Retirement Systems: Awaiting Overdue Innovations

The subject of retirement finances carries emotional weight for many of us and is often accompanied by a plethora of negative emotions and fears.

Traditional counsel from financial advisors centers on the importance of early and consistent savings, wise investment strategies, seeking professional financial guidance, and adopting a frugal lifestyle. However, for mid-agers and those beyond who come to grips with the inadequacy of their savings, this advice might appear profoundly unrealistic.

Insufficient pension plans and reliance on social security benefits offer little solace. With longer life expectancies, escalating healthcare costs, the inflation, economic recessions and downturns, the future can look bleak for many, plunging them into a sense of despair.

In light of these challenges especially in developed countries, what can be the remedy?

Can we reimagine social contracts to ensure the retirement security of future generations? Will the financial industry step up with innovative products and services in a timely manner? If not them, who will take the lead? Are insurers poised to broaden their offerings e.g. to encompass more comprehensive preventive medicine coverage, facilitating early detection of severe illnesses?

For those with insufficient economic capital- can we find ways to capitalize on other forms of capital? Can we find ways to deploy our resources and avoid the scarcity of money? If a barter economy is not the answer – is it today’s “sharing economy”?

We believe, that innovations in the financial and insurance sector will emerge to seize this opportunity. Through this platform, we aim to make such innovative products and services accessible while insisting on the critical questions that will hopefully drive change.