People Should Plan for Very Long Lives Indeed, But Do Not
I had no idea that the the Milken Institute included a Center for the Future of Aging. In nature it is more AARP than Healthspan Campaign, which might explain the oversight. Here I'll point out an article published by the organization earlier this year, one of a number on the future of retirement that appeared around the same time. The bottom line is that change is upon us, and younger adults are largely planning for a future that won't happen: they will live far longer and in better health than the present common wisdom suggests, and most likely far longer than is predicted by the current actuarial models based on a continuing gentle upward trend in life expectancy. This is a time of great progress in biotechnology and medicine, a leap upwards and fundamental shift in the relationship between medicine and aging. In the past researchers were not trying to treat the causes of aging. Now they are.
Many see aging only in negative terms, with the talk about entitlement costs, dependency ratios, and the challenges of disease and financial insecurity. But increased longevity has contributed to unprecedented economic growth and opportunities for personal fulfillment that previous generations could only dream of. Innovations in genomics, personalized medicine, and digital health will mean more time to work, learn, contribute, and recreate. Respected leaders in science are focused on the possibilities of dramatic life extension. The odds are that millennials and the generations that follow will experience significantly longer lives. So conversation about the future of aging is not just about "boomers." It's about all of us. While there is no certainty that scientists will succeed in enabling radical life extension, that possibility alone should change the thinking of millennials about their futures. How should members of this generation prepare? Here are a few points to consider.Plan for lifelong learning. Whether on campus or on-line, millennials will return to school several times in their lives to learn new skills, develop fresh perspectives, and expand their general knowledge and relationship networks. They'll benefit by learning with and from older adults, and older adults will, in turn, benefit from lessons they learn from millennial teachers. The habit of establishing intergenerational relationships and shared learning experiences will bring lifetime benefits.
Plan for lifelong work. Traditional retirement is ready to be retired. Millennials will continue to work for financial security in longer life and because the stimulus of work can enhance both health and well-being. Many millennials already understand the challenges of changing workplaces and professions. Flexibility and comfort with new environments will serve this generation well. Millennials should join with older adults to fight workplace ageism and advocate for part-time, shared, and flexible work options, knowing they'll be the beneficiaries of progressive workplace policies as they age.
Save and invest for the long term. Many in the current generation of older adults have not saved enough to support themselves and their families, with devastating consequences. Millennials came of age during the Great Recession, and many carry the burden of student loan debt. But by planning responsibly and effectively, and investing early, millennials can be better prepared than their parents for longer lives. Big cars and bigger houses may be appealing to some, but there are far more important priorities in life for all of us.