforce. Work with flexible options is becoming a rewarding lifestyle option for many retirees. Careful reflection on what activities will provide happiness and fulfilment should be considered in the retirement planning process and may lead to greater success in retirement.

[i] Synder, M. 2010, December 30. In 2011 The baby boomers start to turn 65: 16 statistics about the coming retirement crisis that will drop your jaw. End of The American Dream [online].

[ii] http://www.demog.berkeley.edu/~andrew/1918/figure2.html

[iii] http://www.cdc.gov/nchs/data/hus/hus14.pdf#016

[iv] Kim, J. E., & Moen, P. 2001, June 3. Is retirement good or bad for subjective well being. Current Directions in Psychologicial Science, 10: 83–86.

[v] Sahlgren, G. H. 2013. Work longer, live healthier: The relationship between economic activity, health and government policy. Institute of Economic Affairs: Discussion Paper #46

[vi] Lunceford, G. M. (2016, January). Retirement Values: What Factors Influence the Decision to Work in Retirement. Unpublished Doctoral Study at Case Western Reserve University . Cleveland, OH.

Unexpectedkindness is themost powerful,least costly, andmost underratedagent of humanchange

Gregg Lunceford, CFP® is a 24 year veteran in the financial services industry. Mr. Lunceford specializes in wealth management and works with clients on financial, estate and retirement planning issues. He currently, is a doctoral student at Case Western Reserve University in Cleveland, OH, and is studying how individuals make career transitions to retirement. Mr. Lunceford holds a MBA from Washington University in St. Louis, and a BBA from Loyola University of Chicago.

Email: gml56@case.edu

 

 

 

 

 

Lori’s Interview with Barry Moltz on Business Insanity Radio

I was recently interviewed by Barry Moltz on Business Insanity Talk Radio. You can listen here:

 

Marketing to Grandparents

Screen Shot 2015-12-16 at 12.32.04 AM
Abraham Maslow never intended to be a marketer. But when it comes to creating products, services, and messaging for older adults, his “13 personality attributes of the self-actualizing person” from Toward a Psychology of Being provide focused guidelines for creating a great creative brief. Recall that self-actualization is the realization of one’s full potential, with a focus outside of self.

Many of the grandparents we spoke with for The Grandparent Economy considered this phase of their development to have begun with the birth of that first grandchild. It is described as a turning point, as a time when the future comes into sharper focus. There is a realization of their mortality, and of family life continuing after they are gone. Relationships take on greater meaning and a sense of selflessness takes over. Learn More →

American Marketing Association (AMA) Takes on the Senior Moment

AMA’s Christine Birkner interviewed us about Zillner’s new report on Seniors, All The Wiser, and how we define and market to older consumers. From Lori Bitter: “It’s best to target boomers based on their lifestyles and purchase behaviors—and their core values such as healthy eating or aging well, Bitter says. For example, General Mills’ Cheerios ads focus on heart health, which certainly resonates with boomers, but also could connect with anyone interested in living well, she says. “It’s a way of being ageless. They’re not saying it’s an old person’s cereal or a young person’s cereal. It’s more about the value of healthy eating.”

Read the full article here: https://www.ama.org/publications/MarketingNews/Pages/senior-moment.aspx

Lori Bitter talks to AARP members at AARP’s Ideas@50+: Multigenerational lifestyles & grandparents with realtor.com

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AARP’s Ideas@50+ event in San Diego featured AARP TEK’s new RealPad roll-out, the introduction of Joanne Jenkins as AARP’s new CEO and stars ranging from Kevin Spacey to Julia Louis Dreyfus to Martha Stewart. Move.com – the parent of realtor.com and seniorhousingnet.com hosted AARP members in a special “back porch” environment complete with lemonade and fresh baked cookies. Members heard from experts in senior care, caregiving, and aging in place technology. Paul Irving, Milken Institute, and author of The Upside of Aging, spoke on “Making Cities More Senior Friendly.” Lori did a presentation on “The New Multigenerational Lifestyle,” based on her new book The Grandparent Economy.