Retirement 2030: Looking into the crystal ball

The U.S. is about to enter an era defined by a record aging population, economic volatility, and evolving political influences, says Chris Orestis, president of Retirement Genius, an educational and informational resource for seniors. In January, the first baby boomers will turn 80, and after the next five years, Gen X begins turning 65.

“We are crossing over to the point soon, within two years or less, when there will be more people 65 and above in this country for the first time than there are 18 and under,” said Orestis, who will moderate a panel at the NAILBA 43 Annual Meeting called “Retirement 2030: Looking into the Crystal Ball.”

The "new retirement"

The session will tackle how insurance, financial services, and retirement planning must adapt to the challenges and opportunities of this “new retirement.”

Millions of boomers reaching retirement age will affect labor markets, healthcare needs, and economic planning, Orestis says. He intends to raise questions central to the industry’s future, including: How can insurance and financial services address longer lifespans and rising healthcare costs? What steps are essential to prepare Americans for a more demanding and resilient retirement future?

“So, we’ve got an aging population that is unprepared and inadequately prepared for retirement,” Orestis said during an interview from his office in Portland, Maine. “Not only to just live in retirement, but age and live with declining health during retirement.”
Peter Hershon, senior vice president of national health insurance, Coventry Health Care, will join Orestis for the presentation, along with senior representatives from Integrity, Simplicity, and Allianz Life.

They will release an exclusive research paper titled “Retirement 2030, which he said is a comprehensive study summarizing research from industry and government reports. Attendees will be invited to explore the findings, available in both digital and print formats, as a framework for the day’s discussion.

The challenge ahead

Highlighting the challenges ahead, Orestis will underscore that retirement planning now requires unprecedented adaptability, forward-thinking, and resilience. The Retirement 2030 panel aims to equip attendees with insights necessary to navigate these trends, helping to build a secure future for retirees across the nation.

“I like to say we're currently all living in the toughest part of somebody's AP poly-sci exam in 10 or 15 years from now,” Orestis said. “We've all been living in it. So, our session will be from the perspective of brokerage distribution, insurance carriers, and others with their thoughts on longevity and alternative uses of insurance and financial products.”

The session is scheduled for Tuesday, Nov. 19, at 9:15 am, in the Woodrow Wilson Ballroom at the Gaylord National Harbor Hotel in Washington, D.C.

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