It is estimated that the 79 million US Baby Boomers have over $8.5 trillion dollars in investable assets today.  Add to that number an estimated $12 trillion in inheritance over the next 20 years, and one can understand the frantic race to bring products, services, annuities, recreation and thousands of other goods to this fragmented market.  One cannot turn on a TV or radio, open a magazine or newspaper, or surf the web without stumbling upon creative and sometimes frantic attempts to break through the noise and secure a portion of this generation’s spend. The McKinsey Global Institute projects that by 2015, the total market share of age 50+ households will represent:

• 83% of prescription drugs;
• 74% of medical fees and services;
• 60% of health/beauty aids and over the counter items; and
• 58% of housewares.

To pay for these items, Boomers anticipate working anywhere from 11 to 15 years longer than prior generations.  However, reality is quite different, with one McKinsey survey showing that 40 percent of current retirees were forced to retire early (average age = 59), citing reasons ranging from poor health (47%), job loss and downsizing (44%) or care for a loved one or spouse (9%).

A handful of extremely innovative firms have emerged to help older workers plan for longevity, ensure mental agility and remain viably employable over the long haul.  Here are three:

1. Longevity Alliance - Founded by the former leaders of AARP and AARP Services, Longevity is focused on helping both pre and post retirees plan for a long, fruitful and sustainable life.  With the lines between financial and health concerns blurring, Longevity has created an advisory service that helps individuals and groups secure best-in-class long term care, healthcare, life and financial products from some of the industries top providers.
2. Posit Science -  Posit has created very innovative “brain fitness programs” which materially enhance one’s mental processing speed and accuracy, thereby leading to enhanced productivity and longevity.  This is based on the scientific principal of neuroplasticity (very interesting stuff - read their research), and their studies have shown to so effectively improve cognitive agility that one’s mental age can be reduced by 10 to 30 years.
3. YourEncore - If the highly skilled knowledge worker is king, YourEncore holds the keys to the castle.  They have created an innovative offering to leverage a huge network of retired and veteran scientists and engineers to help corporations innovate much faster without the burden of full-time employment.  The retirees also have the flexibility to choose the projects that are most interesting and aligned to their extensive skill sets.

I’m sure other innovative organizations are out there as well, but their collective challenge is to differentiate themselves enough as to garner a minute percentage of this massive generational wallet.  Employers should take notice of these firms as the bell-weather of things to come.  Embrace these offerings as a demonstrable commitment to your older workers and do not simply cast them into the night.  Your success will depend upon it.

Let’s keep the conversation going.