Silver into Gold

Longevity market. That’s the term being tossed around for over-50 market. I like the sound of it. If only because it infers that boomers are going to be around for a while.

We know that entrepreneurs are going to profit off us by coming up with products and services that are specifically targeted to an aging population. And I’m okay with that. Whether it’s electric bicycles or stylish walking shoes or home care, I’m in.

According to AARP, this longevity market accounts for $7.6 trillion in economic activity. That’s a trillion pound elephant. What makes it interesting is that millennials are coming up with great product ideas out of personal experiences with parents or grandparents. Grandson sees how hard his parents are struggling with Grandpa’s care and he comes up with a new app for homecare providers. Daughter wants to help her parents continue to exercise and designs an electric bicycle.

Note to self: the next time I want to disparage a millennial, remember that she might be the one who invents an automated prescription pill dispenser.

New business ideas that cater to baby boomers are most likely going to be coming forth in a constant stream over the next decade. Ironically, that means that millennials who have been blaming boomers for everything wrong in our society may one day be thanking us for all the start-up opportunities that we have stimulated. Venture capitalists have taken notice and there are now numerous crowdfunding options for any startup that has targeted the longevity market.

What’s in it for boomers? Investment opportunities for one thing. I’ve been saying for years that I really should invest in whatever company makes the most advanced and barely visible hearing aid, because that should be a very profitable business. Just the fact that so many millennials are interested in creating products and services targeted to boomers bodes well.

Now we just have to worry about Social Security remaining solvent enough for us to pay for the new products and new apps. What am I thinking? Some millennial out there is working on a Social Security Management App at this very moment.

Jay Harrison is a graphic designer and writer whose work can be seen at DesignConcept and at BoomSpeak. He's written a mystery novel, which therefore makes him a pre-published author.

What Golden Years?

It’s tough enough that boomers need to keep working because of shrunken retirement funds, but even worse when we’re accused of preventing the next generation from assuming our jobs.

Edward P. Glaeser is a professor of economics at Harvard and the author of “Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier and Happier.” He wrote a piece for the New York Times titled Goodbye, Golden Years.

So when he says that it’s a myth that boomers are robbing younger workers of their chance to move up, we should listen.

Glaeser notes that boomers keep working because they believe they cannot afford to stop. About 40 percent of 55 to 64 year-olds do not have retirement accounts. Almost a quarter do not even own stocks or savings bonds. Their median net worth is now $254,000 (including housing), which is down from $273,000 just three years ago.

But Glaeser thinks that boomers remaining in the workplace may turn out to be a good thing for young workers, even if it sounds counterintuitive. Boomers may crowd out younger workers in some instances, but as older workers continue to earn wages, they buy more products produced by younger workers. Boomers will also continue to pay taxes that help our overall fiscal problems gold nestegg while they bring a diversity of perspective and experience to the workplace.

Glaeser’s hope is that older workers, who may be more inclined to be entrepreneurial, will start new businesses. Statistically, the older you are, the more likely you are to become self-employed. And that self-employment in turn can generate jobs and taxes.

Maybe the whole idea of retirement at 62 or 65 was a mid-century aberration. It was not always a foregone conclusion that workers would throw in the towel as soon as they hit the magic number.

If boomers find fulfilling work or self-employment well into their 70s, they just might find that the golden years are golden after all. Or at the very least, a little more time to earn some green.

Jay Harrison is a graphic designer and writer whose work can be seen at DesignConcept and at BoomSpeak. He's written a mystery novel, which therefore makes him a pre-published author.