Technology is Changing the Way We Age

Technology is Changing the Way We Age

With investment solutions becoming more commoditized, advisors need to rethink their traditional roles and become more proactive in offering new value added solutions for clients.
One way advisors can increase their value is by developing longevity solutions for clients who, due to the advancements in technology over the past twenty years, are experiencing their later years in a way that is vastly different from the former model for retirement.

One impact of technology is the ability it affords for people to extend their working years. By 2022, 32% of people between the ages of 65 and 74 will be in the workforce. Even more notable, 11% of people 75 and older will still be working.

Geographic dispersion has always been more common in the US than in other cultures, which in the past often led to older people becoming increasingly isolated. Today, however, the plethora of inexpensive or free options for communication, as well as the proliferation of social media, has made the world a much smaller place.

The loss of mobility also contributed to the isolation of the elderly. People who were no longer able to drive were effectively trapped in their homes. Today, the many improvements in auto design, for example smart headlights and backup cameras, keep people on the road longer by making driving easier. Apps like Uber and Lyft can also afford significantly greater opportunities for freedom of movement. Advisors who introduce their clients to the plethora of ride sharing and delivery apps available today can add significant value. “Smart” homes allow the elderly to stay in their own houses longer, while the great variety of digital and app-enabled health monitoring devices allow individuals to maintain their independence at home while ensuring that health conditions are managed and controlled.

For more information, please read:
Five Ways Technology Will Change How Your Clients Age | WealthManagement.com

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