Economic Power of Americans 50 and Older




Description:

Older adults comprise an enormous market and more of them are working beyond the traditional retirement age. In this episode of Baby Boomers in America, AARP’s Chief Operating Officer, Scott Frisch, discusses the economic power of Americans 50 and older and the need to shatter the myths about older workers. He also describes how AARP, which has about 38 million members, is working to "Disrupt Aging" and stimulate innovation in the marketplace.

Frisch points out that people 50-plus have "a direct and indirect economic impact of $7.6 trillion, which would be the third largest economy in the world, behind the US and China."

"It’s vital for the private sector to recognize that opportunity," he says. He notes that the AARP Innovation Fund is investing $40 million in companies that create new products and services for those who are 50 and over, starting with a primary care medical practice, an online food delivery service, and an artificial intelligence and robotics company.

He also speaks about how people are working longer, sometimes in second or third careers, "because they have to or they love to work.". "Their work ethic is high, their productivity is high, they’re loyal, diligent, embrace innovation and act as great mentors," he says. For more information on how AARP is driving innovation and making life better for all as we age, go to www.aarp.org.