“With our new longevity, it’s time to measure age in future potential as opposed to just a chronology of years lived.”
Sergei Scherbov, PhD, Director of Demographic Analysis, Wittgenstein Centre for Demography and Global Human Capital (IIASA, VID, WU), Deputy Director, World Population Program, International Institute for Applied Systems Analysis (IIASA)
We were thrilled to attend the 29th Anniversary of the United Nations International Day of Older Persons on October 10th. The day was filled with insights and information from numerous experts in the field of ageing. Here are some of the things we heard –
Turning 65 is not an ending but a beginning. The UN Department of Economic and Social Affairs calculates that the proportion of adult life spent beyond age 65 increased from less than a fifth in the 1960s to a quarter or more in most developed countries today. That means that a person aged 65 can expect to live an additional 19 years by 2045. And people are not only living longer lives, they are living healthier ones. As a result, as Lynda Gratton and Andrew Scott state in their book, The 100 Year Life, people need to adapt to living a longer life.
With longer healthier lives, older people have more opportunities. The traditional approach of retiring from a career at age 65 must be rethought. Paul Ladd, Director of the UN Research Institute for Social Development, points out that the world is divided into two types of people – the old and the future old. Regardless of which group you are in, you must adopt a life-course approach where the milestones of education, career and retirement can happen at any point in the span of your chronological life.
With age comes wisdom and success. Elizabeth Isele, founder and CEO at The Global Institute for Experienced Entrepreneurship, argues that in today’s global economy, experience is a competitive advantage. She points out that the highest rate of entrepreneurship worldwide has shifted to the 55-64 age group. And five years after startup, 70% of ventures established by 50+ entrepreneurs are still in operation compared to just 28% of enterprises launched by younger entrepreneurs.
Bottom line? There is no better time to take your own personal leap of faith and follow your entrepreneurial dream. Get inspired! You can meet fellow grownup founders and learn about their journeys at a Stage2Startups event. Find an upcoming event here.
Copyright© 2019 Emelie Smith Calbick and Betty Wong