Q and A with Kim Lear, Founder of Inlay Insights and Seth Ravine, Chief Revenue Officer of Acclaris on The Baby Boomer Enigma
Generational sociologist, Kim Lear and Seth Ravine answer questions about how Baby Boomers are different from other generations and how employers and benefits administrators can adjust their thinking to better address and support this group.
To learn more, check out Acclaris’ podcast: The Baby Boomer Enigma.
(Kim): When it comes to the largest generation in history, it is not surprising that there would be contradictions. It is the wealthiest generation and yet the least prepared for retirement. Boomers will live longer, but with more chronic illness. They love technology, but they use it on their terms. As this generation ages, benefit administrators and employers face a challenge. Finance, healthcare and technology are converging and our collective ability to take advantage of the trend will make a huge difference.
(Seth): As the world’s largest generation hits retirement, benefit administrators and employers are increasingly tasked with helping Baby Boomers navigate the new waters of healthcare consumerism.
The Miami Herald calls it “The country’s biggest and most predicable train wreck”. This generation is the richest ever, but Baby Boomers, their employers and the country are woefully unprepared to pay for their retirement.
(Kim): Baby Boomers have redefined every life stage they have touched—youth culture, corporate culture, and now, retirement culture. Adventurous and young-at-heart, Boomers are changing what it means to age in America. As we continue to live longer, it has become clear that retirement is no longer a destination, it’s a journey.
Instead of gated senior communities, recent retirees are headed to non-traditional destinations such as Austin, Texas and Madison, Wisconsin to participate in growing art and culture scenes. Rather than spending the day on the golf course, more and more recent retirees are contemplating encore careers where they can focus on their legacy and passions.
(Seth): Employers and consumers alike need a better understanding of how/when to use health care spending accounts to accommodate rising health care costs and compensate for the elimination of the pension benefit. As a result, consumers will need to develop a plan and leverage a wide range a tools and benefits from 401Ks, consumer-directed accounts and consumer health tools to achieve their retirement goals.