The Silver Tsunami – Aging Demographics:
Projected Economic Impacts and Opportunities
By Frank Odasz frank@lone-eagles.com
Two out of three
humans who have ever lived in human history, are alive
today. These 7 billion are, en masse, responsible for global climate changes
that are more dramatic every year. As everyone and everything becomes
increasingly interconnected, our opportunities to work together to resolve the worlds problems through ecological sustainable living best
practices are growing exponentially. And, we are seeing steadily greater
demonstrations of crowd-sourcing (Wikipedia) and mass activism, from the 10
Arab Spring countries, to the rapid growth of Facebook’s
one billion users.
The Internet, now
in the hands of 2 billion globally, and mobile devices, in the hands of 6
billion, offer the potential to provide unlimited free educational
opportunities to unlock this vast well of untapped human capacity. How to
stimulate the inner imaginations, and collective imaginative power of all
global citizens, will be the defining dynamic of the modern age.
Both Facebook and Google are now competing on strategies to
connect the remaining 4+ billion persons. Google has a balloons and satellite
model O3B, and Facebook is looking to simplify smartphone access and services.
“The
sleeping giant of an engaged citizenry is awakening to a new economic landscape
to become a living laboratory for solutions to the greatest challenges on
Earth!”
2012 : City of Ideas: Reinventing
Boston's Innovation Economy
Strategies
for Measurable Mass Innovation Across America
The truth be
told, seniors in 2013 are the largest single voting demographic in the U.S.,
and at 40 million strong, represent the most educated and wealthy generation in
human history. Tens of billions in
healthcare costs could be saved, if all seniors committed to doing their best
to help each other, and potentially a world of others leveraging the wisdom of
40 million lifetimes.
Combining Caring and Connectivity with
Common Sense
It is a fact, too few good people know how to leverage smart use of
the Internet for the global public good.
If 40 million seniors chose to invest their next ten years toward
meaningful activism, their impact would be 400
million human years of global capacity building, condensed into the next ten
years…at a time where dramatic climatic, economic, and demographic shifts
are causing disruptions at all levels.
By 2015, there
will be more citizens over 50 than under 15 for the
first time in history. With less money going into retirement systems, and
seniors living decades longer than their parents;
innovative dramatic changes are needed.
Half of all entreprenueurs are over 50. Many, if not most, retirees
seek to remain in the workforce to supplement shrunken retirement savings, and
the flexibility of telework would be ideal,
particularly related to broadband healthcare innovations.
An NBC
news segment projects millions of seniors may find telework
jobs supporting the needs of other seniors, to lower healthcare costs, and
supplement retirement incomes.
NBC News: Businesses
serving elderly could create millions of jobs
http://www.nbcnews.com/video/nightly-news/51325681
The
FDA cites industry estimates that 500 million smartphone
users worldwide will use some type of health app by 2015, and
*
has approved 100+ apps for Medicaid
reimbursement.
http://www.deseretnews.com/article/765628598/Physical-by-smartphone-becoming-real-possibility.html
Three Distinct Major Markets to Target with New Services
Briefly,
consider that the numbers of seniors are growing exponentially with projected
increasing impacts on healthcare costs, the workforce, the economy and the very
nature of society. What we all do from here on out will define the future of
our local community, state, nation, and our global one human family.
Seniors range
from those suffering advanced aging with minimal capability, to those who are
in good health, and are the most highly educated, and wealthy generation in
human history. Consider the new services opportunities for seniors helping
seniors at the following three levels of capability to assure all needs are
met, affordably.
The Greatest Generation (Tier One)
60 IS the new 40. In the last century, the average lifespan was half what
is it today. Not only are people living longer, they are in much better health
in their later years than previous generations, able to do whatever they want
to do, often into their 80s and beyond.
Roughly 20
million seniors are the most educated and wealthy generation in human history.
Most current leaders in all levels of government, corporations, and
foundations, are seniors. And most seniors prefer to remain in the workforce
longer than has been traditionally accepted, and our economy needs their
expertise to stay in the workforce as trained
replacements are in short supply. The convenience of home-based telework makes this more viable than ever.
Retirement in
2013 should be viewed as an opportunity for reinvention, a time to do something
new and meaningful. Programs that inspire what MORE is possible for seniors are
sorely needed, to counter the very wrong perception that life is about to
end. If these 20 million educated seniors
took action collectively, anything is possible. A national call to action could
engage and empower millions in the short term in a very focused number of new
initiatives to mitigate the disruptive impacts of most modern challenges.
Tom Brokaw
hosted a TV special on Baby Boomers, and in closing, asked the panel “Has your
generation accomplished what you thought it would?” And the answer came
back “Not Yet.” And that’s the opportunity – to leave
our legacy by mobilizing as the greatest generation.
Boomers: The
Story of History's Wealthiest and Most Influential - CNBC
More and more
seniors are asking each other:
“When your life ends, what legacy will you have left online for the children of
the future?”
There is a book
“Digital Afterlife” which talks
about what legacy seniors might choose to leave for the world, online. For the first time in human history,
anyone can leave the wisdom of their lives online for all future generations,
and in many forms, such as compassionate videos, art, music, photography,
online courses, lessons, etc.
*Google yourself
as a quick self-assessment.
The Capable Majority (Tier Two)
The vast
majority of seniors have the ability, if properly motivated, to learn, retain,
and take action on many fronts, from the convenience and social safety of any
location they prefer. While 90 million seniors lack a GED, Elearning
innovations, even a Sesame Street for Seniors, offers
the potential for anyone to learn anything, anytime, from anywhere. And to be able to create online fun,
social, learning instructional opportunities for others. Ex. A dozen senior
women make a living teaching online at www.quiltuniversity.com Many others teach via Udemy.com where anyone
can use free online tool to create their own free or fee-based video online courses.There is a boom in Ebook
self-publishing, and a diverse array of innovative low-tech web-based startups.
http://lone-eagles.com/digitizing-alaska.htm
Articulating a
Call to Action could mobilize all caring seniors around producing meaningful
outcomes, combining “caring and connectivity” by providing either volunteer “Telecare” services, or “for-profit” personal care services
for struggling seniors. This could save tens of billions in unnecessary
healthcare costs, while creating tens of thousands of home-based businesses for
seniors to supplement their retirement incomes and to fuel national economic
growth. The opportunities for widespread innovation and invention is
unparalleled, particularly if congress votes to allow medicaid
reimbursement for telecare services, as a growing
number of states have already done.
Montana Healthcare Ins. companies to
cover telemedicine.
http://billingsgazette.com/news/local/health-insurance-companies-to-cover-telemedicine/article_264084b6-92e1-5996-a124-0704db814986.html
Health
insurance companies will have to reimburse Montana patients who seek medical
care via telemedicine at the same rate they would for an office visit following
legislation signed into law by Gov.
Steve Bullock....
Many other
“knowledge age” instructional entrepreneurship opportunities are possible. In a
product economy, once the corn market is saturated, no more corn can be sold, but
in a knowledge economy, as more and more people get
online and establish new interests and the motivation to learn more, there is
no saturation point, and the growth potential is unlimited. As people become
better educated, they grow their capacity to “learn to earn”, and the market
for innovative knowledge products continues to grow.
The Internet has
created a global boom in bottom up innovation – that serves as a resource for
anyone looking for ideas as to “what’s already working for others like them.”
Seniors Needing the Most Help: (Tier
Three)
50
million Americans have some type of disability, and 100 million Americans are
involved with supporting family members with a disability. 68% of adults are dealing with an advanced aging parent. We’ll all get there eventually; 70%
over 70 have more than one disability, 80% over 80, etc.
Broadband and
new health information technology innovations are booming. Even those with
severe limitations can often be effective providing social contact and
encouragement to others, with communications tools as simple as Skype.
Those seniors
with mental and physical deficiencies need services to extend their independent
living as long as possible, to minimize unnecessary healthcare costs, and
maximize quality of living. 20% of
inpatients at the Maui Community Hospital could and should be at home, their
problems are primarily dementia, but until Medicaid reimbursement covers Telecare services such as those offered by the Mom and Pop Telecare businesses, such as http://mauiagewave.com, their quality of life suffers
needlessly.
As the numbers
of alheimers patients grows exponentially, use of
computers and Internet for brain training, video reminders of who we are, and
related innovations hold dramatic promise for all of us to hold on to quality
of life as long as possible.
Replacing Retirement with Reinvention
Our economy
suffers from 10,000 retiring each day, without an adequate supply of
replacement workers. Keeping retirees in the workforce as long as possible has
direct positive economic impacts. Flextime home-based telework
with educated seniors is one of a growing number of solutions that need to be
communicated to all seniors.
Global Citizenship in Recognition We Are
All Related as the One Human Family
Seven billion
people, increasingly interconnected, will be challenged to innovate
collaboratively in order to meet the unprecedented challenges of the 21st
Century.
A global
citizenship dynamic, and an understanding of the exponential potential of
effective collaboration are needed, which requires understanding how to build
trusted mutual support networks at both the local and global level. The pending
Tsunami of innovation by our global society’s elders,
just might be the next big thing!
About the Author:
Frank Odasz, 61, has been teaching citizens and teachers of all ages online for over 25 years. As a lifestyle entrepreneur, Frank enjoys unprecedented freedoms made possible by the Internet.
Bio Bits:
http://www.bbcmag.com/2013s/13bio/Odasz-frank13.php
FAST FACTS:
68% of adults are dealing with an advanced aging parent.
In 1965 age 69 was the average age
expectancy, now it is 85.
The fastest growing demographic is the over 85
age group.
2/3 of all those who have ever
lived in human history are alive today
1/3 seniors live alone.
The most common problems are isolation, loneliness and depression
70% over 70 have one or more disabilities, 80% over 80, etc.
Seniors represent the fastest growing group of entrepreneurs.
10,000 retire daily and the impact on the economy is significant
as educated replacements to grow our economy are in short supply.
Recent study by the National
Bureau of economic research “More than 46% of senior citizens in the U.S. die
with less than $10k in financial assets?
(Learn More: When the Boomers Bail, by Mark Lautman)
DID YOU KNOW:
The Global Aging Study predicts
2/3rd of the global population will be over 65 by 2050. The U.S. is
the 6th fastest aging country, with China as number one.
http://www.nielsen.com/us/en/reports/2011/global-impact-aging-world.html
Within 10 years, many communities
in the mid-west will be at 40% over 65. This will significantly change how local
communities function. And, the impacts on the national
economy will be profound. Both national and Montana demographics (4th
fastest aging state) are available in the archived video webinar “
Conference videos http://onemontana.org/what-we-do/videos
Project 2030
Report http://www.montana.edu/extensionecon/project2030.pdf
An NBC news segment projects
millions of seniors may find telework jobs supporting
the needs of other seniors, to lower healthcare costs, and supplement
retirement incomes:
NBC News: Businesses serving elderly
could create millions of jobs
http://www.nbcnews.com/video/nightly-news/51325681
The Ipad telemonitoring
device at http://doublerobotics.com relates to opportunities for seniors to tele-monitor seniors as a home-based business.
Now that the Montana Governor has signed legislation to allow Medicaid
reimbursement for telemedicine, the many jobs for seniors helping seniors needs
to be modeled, ideally as a certification program. Think "new markets and
revenue sources.”
Montana Healthcare Ins. companies to cover telemedicine.
http://billingsgazette.com/news/local/health-insurance-companies-to-cover-telemedicine/article_264084b6-92e1-5996-a124-0704db814986.html
Health insurance
companies will have to reimburse Montana patients who seek medical care via
telemedicine at the same rate they would for an office visit following
legislation signed into law by Gov.
Steve Bullock....
AARP has a new report out with key
facts on the Silver Tsunami,
Help!
Who Will Care for Baby Boomers When They Need It?
http://blog.aarp.org/2013/08/26/sally-abrahms-help-who-will-care-for-baby-boomers-when-they-need-it/?intcmp=HP-spot1K
The majority of long-term services
and supports are provided by family members. But the supply of family
caregivers is unlikely to keep pace with future demand.
ü In 2010, the caregiver support ratio was more than 7
potential caregivers for every person in the high-risk years of 80-plus.
ü By 2030, the ratio is projected to decline sharply to
4 to 1; and it is expected to further fall to less than 3 to 1 in 2050, when
all boomers will be in the high-risk years of late life. AARP report (links below.)
2012 : City of Ideas: Reinventing
Boston's Innovation Economy
“The sleeping giant of an engaged citizenry is awakening to a new economic
landscape to become a living laboratory for solutions to the greatest
challenges on Earth!”
World Bank Maximizing
Mobile Report: 2012
http://www.economicdevelopmenthq.com/blog/world-bank-maximizing-mobile/
Benton Foundation DC Seniors Summit Videos:
http://gettingseniorsonline.org
http://lone-eagles.com/Seniors-Summit-Summary.doc
Within 10 years, many communities
in the mid-west will be at 40% over 65. This will significantly change how
local communities fundamentally function. And, the impacts on the national
economy will be profound.
Learn
More: When the Boomers Bail - by Mark Lautman at Amazon.com
MISC/NEW:
The Coming Entrepreneurship Boom - New Study by the Kauffman Foundation
http://www.kauffman.org/research-and-policy/kiea-2012-infographic.aspx
Baby
Boomers Are Surpassing Gen-Y As Entrepreneurs
http://blog.startupprofessionals.com/2013/09/baby-boomers-are-surpassing-gen-y-as.html
Of course no one has any idea what the next big thing will
be, but more often than not innovation comes from entrepreneurs.
If you are
one of the Baby Boomers who wants to redefine
retirement, now is your chance for real impact.
Find an opportunity you
understand, follow your passion, and join the entrepreneurial majority.
Videogames Improve Older Brains
High Tech Gains get Disabled People into the Workforce
Silicon Valley Poised to Take the Lead on Technology for Seniors
Dozens More Links to Online Resources for Seniors:
http://lone-eagles.com/seniors.htm