The Future of Aging and Longevity - Flipbook - Page 50
IN CONV E RSAT I O N
Preparing for Longer Lives Requires
More Than a Savings Plan
Among the eight domains in Manulife’s
LPI, what dimension are Americans most
unprepared for?
Wayne Park
CEO, Manulife John
Hancock Re琀椀rement
How has the 昀椀nancial services industry
adapted to prepare people for re琀椀rements
that may last 20 years or more?
Across the industry, there’s been a meaningful
shi昀琀 from thinking about re琀椀rement as primarily
a 昀椀nancial milestone to understanding it as a
much broader life stage. Future genera琀椀ons may
look back at this moment when we were forced
to reimagine how we live, work, learn, contribute,
and thrive across a longer lifespan. Our work over
the past year has helped move that conversa琀椀on
forward in prac琀椀cal ways. The Longevity
Preparedness Index (LPI), developed with MIT
AgeLab, shows that preparedness for longer
lives is mul琀椀dimensional and that Americans are
underprepared in several important areas. The
personalized longevity preparedness assessment
tool helps people understand their strengths and
gaps across eight domains and provides related
resources. These e昀昀orts re昀氀ect where the industry
is heading.
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Care is the biggest blind spot. While people may
recognize that caregiving and future support
needs ma琀琀er, far fewer have taken concrete
steps to plan, whether discussing preferences
with family, how to pay for it, or considering
what support systems they may need as they age.
Care sits at the intersec琀椀on of health, home, and
social connec琀椀on, which is part of what makes it
so important. The LPI personalized assessment
tool makes planning more tangible and ac琀椀onable
at an individual level, to see where one is well
posi琀椀oned and where more focus is needed. Our
research shows that people with 昀椀nancial advisors
have higher LPI scores, reinforcing the importance
of helping 昀椀nancial professionals, plan sponsors,
and partners turn broader conversa琀椀ons into
meaningful ac琀椀on.
If Manulife’s Longevity Ins琀椀tute achieves
everything it has set out to do over the
next decade, what does success look like?
The next genera琀椀on of re琀椀rement solu琀椀ons will
need to move beyond helping people accumulate
assets to helping them build resilience for longer
lives. Through the Manulife Longevity Ins琀椀tute, we
are inves琀椀ng 350 million Canadian dollars through
2030 to drive ac琀椀on to address one of the most
important global trends shaping individuals’ lives
today: a widening gap between how long people
live (lifespan) and their quality of life (healthspan).
Our aim is to close this gap by reimagining how
people live, work, learn, and contribute throughout
their lives.
MIL K EN I N S T I T U T E | T H E FU T U RE O F AGI N G A N D LO N GEV I TY
