Show Notes for Episode #14
The oldest Boomers are now crossing the age 70 mark, which means we’ll start seeing these folks take withdrawals from their 401(K) plans at age 70 and a half.
Boomers are the first to road test this innovative concept of 401K’s funding retirement. Our parents had pensions they could rely on, but only one in four Boomers expect significant income from an employer-provided pension. For the other 75%, that 401K nest egg matters even more.
We shared a clip from a recent story on NBC Nightly News about a couple who were more diligent about saving for retirement and now they’re getting ready to reap the rewards.
What’s your number? What’s your retirement savings goal? Many Boomers have no target at all — they’re just working feverishly to save MORE. Sharpen your pencil and start calculating expense benchmarks to get clear on your savings goal – you can always adjust it later.
A Retirepreneur endeavor could extend your 401K savings runway further to ensure you’ve got what you need. This reminds me of that classic Yogi Berra quote…
“If you don’t know where you’re going, you’ll end up someplace else.”
Happily, Yogi was also known for saying, “It ain’t over til it’s over.”
I’m a big fan of the Milken Institute. They’re a nonprofit, nonpartisan think tank on a mission to increase global prosperity by advancing collaborative solutions that widen access to capital, create jobs, and improve health. Who wouldn’t want that?
One segment within the Milken Institute that’s particularly apropos for this audience is their Center for the Future of Aging.
I caught a video from a panel session at a Milken Institute conference. The session was titled: Next-Century Cities: A New Design for an Aging Demographic. During this panel session, they examined two converging trends – The first being Aging and how longevity is driving major demographic shifts.. and the second, Urbanization.
Urbanization is a rather new topic for us, but there’s much to consider about how urbanization might impact your own Retirepreneur plan — be it in shaping your go-to-market strategy or determining where you’ll live.
CONSIDER THIS: Over the next 3 years, experts predict that at least 1.5 billion people will flock to the cities. With the aging segment growing so fast, many of the people moving to these cities will be 60-ish or older (aka, “our peeps”). Will these cities be age ready or age friendly? Will they have the infrastructure in place to address health needs? Transportation needs? Even social needs for this aging demographic?
While I recommend you watch the full video (it runs about 60 minutes), we shared an excerpt where panelist Michael Hodin, CEO of the Global Coalition on Aging explored what’s happening at the intersection of aging and urbanization.
In this clip, Hodin called out a number of corporations who are dialing up their involvement around this aging trend. Perhaps they might be strong prospects to court for your Retirepreneur endeavor?
Hodin also called out a McKinsey book – No Ordinary Disruption: The Four Global Forces Breaking All the Trends. The four trends explored in this book are (1) Technological Change, (2) Connectedness, (3) Urbanization and (4) Aging — and all four will impact your Retirepreneur plan in some way. Its a great book and I recommend you give it a read, as it’s loaded with fascinating research and valuable insights.
Judi Holler — she’s a hospitality professional, a personal branding expert, a professional speaker and if that’s not enough, Judi’s also a professional improviser and Second City alum.
Judi’s client list is impressive, including such firms as the Ritz Carlton, Marriott, Conagra Foods, and the American Dental Association, to name a few. More importantly, Judi’s all about “Heart & Hustle,” a concept many Retirepreneurs are enbracing fully.