Retirement is an out of date concept

Retirement or not

It may be heresy to say this, but retirement is an out of date concept, born of an earlier age.

For many people the onset of internet based technology and more recently discussions about AI are making them scared and more inclined to want to keep the world of work in a similar pattern to the past. This includes a view that the retirement age shouldn’t go up but in fact should go down, so that people have more time “post work”. But perhaps the reverse is true? Perhaps we need to refashion what work means and the idea that it starts and stops in the way it might once have in the 20th Century? Now is the time to recognise that work is changing and we should proactively use this as an opportunity to re-imagine work.

Work is good for us. It gives us purpose and can be stimulating in a range of different ways. Purpose is so critical to living healthier and happier lives.

Technology overthrows past behaviours, activities and perceptions, but it also enables new ways of interacting with others and with the wider world that our predecessors could never have imagined. It makes it easier for people to monetise some of their skills and capabilities in other ways, including online. We can make technology work for the wider society.

If we re-imagine retirement then what are some guiding principles?

  • Work is a positive force for good. People should continue to work for as long as they can, but in very different ways and in order to be healthy and motivated and not just to make money.
  • The government should look at how it makes “education for life” a real option for everyone. In other words how government enables people to retrain in different ways to enable them to follow different types of work at different times in their lives
  • People are living much longer lives. The state shouldn’t be expected to pay pensions for 30 years for people if they don’t make any other form of contribution back to society.
  • However, the state should proactively look at how it facilitates older people finding new types of work and giving back to society for a wage.
  • Ageism is rife in society. It needs to be opposed as vigorously as any other form of prejudice.

We should use the COVID crisis to re-imagine our Society for the better and not feel the need to re-entrench past views and a mythical view of better times.

A lot of work will need to be done to create the right environment for this to happen, but we should start sooner rather than later, if we want to ensure that the UK continues to be productive and mould breaking.

3 great innovations for ageing

I came across these 3 innovations in the “ageing” space and wanted to share them

1. Bedal

We have all been in this situation before, when you have some sort of drip attached to your arm or wherever and you just can’t wash etc. Well obviously this problem is more acute for old people. So Bedal enables patients with IV therapy to wash autonomously. Its neat.

2. Sit and shower

Again this is a problem that we can all recognise. But it is less well known that 80% of falls for Seniors occur in the bathroom. Well this is a full on mobile seated shower that can fit into any bathroom without needing any complicated modifications.

3. Moff

Moff is a wearable IOT (Internet of things) 3D motion technology that allows you to monitor real time movements and is designed to change the way people rehabilitate.

The NHS needs to make choices

Too many people expect too much from the NHS. It is absurd to believe that the NHS can fund every new thing that is thrown at it. The government keeps adding more to the requirements, including 7 day a week access to everything, investing as much in mental health as is in physical health and funding every new treatment innovation.

But why?

The NHS is like every other business or organisation. Ultimately it does not have resources to deliver everything. It has to make choices about what it does do and doesn’t do. Just because it is a public sector, doesn’t exempt us from this basic business tenet. There is no inalienable human right to every aspect of wellness.

It is time for all political parties to have a realistic conversation about what percentage of GDP goes against the NHS and what that can and cannot deliver.

Why are all the innovative “ageing” companies about mitigating pain, rather than delivering pleasure?

Ageing is exciting!

Its just as exciting as adolescence

I know that sounds bloody weird. After all, adolescence sounds like sex, drugs and rock n’roll, whereas for most people, ageing conjures up loneliness, loss of health, loss of friends and often loss of wealth.

Getting old is seen as being a complete turn off.

But actually the business of ageing is very exciting for a number of reasons:

  1. Firstly an older workforce is good for the world.
    1. It boosts national wealth: A UK government study released in 2011 found that increasing time in the workforce by just one year per person would boost the level of real GDP by approximately 1.9%
    2. Productivity rises with age. This has been confirmed by multiple studies from companies including Mercedes Benz, McDonalds and JD Weatherspoon
  2. Secondly older people have more money and spend more and that’s good for everyone – At £320bn a year, the over-50s now account for around 47% of all UK consumer spending, up from 41% in 2003, according to research from Saga and the Centre for Economic and Business Research
  3. Thirdly a huge number of businesses are now investing in making old age more bearable, in areas like in home care, volunteer care, medical devices, healthcare technology platforms, health supplements, DNA sequencing, cloud based medication and behavioural tracking, personalised medicine for chronic conditions and financial services to aid spending controls

I mean look at these amazing companies. What’s not to like? Here’s my list of top 10 innovative healthcare companies who are working to make a difference to people later in life

  1. https://www.counsyl.com DNA screening for the most important moments in your life – helping people understand and navigate their inherited diseases
  2. http://www.babylonhealth.com/ your personal health service
  3. http://www.elysiumhealth.com/ a cellular health support mechanism in the form of a daily pill
  4. https://www.liftware.com/ – Liftware is designed to help people with hand tremor eat more easily
  5. https://www.neurotrack.com/ Developing cognitive health assessment tools to enable early detection of cognitive diseases like Alzheimer’s
  6. http://www.ibm.com/smarterplanet/us/en/ibmwatson/watson-oncology.html IBM Watson uses natural language processing and machine learning to interpete large amounts of data. For example Watson Oncology analyzes a patient’s medical information against a vast array of data and expertise to provide evidence-based treatment options.
  7. http://www.proteus.com/ Proteus Discover helps patients with long-term chronic conditions who are having challenges managing their medications. It enables patients to take their medication with an ingestible sensor which communicates with a patch and so enables physicians to provide data driven advice.
  8. https://www.caresolver.com/ making the world of carers simple and better
  9. http://www.oxfordpm.com/ a manufacturer of medical devices, which is producing 3D printed orthopedic and neurological implants.
  10. http://www.medtronic.com/ which strives to alleviate pain, restore health, and extend life for example with an Insertable Cardiac Monitoring System to detect abnormal heart rhythms.

And this is just scratching the surface! And doesn’t cover the other big guys like Apple, Philips, Samsung, Intel, Microsoft and Google with its new Calico Labs

So why is the ageing industry expanding so rapidly?

Well obviously its because we are all getting so much older. For example in Japan, more than 30 percent of the population is already aged 60 or over. And by 2050 India’s population of 1.6 billion will have superseded China’s, with an associated increase from 100 million aged 60+ to over 323 million

So obviously the costs of keeping us all healthy and alive are increasing exponentially.

But actually its also because the top 5 needs of old people are all about losses, whether of physical agility or mental competence or not having enough money. They are not about having more fun.

The Nielsen Global Survey About Aging conducted in 2013, which polled more than 30,000 consumers in 60 countries found that the top 5 biggest worries for the ageing population were:

  1. not having the self-reliance it takes to care for their basic needs in old age (58%)
  2. losing their physical agility (57%)
  3. losing their mental competence (51%)
  4. being a burden on family member or friends (49%)
  5. having enough money to live comfortably (44%)

In the study the social desires were much less important, for example enjoying active social lives and staying connected with family and friends.

But I am excited as an entepreneur and innovator, because i believe that in future people will take having better health for granted and will expect to continue to have fun, even if in different ways to when they were 20,30 or even 40 years old. I think less imagination has been applied to leisure. Noone is dreaming up Moshi Monsters and Kidzania for people over 60. And of course older people don’t want to be treated like old people, which is why so few brands have successfully targeted them with specific leisure services.

I don’t know what the answer is yet, but i am interested in working one out..