Future of Financial & Retirement Advice Round Tables

Future of Financial & Retirement Advice Round Tables

100 years changes everything.

Demographers suggest that most babies born today will live to 100. Imagine an average lifespan of 100 years. What would that mean for retirement? If--and it is a big if--society were to keep its current idea of retirement, a century of life would mean that three or even four decades would remain after full-time work. A very long old age is the new challenge for individuals and families. It's also the future of financial and retirement advice.

The transformation of retirement planning to longevity planning is a key research focus of the AgeLab. Longevity planning (link to article) is the subject of an ongoing series of roundtable discussions with retirement and investment advisors, financial product manufacturers, and other companies and NGOs.

Facilitated by AgeLab Director Joe Coughlin, these ongoing roundtables examine:

What is the future of financial and retirement advice?

If retirement is going to last for a much longer period, should researchers and practitioners begin to think more about ‘longevity planning,’ rather than retirement planning as it is currently conceived?

How might longevity planning change the value of professional advice?

While planning and the promise of financial security have always been cornerstones of financial advice, Baby Boomer, Gen X and even older Millennial consumers are seeking a more comprehensive approach to preparing for retirement. AgeLab research and discussions indicate that advisors who focus on financial security and planning alone will be easily commoditized. Consumers are more likely to place increasing value on how comprehensive the advice may be–going well beyond finance to include anticipating challenges that range from transitioning to second careers, to changes in housing, to providing care in older age.

Who is likely to transform the business of retirement planning and advice?

The promise and threat of robo-advisors to the current practice of retirement planning has been a recurring theme at AgeLab advisory round tables. AgeLab researchers are exploring how technology is being used by consumers across the generations, as well as who is most likely to bring innovation to planning and living for 100 years.


MIT AgeLab
1 Amherst Street, 2nd Floor
Cambridge, MA 02142
ph: 617.253.0753
email: agelabinfo@mit.edu

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