Monday, January 28, 2019
8A - Solving the problem
The best solution to the retirement challenges baby boomers might face could require some conversation between congress and require a few bills to be signed, but with a little research there might be a more simple solution. Recently, there's been some buzz about "sitting being the new smoking," meaning that being inactive could be one of the biggest threats to your health. During retirement, the average couple spends $280,000 on healthcare bills (Time Magazine). With one-third of baby boomers reporting they have no money saved for retirement, and those with a positive balance reporting only around $200,000 in savings (CNBC), maybe making an investment in yourself and your health and wellness could save you in the long run. This could be done by pushing more "active prescriptions" at doctor offices rather than pharmaceuticals. Being active is usually a personal choice, but what if small amounts of exercise could cause massive economic relief? Another simple solution for future generations is educating our youth about money, taxes, investing and retirement so that everyone has the insight and opportunity to set themselves up for success by being financially independent. For majors outside of the business realm, the concept of money rarely comes up and leaves one of the biggest components of life by the wayside. As no products come to mind, I think a combination of education and obvious self-care can help combat the challenges brought forth by retirement.
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Hey Caelan,
ReplyDeleteI believe that your solution to your issue is very logical and something that probably should happen. Having that conversation between congress and having a few bills signed will better your chances and solve the conflict. I like that you used different sources to back up your stem and information. Your other solution about future generations is that by educating them will properly set them up for the future and become financially independent. Overall great solutions and information to back them up. Good job
Caelan,
ReplyDeleteYou picked an interesting problem to solve and perhaps not a simple one; the fact that you hint conversations with Congress is certainly an indication of a complex problem. If I might say, you spent too much of your post supporting your problem thesis, which in my opinion belongs more to Assignment #7. Also, while your post provides some good leads on what possible solutions could be, I struggle to recognize a clear, explicit business opportunity. I think you have a few good opportunities in your recommendations that could be turn into a business (e.g. to serve “active prescriptions”.) In my opinion, you could make your solution a lot stronger if you connect the opportunity with clear revenue drivers.
Hey Caelan,
ReplyDeleteI thought you made some great points about necessary tools baby boomers need to successfully retire and live the rest of the lives problem free. It is vital for these individuals to save enough money to retire, and it is important for them to be aware of the necessary steps they must take to ensure they have enough savings for the rest of their lives. I don't think there is necessarily a product that comes to mind, but there are definitely services that advisors can offer to help baby boomers better prepare themselves for the future.
Hi Caelan,
ReplyDeleteIn this post you provided great information to back up your "What" for part 7A. There are many opportunities that could solve (or work to solve) the retirement issue. As you said in your post "active prescriptions" could reduce the monetary expenditures during retirement - this could be an opportunity for an age restricted fitness club that specializes in the needs of the older generation. Or as you mentioned, education, this could be an opportunity to have an investment/retirement firm that does outreach at high schools and colleges to spread awareness and potentially bring in business.