With all the confusion and concerns that may creep into this stage of your life, the last thing you want to stress about are your finances. Retiring in a comfortable financial situation can be difficult, mainly due to the lack of products and services catered to the aging population from the government and businesses. With millions in retirement, or close to retirement, staring at the risk of running out of funds and/or experiencing severe old-age poverty, makes it necessary for policymakers to provide adequate access to pension funds or social security programs. For those who are still actively seeking work, lawmakers need to offer solutions to support the concept of a multi-generational workforce.
Fortunately, many organizations, such as Credit Suisse, Bank of America, and Barclays, have already realized the potential in tapping into the “silver economy.” An increasing number of organizations are redesigning their banking and financial services to become more age-friendly, and creating technology to target those who hold the majority of the world’s share of wealth today: retirees. With many organizations catering and diversifying their products and services to support both the wealth and lifespan of their consumers, you can look forward to a better and healthier life.
Overall, government officials and enterprises must collaborate together to equip people with strong financial literacy that allows people to plan for a long, independent, and resilient financial life with adequate savings for retirement.