The exponential growth that characterizes these times is not limited to computing power and artificial intelligence. Indeed, one of the rapidly advancing fields that will benefit us all is the broadly-defined field of longevity.
In 1900, the average American male had a life expectancy of only 47 years old. Today it is well over 80, and it’s climbing fast. The slow, steady upward trajectory is expected to be accelerated substantially thanks to modern research and technology.
Take the field of genomics, for example. When genomics was in its infancy, it took 13 years and $2.7 billion to map a single genome. Today you can pay a thousand bucks and have your entire sequence back in three months. In five years, you’ll be able to get that same information instantly for the equivalent of five dollars.
What does that mean for you if you’re not a scientist or researcher? More than you might think. Our genes are at the core of every single human disease. Great thinkers like Ray Kurzweil and Peter Diamandis, men who’ve influenced disparate problems, are convinced that within your lifetime we will have the capability to wipe out all human diseases.
Of course, it’s not all wine and roses. If your life expectancy is 110 or 120 years – which most of us can agree is a net positive — you have to plan differently than if it’s 70 or 80 years. You may have to work harder and longer to ensure a consistent quality of life. By the time you reach the new middle age, your first or second career may be obsolete. You may even have three or four complete careers in your lifetime.
The idea of starting at one company and retiring there with a firm handshake and a gold watch is pretty antiquated – especially since many people no longer even wear a watch. Rather than seeing that as instability, as past generations might have, look at it as an opportunity to have exponentially more impact.
Transparency will play a key role in optimizing advances for the betterment of society. We’re already seeing that concept at work across a wide variety of disciplines as the results snowball in a positive manner. For example, there’s a greater demand for transparency when it comes to medical care, pharmaceuticals and pricing. No longer do you have to accept a recommendation blindly. Instead, it’s possible to be an informed consumer and patient, making choices that affect your personal longevity.
This extends to total financial well-being as well. Longtime status quo banking and wealth management models – with hidden fees and non-client-centric incentives – are being affected by a wave of transparency and the democratization of information. This is good news for you in adequately planning for a potentially longer future. With generations of additional living and good health to enjoy, longevity may indeed live up to its immense promise as it goes hand-in-hand with transparency.
PagnatoKarp goes beyond wealth management, fusing a boutique high touch/high tech experience with True Fiduciary® transparency to help streamline lives. With over $3.8 billion assets under advisement¹, comprehensive solutions include investment, planning, tax, legal, private banking and trust, family governance and concierge, with each experience in the client’s best interest.
Please contact PagnatoKarp at 703-468-2700 to schedule a private, confidential meeting at your convenience.