The age of 60 (and 60+) is somewhat magical. It is the age which our Stage-One Boomers are rapidly approaching—and which our Late Depression and War Babies have already achieved. And, age 60 no longer seems to be when many retire, and/or when many companies start thinking about forcing early retirement—for whatever reason.
Look around offices today, as well as at some highly paid skill jobs, jobs that require specialized knowledge, jobs that require experience for effectiveness—and of course the professions. You will see a proliferation of gray hair.
Why is this happening—and what are the implications for marketers?
Obviously, one (if not THE) major reason for working later in life is the need for income over and above Social Security and available retirement/investment funds. This group is likely of little interest to marketers. But, there is a powerful trend beginning—one to which marketers need to pay attention.
A growing base of evidence strongly suggests that those who work during the “retirement years” tend to live longer, healthier, and more independent lives than those who do not. For example, a study conducted in 2004 at Johns Hopkins Medical Center shows that four to eight months after starting work in late 1999 and early 2000, retirees putting in 15 or more hours per weeks in Baltimore Public Schools were stronger—and more physically, cognitively and socially active than a non-working control group. They concluded that work requires one to have social contact, use the mind and get some exercise—all of which promote health and longevity.
What has this got to do with marketers? Simply this. With the trend toward a greater number of those approaching retirement age now opting to continue working—either in their earlier careers, or in new careers, or as volunteers—the U.S. will more than likely have a new and stable older population with money to spend. And, evidence has shown that this growing mature and maturing population is motivated to spend—on cars, travel, new technology, restaurants, clothing—and their grandchildren.
Good stimulus for marketers to learn about and address this group directly.
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