The Future of Aging and Longevity - Flipbook - Page 24
The New Era of
Financial Longevity
Catherine Collinson
Hal E. Hersh昀椀eld, PhD
Founding CEO and President,
Transamerica Ins琀椀tute
Professor of Marke琀椀ng,
Behavioral Decision-Making,
and Psychology,
UCLA Anderson
School of Management
e are entering an era of 昀椀nancial
longevity. People have the poten琀椀al
to live longer than ever, and the
implica琀椀ons are reshaping how we work, re琀椀re,
and manage money over a lengthening lifespan.
Whereas the challenge used to center on how
best to lengthen life, over the next 10 years, we
see more emphasis on determining how to fund,
structure, and 昀椀nd meaning in those added years.
Mee琀椀ng that challenge requires e昀昀ort
on two simultaneous fronts. Economists
some琀椀mes dis琀椀nguish between the “i-frame”
and the “s-frame”—that is, solu琀椀ons aimed at the
individual versus solu琀椀ons built into systems.
Too o昀琀en, we ask individuals to shoulder
problems that systems are be琀琀er posi琀椀oned to
solve. The future of aging and work demands
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both: Individuals must plan and adapt, and the
ins琀椀tu琀椀ons around them—employers, industry,
and policymakers—must redesign the structures in
which those choices are made. This dual lens runs
through three intersec琀椀ng domains.
The 昀椀rst is the aging workforce. Individuals
want, and increasingly need, to keep working and
contribu琀椀ng later in life. Older workers also bring
something dis琀椀nct: lived experience that maps
onto the very markets that companies are trying
to reach. Individuals can an琀椀cipate how their skills
must evolve and posi琀椀on themselves for what
their industries will value.
Systems have an equally important role to
play. Employers can embrace 昀氀exible and part琀椀me arrangements and deliberately include
experienced workers on teams, drawing on their
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