But we won't stop there. In another generation or two, maybe we'll live to be 150 years old because of the huge breakthroughs in genomics and bioengineering. While it may seem like that's a highly unlikely prediction, it's useful to consider the possibility of exceptions.
As a rule, startups or big companies trying something new are seen as building against the grain. If we consider the possibility of paradigms that are fundamentally different, such as humans living longer, we are seeing innovations that meet human needs that go beyond the research that startups are doing.
Longer lifespans will have a profound impact on every aspect of society. Here are a few: financial markets, education, and healthcare will undergo huge changes to withstand such stress.
The financial models in use today make some core assumptions about the average amount of income earned (currently limited to 45 years, ranging from 20 in one's early years to 60 in one's later years), retirement at about 65, and an average life expectancy of 75 years.
A particular example might help make your understanding clearer. At age 25, you invest $15,000 at 5.5% compounded annually. When you retire at age 65, it will amount to about $127,000. That's a great return, but when you live to be 125 and haven't taken it out, it will be worth almost $3.2 million, and that's about a 25x return.
The infusion of money in the financial system will drive people to look for alternatives to invest and even save money. The injection of excess cash into the economy over the last six years is actually already happening.
Startup HomeUnion , an asset portfolio company, has helped create customized real estate portfolios through properties in remote cities, managing them for rental income, somewhat like an annuity. Prosper, Lending Club and SoFi are crowdfunding companies that match buyers with people who are willing to take out loans to provide access to alternative methods of financial return.
Another social aspect of longer lives will be education. Baby boomers are the latest generation to have a career and an employer. Future generations will likely have dual identities in their lives.
So the need to learn new skills will grow rapidly. Particularly as the term of economic productivity is extended. For example, catechism (massively open online education programs) and microdegrees are already very popular, and many startups are dealing with career delivery services: Coursera, GeneralAssembly, Udacity, and Udemy.
The healthcare industry is also set to undergo a big shift. Technologies such as personal genetics-based diagnostics and renewable medicines and, sometimes, bioprinted human tissue will make leaps and bounds in extending the human lifespan.
Underwriters will need to look to new devices to help determine the health of their clients who subscribe to coverage, and also encourage the use of preventive medicines to minimize requirements.
For example, if you can provide selected information about your food to insurers, they will reduce surcharges as long as the average heart rate is kept below 100 beats per minute. The extension of life will have a profound impact on medical equipment, supervision, and communication.
It's not just healthcare, education, and finance that will change dramatically as the human lifespan extends to 150 years. Real estate, transportation, entertainment, energy, and even agriculture will also have to evolve rapidly.
So buckle up - the nearest upcoming two generations will likely be interesting going forward.
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Lifelong Learning Practitioner
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