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Bet You Are Part of the Longevity Economy!

Bet You Are Part of the Longevity Economy!

You’ve probably heard the joke before: “The good news is we are living longer… The bad news is we are living longer.” Within the last century, our life expectancy has increased by 30 years! It is called the ‘Longevity Bonus’ and this has never happened before in our history. The implications are staggering, and while some are ringing the alarm bells about the impact on our health care resources and our social security, others are documenting the tremendous contribution to our economy. It is called ‘The Longevity Economy,’ and it represents the $15 trillion dollar global spending power of the over 50 population. These extra years are not simply tacked on to our ‘later life years’ and, instead seem to be extending the number of years in productive activity during our middle age life span. According to the briefing paper prepared by Oxford Economics for AARP, the age 50+ are injecting much to the economy from a number of areas. Below are some compelling facts they cite in their paper, “The Longevity Economy: Generating economic growth and new opportunities for business:” •By 2032, older workers and retirees are expected to account for more than half of the US GOP. •The age 50+ control almost 80% of US aggregate net worth, with an average household wealth of $765,000. This is compared to an average household wealth of $225,000 associated with households headed by age 25-50 group. •The age 50+ are responsible for approximately 51% of overall discretionary spending, and 70% of all charitable donations. •Retailers who believe they are catering to millennials may be mistaken. A deeper look reveals that...