Scott Thoma & Ken Dychtwald: August 6, 2020

OLDER AMERICANS ARE MORE RESILIENT THAN YOUNGER GENERATIONS AMID COVID-19 CRISIS

LANDMARK RESEARCH STUDY FROM EDWARD JONES AND AGE WAVE USHERS IN A

CONTEMPORARY AND HOLISTIC VIEW OF THE “NEW RETIREMENT”

 

KEN CELLA

Principal – Client Strategies Group, Edward Jones

KEN DYCHTWALD, PhD

Psychologist/Gerontologist, Founder and CEO, Age Wave

SCOTT THOMA

Principal Client Needs Research, Edward Jones

 

Driven by social, health and demographic shifts and accelerated by COVID-19, the future of retirement is now taking into account a more holistic approach to well-being that goes beyond financial independence. A new 9,000-person, five-generation, representative study conducted in the U.S. and Canada by Edward Jones and Age Wave explores how retirees can gain confidence and find purpose in their next stage of life while considering everything from managing mental health, defining family needs and recognizing the advantages of aging. On August 6th, Principal – Client Strategies Group at Edward Jones, Ken Cella and Founder and CEO of Age Wave, Dr. Ken Dychtwald will share details on the new study and explore “The Four Pillars of the New Retirement,” providing tips Americans can use to take control of their financial futures and outlining the importance of recognizing the connectivity among health, family, purpose and finances in their journey to and through retirement.

 

The four pillars of the new retirement – health, family, purpose and finances – are essential contributors to living well in retirement:

·           Our health spans don’t match our lifespans and as we age, health problems often arise unexpectedly, making it more important to proactively manage one’s health.

·           Family roles change: some retirees are needed too much by family while others wish they had more time with their loved ones.

·           Purpose is no longer dictated by work and retirees must learn to live with new time affluence, new freedoms, new choices and new challenges.

·           Finances shift from a saving to spending mentality with much confusion on how to manage one’s nest egg, especially in such an uncertain, volatile time.

 

KEY INSIGHTS FROM THE REPORT ARE:

·           Despite the grave health risk, older adults in the U.S. are coping far better than younger ones during the pandemic.

·           37% of Gen Z versus 8% of silent generation respondents said they have suffered mental health declines.

·           Alzheimer’s or dementia is retirees’ most feared health condition of later life, ranking higher than COVID-19, cancer, heart attack and stroke.

·           Retirement is now a time for reinvention, discovering new purpose, and the beginning of a whole new chapter in life.

·           89% of Americans feel there should be more ways for retirees to use their talents and knowledge for the benefit of their communities and society at-large.

·           Amid COVID-19’s disruptive force, there have been silver linings in terms of family closeness and how it’s led to thoughtful conversations around topics like planning earlier for retirement and saving for unexpected disruptions.

·           Regardless of financial circumstances, spending time with loved ones is nearly everyone’s greatest source of purpose.

·           However, 45% of Americans have still not discussed their end-of-life care preferences with anyone.

·           An extended definition of family – families of affinity – and devotion to loved ones may be putting financial futures in jeopardy.

·           24 million Americans* have provided financial support to adult children due to the COVID-19 pandemic, and 71% of U.S. retirees are willing to do so even if it jeopardizes their own financial future.

·           Nearly 68 million Americans say COVID-19 has altered their retirement timing, and 20 million stopped making retirement savings contributions during the pandemic.

·           Retirees want their money to give them both security and freedom.

·           Their top worry is not a recession, but healthcare and long-term care costs.

 

For more information, please visit: www.EdwardJones.com/NewRetirement

 

*Estimated projections to the US population are calculated based on the 2019 Census Current Population Survey.

 

MORE ABOUT KEN CELLA:

Ken Cella leads the Edward Jones Client Strategies Group (CSG), which includes the Marketing, Advice and Guidance, Products, Trading and Solutions areas. CSG equips client teams with insights on financial strategies, products and solutions throughout the client journey. Ken also serves on the Edward Jones Executive Committee, the team responsible for defining the future state for Edward Jones to improve the lives of clients, their families and their communities. He began his Edward Jones career in 1990 as a financial advisor in O’Fallon, Mo. He qualified to attend four Managing Partner’s Conferences, an annual event that recognizes the firm’s top 400 financial advisors. In addition, Ken serves on the St. Louis Regional Chamber Executive Committee as its chair, AllianceSTL Board, University of Missouri-St. Louis Chancellor’s Council, and Concordance Academy of Leadership Board of Directors. Ken is a native of St. Louis, and he and his wife, Melissa, have three teenagers. He is a graduate of the University of Pennsylvania Wharton School’s Securities Industry Institute and earned his undergraduate degree from University of Missouri-St. Louis and his MBA from Washington University in St. Louis.

 

MORE ABOUT KEN DYCHTWALD:

Over the past 40+ years, Dr. Ken Dychtwald has emerged as North America’s foremost visionary and original thinker regarding the lifestyle, marketing, health care, economic and workforce implications of the age wave. Ken is a psychologist, gerontologist, and best-selling author of 17 books on aging-related issues, including Age Wave and his long-awaited new book, What Retirees Want: A Holistic View of Life’s Third Age, co-authored with Robert Morison. Since 1986, Ken has been the Founder and CEO of Age Wave, a firm created to guide companies and government groups in product and service development for boomers and mature adults. His client list has included numerous non-profits and over half the Fortune 500. He was honored by Investment Advisor as one of the 35 most influential thought leaders in the financial services industry over the past 35 years. Ken has twice received the distinguished American Society on Aging Award for outstanding national leadership, and American Demographics honored him as the single most influential marketer to baby boomers over the past quarter century. His article in the Harvard Business Review, “It’s Time to Retire Retirement,” was awarded the prestigious McKinsey Award. Ken has addressed more than two million people worldwide in his speeches to corporate, association, social service, and government groups. His strikingly accurate predictions and innovative ideas are regularly featured in leading print and electronic media worldwide and have garnered more than twelve billion media impressions.

 

MORE ABOUT SCOTT THOMA:

Scott Thoma began his career with Edward Jones in May 2000 and is responsible for the Strategy team in Research, which includes Investment Strategy and Client Needs Research. Thoma focuses on developing the firm’s advice and guidance based on clients’ needs, including the guidance for clients preparing for and living in retirement. He is also co-chair of the firm’s Investment Policy Committee. From 2008 to 2011, Thoma served as director of investment advice for the firm’s advisory programs. Prior to that, he served as the lead medical device analyst in Research for more than six years and as a market strategist, focusing on issues for investors in retirement. Thoma was named a limited partner with the firm in 2006 and a principal in 2012.Thoma graduated summa cum laude from Southern Illinois University-Edwardsville in 1998 with a bachelor’s degree in business administration, with an emphasis in finance and economics. He earned a master’s degree in economics and finance from Southern Illinois University-Edwardsville in 2000. Thoma has served as an instructor of corporate finance and banking/risk management at SIUE. He earned his Chartered Financial Analyst designation in 2003 and is a member of the CFA Institute and the CFA Society of St. Louis. He earned his CFP® designation in 2016.

 

Produced for: Edward Jones

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