The Paradigm Shift in Retirement with Ken Dychtwald

Feb 7, 2023

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The word "retirement" is often associated with images of white sand beaches, golf courses, and senior discounts. However, the reality of retirement is changing. The traditional retirement model is no longer feasible for many people. No longer is it about sitting back and stopping work altogether. It's about living a life of purpose and meaning, finding new and creative ways to work, or staying active and engaged while simultaneously preparing for the unexpected.

In today's episode, Jack talks with Ken Dychtwald, Founder and CEO of Age Wave. Ken is a psychologist, gerontologist, researcher, speaker, and best-selling author of 19 books on aging-related issues. Over the past 40 years, Ken has become a thought leader regarding the lifestyle, marketing, health care, economic, and workforce implications of the age wave.

An acclaimed think tank focusing on the social and business implications and opportunities of global aging and rising longevity, Ken talks with Jack about the five forces shaping the new retirement journey, the four pillars of the new retirement, and what financial services need to improve to serve clients better.

Key Takeaways

[01:35] - Ken's journey in understanding the effects of the aging population.
[03:22] - The five forces shaping the new retirement journey.
[04:13] - Longevity
[05:19] - The boomer generation
[06:12] - Healthcare
[07:29] - Pension is not guaranteed
[08:43] - Choosing to live a purposeful life
[10:41] - How COVID and inflation changed the way people think about retirement.
[16:58] - Where financial services are headed in the future.
[19:47] - The four pillars of the new retirement.
[20:09] - Health
[21:58] - Family and Finances
[23:04] - Purpose
[25:22] - What financial services need to improve to serve clients better.
[33:37] - What people need to have when they're frightened of inflation.
[38:52] - Why Ken is optimistic about the future.
[43:24] - Ken's three key takeaways.
[46:06] - Ken's interests outside of work.

Quotes

[02:28] - "Our lives had been shaped around the form and fit of youth. But due to declining fertility, the aging of the boomer generation, and rising longevity, everything from the auditory range in our telephones to how people have to save for a longer life was going to be transformed." ~ Ken Dychtwald

[04:13] - "Demography, psychology, medicine, and economy bang together, and out of that rises a new stage of life for a new set of circumstances." ~ Ken Dychtwald

[11:41] - "Today's success model is not people who stop working and go off to the sidelines but rather people who either reinvent themselves, do something different, or scale back their work." ~ Ken Dychtwald

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