Passing the Torch

Joe Biden solidifies his legacy by making the tough decision to stand down. What are the broader implications as we shift to an older society?

The last month has been rough for anyone who is anti-ageist.

President Joe Biden’s performance during the June 27 U.S. presidential debate demonstrated clearly diminished abilities. While this was a legitimate cause for concern, those expressing concerns equated his age with those diminished abilities.

Nevermind that his slightly younger opponent also shows signs of significant cognitive impairment, among other issues. It was “Joe is too old” over and over as the media and then fellow Democrats urged Biden to step aside.

Age isn’t the issue. If age itself were the problem, Berkshire Hathaway shareholders would have ousted 93-year-old Warren Buffett long ago instead of continuing to revere him. Cognitive decline and dementia happen with age, but in way lower numbers than is commonly believed. When indications arise, though, it can be difficult for the afflicted to accept it.

Then something remarkable happened. This past Sunday, Joe Biden dropped out of the race, apparently passing the torch to 59-year-old Vice President Kamala Harris and leaving Trump to carry the weight of being the oldest presidential nominee ever.

Of course, some junior commentators were quick to lament that in this context, 59 is now considered “young” when it’s really not. But this bit of Millennial snark failed to hit, as it’s not about “young” and more about an ideal stage of life for a demanding role.

Not just for the most powerful position in the world. For any leadership or decision-making role where a combination of wisdom and relevance matters.

This isn’t just about the 22 year age difference between Joe and Kamala. It’s the difference between being 59 in 2024 and being 59 over 20 years ago like Biden was – despite the fact that he has always taken great care of himself.

Some like to say 60 is the new 40. No, 60 is a new 60, and it’s time we all understand what that really means, especially in a market-driven world.

As we stand here at the beginning of the shift to an older society, the Baby Boomers in their 60s and 70s are leading the charge. Many are exceedingly fit, relatively wealthy, and refusing to behave like what “old” people are expected to be. They want marketers and brands to understand them and empower their experience of a stage of life that didn’t exist previously.

But as you know, I find the younger portion of the current crop of 50+ people to be the most interesting. Generation X may not be numerically large, but we’re big on cultural influence. And we’re the canaries in the coal mine for a transition that redefines the stage of life formerly known as retirement. We as marketers and entrepreneurs get to help create what that looks like.

You can bet that when Millennials start turning 50 in five years they’ll be exceedingly loud and proud in further redefining what it means to be an age that was formerly considered old. Even those currently snarking about “old” people on social media.

As you may have guessed, this isn’t really about politics. It’s not even just about Americans. The longevity economy is an unavoidable worldwide phenomenon that’s just getting started. It’s not a niche or a demographic segment – it’s a reordering of the broader realm of commerce.

The real passing of the torch is from a society obsessed with youth to one that begins to contemplate the unprecedented needs, wants, and value of healthy, relatively wealthy older people. At some point everyone will participate, but the benefits of being an early adopter will be gone.

As Joe said when endorsing Kamala: “Let’s do this.”

Related:

Research suggests making the decision to retire means grappling with three psychological issues. First, identity issues can loom large for any deeply engaged professional. Even a small step away from a career can make a person wonder who they are without it. Second, many older professionals resist leaving meaningful work. And third is the dread of losing the strong relationships that accumulate over the course of a long, successful career. 

Why People Resist Retirement (Harvard Business Review)

Also:

People who have wrestled with when to step back say the reckoning is difficult, especially when the stakes are high. They don’t always recognize or want to admit that they are no longer up to their former tasks. Some who foresee that possibility ask confidants to tell them if they’re not functioning as well as needed.

While supporting Biden’s decision, older people and others in the field of aging expressed regret about the way that it happened. They also worry about ageism in the national conversation that’s been happening around age and competency.

“It felt like a public humiliation. When you choose public life, you run that risk, but I was sad about the way it happened,” said Louise Aronson, a geriatrician and professor of medicine at University of California, San Francisco.

Biden’s Decision to Quit Feels Personal for Nation’s Older Citizens (Wall Street Journal)

Kamala missed the cutoff for Generation X by 2 months and 11 days, but she certainly looked like an Xer in the 80s. We’ll go ahead and claim her. 😉

The Older Worker Issue

While President Biden prepares to retire in six months, other older people are still hard at work. Longer work lives are not only a feature of the longevity economy, they’re a necessity given falling birthrates and the perpetual labor shortage.

And yet while the election thus far has focused on the age of the candidates, there has been no conversation about what needs to be done to prevent the traditional age discrimination that happens in the workforce while the market sorts things out. 

It’s not a future issue, it’s a now issue:

Consider the statistical reality. People aged 55 and older have grown from about 14% of the labor force in 2002 to a projected 24% in 2032.

And older workers are getting older. According to the Pew Research Center, people aged 75 and older are the fastest-growing segment of the workforce. This trend is due to positive factors, such as healthier profiles and more age-friendly jobs, and negative factors, including more rigid retirement plans and policy changes that discourage early retirement.

Older workers personify the future of work, and let's face it: most of us will age into this reality if we're not there already, so it should feel personal.

If your focus is on helping older people continue making a living, this article is worth your time. No easy answers, but it clearly defines the issues.

Why Aren't Older Workers an Election Issue? (Next Avenue)

The March Towards the Longevity Economy

Some longevity economy factoids courtesy of Michael Clinton that show the unstoppable march to an older society:

In 1935, there were only 7.8 million Americans 65+ years old (and life expectancy was 62).

• In 2000, there were 40 million 65 or older.

• Today, there are over 60 million 65 or older

• In 2040, there will be 80 million 65 or older.

By 2030, there will be more Americans 65+ than people under 18 (those eroding birth rates).

Add in the aforementioned Millennials who start turning 50 in 2030 just as Gen X hits 65 and you have a very different country and world. And these “old” people will not go quietly into the night.

New Role: Head of Longevity Marketing

Just as the longevity economy will become the economy, longevity marketing will simply become marketing. But there are always transitional periods that often last longer than you think.

That’s why you may want to consider positioning yourself as a fractional “Head of Longevity Marketing” if you provide marketing consulting services. Or if you’re a corporate executive type, shifting into that role.

That’s what Mafalda Honorio did. Formerly a marketer at Unilever, Honorio took a job at insurance company Fidelidade. As Head of Longevity Marketing, this is what her day looks like:

Daily, I conceive, develop, propose, lead, and implement a comprehensive Longevity strategy, collaborating closely with various departments at Fidelidade. It all begins with the customer—ensuring that Fidelidade has an in-depth understanding of the Elders of Today, the Elders of Tomorrow, and their life journeys.

If you’re interested in developing this specialized skill set, our Empowerment Marketing Toolkit gives you a tried-and-tested process for making it happen. And of course this is the same process you’d need to go through for any entrepreneurial pursuit in the longevity economy.

Until next time…

Keep going-

Brian