The prospect of living to the age of 100, once a rarity, has now become so commonplace that its implications for the way people plan their lives, as well as for governments, businesses, and public policy, can no longer be ignored.
These implications are explored in “THE 100-YEAR LIFE: Living and Working in an Age of Longevity” by London Business School professors Lynda Gratton and Andrew Scott. The book delivers straightforward and vital advice on both the risks and rewards of living much longer than ever imagined, and on how to make better decisions to be happier at each life stage.
“We are in the midst of an extraordinary transition that few of us are prepared for,” say Gratton and Scott. “If we get it right it will be a real gift; to ignore and fail to prepare will be a curse.”
Working for Longer
More than half of those in their 60s today will live past age 90, and more than half of millennials will live past 100, according to the authors. And today’s workers may be in for a rude awakening when they discover that the nest eggs they have accumulated for retirement will be insufficient.
Getting your finances right is essential to the 100-year life, but money is far from being the most important resource. Family, friendships, mental health, and happiness are all crucial components.
One of the themes of this book is that money, while important, really isn’t everything when it comes to dealing with a long life. It is, however, the place where most people begin.
Our focus is only on pensions. Yet, over a long life with many stages, it is clear that life savings will also be a preoccupation and by only considering pensions, we acknowledge we are taking a rather narrow view of financial planning. However, even this narrow view leads to some sobering insights.
Source: Lynda Gratton: The 100 Year Life: Navigating Our Future Work Life
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