Advisors shouldn't talk to clients about aging, most don't like it

Advisors shouldn't talk to clients about aging, most don't like it
Growing old ain't what it used to be, and neither is retirement planning.
AUG 18, 2023

What does it mean to get older? And what does retirement mean to Americans in 2023?

A new study on perceptions of aging and longevity reveals that the median age that is considered "old" today is 80, with 79% of over 50s saying that older adults are more active than the previous generation.

To reflect the majority opinion that today’s older people are more open-minded and curious than those who reached ‘old’ ahead of them, this new view of growing old extends to the language used too.

Respondents to the Harris Poll for Age Waves also found that it is better to talk about “longevity” to this generation who find the word more appealing than “aging.”

Over 50s are also not pleased with how they are portrayed in the media — as frail, grumpy, or incoherent — and other negative stereotypes of longevity.

Most (83%) U.S. adults 65 and over say it's more important for them to feel useful than youthful in their retirement years.

THE NEW RETIREMENT

Along with how pre-retirees see their lifestyle, their view of retirement is also different from previous generations.

While there may have been talk of rest and relaxation from past retirees, 66% of those in or approaching that stage of life today see retirement as a new chapter in life and 59% say they want to work in some form during retirement.

The poll also revealed some bad news for heirs. Just 22% of over 50s said that financial assets and/or real estate are the most important things to pass on to the next generation compared to 65% who think values and life lessons are most important.

Latest News

New RIA aggregator United Wealth Partners gives majority ownership to advisors
New RIA aggregator United Wealth Partners gives majority ownership to advisors

RIA industry veterans Jay Hummel and John Phoenix have launched a firm which offers 60% equity to advisors with plans to grow to over $5 billion in AUM, before selling to an institutional investor within five years.

Wealth team launches KRM Investment Counsel
Wealth team launches KRM Investment Counsel

A high-net-worth advisory group leaves Wintrust to embrace independence.

Modern Wealth marks two-year milestone with 16th acquisition
Modern Wealth marks two-year milestone with 16th acquisition

Independent firm joins expanding national advisory network.

Shift toward fee-based models accelerates among independent advisors
Shift toward fee-based models accelerates among independent advisors

New research reveals shifting strategies in financial guidance.

EP Wealth Advisors acquires NBS Financial Services
EP Wealth Advisors acquires NBS Financial Services

Westlake Village office strengthened by acquisition.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.