Why the Retirement Fiduciary Cannot Ignore Longevity
Living longer is only part of the new old age — and understanding demographics and market opportunity will help fiduciaries better meet retirees' needs, notes Joe Coughlin, Ph.D., founder and Director of the Massachusetts Institute of Technology AgeLab.
In an interview with Fiduciary News
’ Chris Carosa, Coughlin goes on to explain that while the future business of retirement planning will include the traditional core services of ensuring financial security, it will also bring the addition of an entirely new generation of advisory services.
“The new business of retirement planning will be transformed into longevity planning,” Coughlin says. “Tomorrow’s advisers and related services will take an integrated approach to helping individuals and families navigate decades of life after work. Value added advice will include finance but connect money and planning to specific services in retirement —
e.g., career transitions, transportation, housing choices, care-giving.”
Coughlin explains that previous generations could not anticipate living as long as the Baby Boomers and future generations, and that now “living, or at least living longer, has become a risk to a good retirement. Well beyond finance, a key difference between the generations is attitude. There is the expectation to live longer and better.”
You can read the rest of the interview here