What do you mean you don't have a financial planning niche in your practice? What do you mean that you only "dabble" in elder care? Are you nuts?
The Second World Assembly on Aging Conference concluded a few days ago in Madrid. Delegates to it have been focusing on the need to reduce poverty with respect to older people in developing nations. Seems like a worthy notion, but there were other aspects of this conference that have come to light and which those handling any kind of financial planning should take note.
The big news out of this conference is that we are coming into a world very soon where elderly people will outnumber youngsters. Right now, the number of persons aged 60 years or older is estimated to be 629 million. That number is projected to grow to almost two billion by the year 2050, when the population of older persons will be larger than the population of children ages 0-14 for the first time in human history.
Population aging is a global phenomenon that has or will affect every man, woman, and child anywhere in the world. The steady increase of older age groups in national populations, both in absolute numbers and in relation to the working-age population, will have a direct bearing on relationships within families, equity across generations, lifestyles, and the family solidarity that is the foundation of society.
Now, I won’t be around to see all of this and if by chance I am (and you will know since my face will be plastered on a jar of Smucker's jelly and Willard Scott will be congratulating me on my birthday), then I hope my CPA/financial planner has done the right job for me.
The graying of the planet Earth is an incredible story of success: a combination of medical advances that allow people to live longer as well as social programs which have given us population controls that have reduced dramatically birth rates all over the globe.
But what this tells us is that older people will need something to occupy their time, to remain active, healthy, and in a way productive. They can't be thought of as a burden because they will soon make up the bulk of the world. So, those financial advisors out there have to tap into their enormous resources and knowledge. It may be a difficult task but somebody has to do it. The CPAs and financial planners in Florida and Arizona, who have seen huge influxes of older people, understand fully what is going on and in my Florida neighborhood, there is not only a bank on every corner but a CPA/financial planner shingle hanging out next door.
So, get on that bandwagon. Remember that 2050 is around the corner. You heard it first right here.
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