Crucial Point #1 − Spiraling Costs Weakening Economy − we need your powerful voice.
Don McLean's powerful voice resonates with today's boomers and traditionalists who seek to stay financially secure over longer lifetimes, to avoid the boredom that comes from having too little to do and to leave behind a stronger economy and a better world.
Those who plan for the future are not going to be the victims of a train wreck, nor are they going to contribute to one. Who are the mature workers gearing up for the future—and how will they work? What will happen to those who fail to prepare?
Those who prepare will develop market-specific skills and competencies in order to work when they want, for as long as they want, and as hard as they want.
Often, these people have enjoyed meaningful work throughout their careers and look forward to continuing, in some capacity, in their maturity. Leaving work abruptly, or completely, is not their most appealing option. They will craft deals with employers in order to phase into retirement. They will transfer knowledge to future generations and fill-in masterfully when just-in-time help is required. Some will specialize in areas of high marketplace need and find renewed vitality in pursuing new areas of great interest. Small businesses and franchises will attract many of these mature entrepreneurs and they will "go where the customers are" − often right into the booming boomer market.
The financially secure will turn to volunteerism and mentor our youngest generation by helping them to become the highly skilled and well educated workforce America will need if it is to continue to compete successfully.
Some travelers from the '60's will rediscover the fountain of youth by working for a cause. As elections near, you will see the return of the 60's activists who will determine who we will elect to represent us. Their motto will be:
"We're mad as Hell and we're not going to take it any more."
…From the movie Network
And, how about those who don't prepare?
As often as we remind folks, in our gentle way, we know that most people won't plan but will still need the income and/or health benefits that work provides. Some of those who don't prepare will be able to find work through temporary firms where they might purchase affordable health benefits at costs spread out over a large base of contributors. Others will live hand-to-mouth, or depend upon their children, until Social Security and Medicare kick in. Some will learn the bitter lesson that willingness to work is not the ticket to working in an age-biased America. They will take what they can get.
What about you?
Remember that the future favors the prepared mind and the time to begin planning your future is now.
Get off the track to the past. That station has closed.
Part of your due diligence in planning your mature work and life is to develop an understanding of changing demographics. We provide our smart corporate clients with demographic studies that help them to understand population shifts and plan their workforce needs. We suggest that you think like a smart company and plan your life and work by learning where your community, or target community, is headed. Take a look at the following snippets. Is your home state featured? Do you to want to learn more? All the information you'll ever need is on the web.
UPDATE − SELECTED STATES - QUESTIONS RAISED THROUGH DEMOGRAPHIC STUDY
Arizona is our fastest growing state. From 2000-2005, the population grew by 15.8% as contrasted with the U.S. growth for the same period of time at 5.3%. The population at the end of 2005 (the latest census data) revealed that 9% of the population was between the ages of 18 and 24. 23% of the population fell between the ages of 45 and 64 and 28% were 65 or older. Where will employers spend their recruiting dollars? If you are a Zonie, how will you compete with such a large population of mature workers? When do you think Arizona will run out of water?
Californians are working longer. The California Budget Project in Sacramento found that 62% of Californians ages 55 to 64 were employed last year (2006). That's compared to 54% in 1995. The study found just over a quarter of those in the 65 to 69 age group were working last year and, according to the study, they were working principally because of financial insecurity. Some say that these increases are a very, very small step in an inevitable direction. By the way, in 2005, about 29,000 more people moved out of California than moved in according to state records. They were the fortunate folks who were able to sell their homes at a profit. Selling high in California is now "iffy" and it begs the question: Will your house still provide you with enough late life profits to free you from worry?
Colorado is an in-migration state. Although it has fewer "home-grown" high school graduates with college acceptances than the national average overall, in-migration provides it with a better-educated work force than most states I've studied. The Census Bureau projects that Colorado's population will grow by 24 percent between 2000 and 2025, to 5.2 million. Why does in-migration matter? Should this state be a target community for you?
Michigan is tied with North Dakota for the most outbound migration in the nation. Nearly two-thirds of all moves in both states - 66 percent - were heading out last year. Demographically speaking, the population in states with high out-migration usually get older faster, with more dependent elderly and a smaller, older work force. How difficult will it be to find talent as workers continue their exodus out of these states? What investments will new employers make in these states?
Washington, specifically − Seattle - ranks as the smartest city (if you equate education with being "smart") in the U.S. as 52.7% of its residents, age 25 or older, have completed a bachelor's degree (or higher) according to a 2007 ranking by the Census bureau. Seattle also has more than its share of residents with advanced degrees: 20.5%. Only Washington, D.C., has more holders of advanced degrees. Why is this important? Here's why. Smart cities are voted most likely to succeed in the future. Is Washington the state for your mature years? Or, are other challenges likely to get in the way? Demographics tell much of the story.
Wisconsin is slated to become one of the most acutely impacted states by the graying of its population. According to Senior Service America, a nonprofit organization, "all of the growth in the working-age population of Wisconsin by 2015 will be generated by persons 55 and older." Of course, this problem exists now; it just reaches crisis a few short years from now. What happens if we wait until then to fix the problem?
Nationwide boomers are often portrayed as well off. They are not. According to Ken Dychtwald, PhD (the guru of aging) in his recent PBS documentary, 1/3rd earn comfortable salaries and have invested prudently, 1/3rd may be able to catch up but there are 25 million boomers with essentially no savings, no investments and no pensions. How much income will it take for you to be considered "comfortable" in your maturity? Do you know? Birth rates continue to decline. A birth rate of 2.1 is all that it takes to add to population. The U.S. birth rate is 2.0, just below replacement. We have an increase in population because of immigration. When broken down by ethnicity, for instance, the Anglo birth rate is 1.6 (same as France) while the Hispanic birth rate is 2.7. What impact will these (and other) differences in birth rates have on our economy and society? What does it all mean to you?
Around the globe, Europe and Japan's populations are aging and shrinking. The birth rates in these areas are so low that some countries, such as Italy, offer tax incentives for people to have bigger families. In Japan, the birthrate is 1.3. Unlike the Europeans, Japan does not import large numbers of workers. They have closed 2000 schools and continue to close them down at the rate of 300 per year. By 2020, one out of every five Japanese will be at least 70 years old. How about China? 550 million very industrious people are eager for their share of the pie and are likely to get that and more. Sources: Articles in The Economist. What do global figures mean to America?
