Alibaba founder Jack Ma recently resurfaced as a college professor in Japan. Reportedly China’s richest man, he “mysteriously” disappeared in 2020 . A former English teacher, he is now teaching sustainable agriculture at the University of Tokyo.
The current climate has pushed the planned retirement age back 3 years, from 62 to 65 with 73% agreeing, “The soaring living expenses changed the way I envisioned my retirement.”
65+ and older labor force participation rate is down below pre-pandemic levels.A drop of roughly 900,000 people.
- Bureau of Labor Statistics
French workers rioting over retirement age delay. Countries from Denmark to Singapore raising retirement ages to keep economies vibrant and retain skilled workers that are increasingly harder to replace.
The nation’s $1.4 trillion student isn’t just holding millenials back. The number of people age 60 and older with student loans has quadrupled in the last 10 years.
-PBS NewsHour
The largest self employed demographic is now 55+ with 25% of those 55 to 59, 46% of those 65 to 69 and 68% of those 75 to 79 identifying as self-employed .
- FORBES
More than half of Americans ages 21-37 still receiving financial assistance from a parent/guardian.
- TD Ameritrade Annnual Millenial Parents Survey
American baby boomers spend more than $3 trillion annually and more than the GDP of France, Russia and Brazil combined.
- World Bank
74% of Americans say they plan to keep working beyond retirement age.
- Gallup Survey
More retirees in America than children under age 18 by 2035. Labor shortage the new normal since 2020.
50+ twice as likely as millennials to start a business more as a lifestyle choice than to boost income.
More than 30% of workforce age 65-74 by 2022 . Older adults staying in the labor force longer and younger adults were staying out of it longer.
50+ new business founders 1.8 times more likely to grow their business than the 30+.
-M.I.T Sloan School of Management
Less need for government to mandate it since double the number of the 65+ still working than three decades ago. A shift from company pension plans to personal contributions 401(k)s the primary factor. Desire to remain active and social a close second.
FORTUNE