Humankind are being able to survive and have a longer lifespan overtime. While life expectancy is different per country, in rich countries like the US, it’s about 79 years. In other rich countries like Canada, life expectancy goes beyond 80 years. Here is a chart that shows how life expectancy have been increasing overtime since the 1960th.
A study suggested that since the 19th century our life expectancy have doubled. The study suggested that all countries during the 19th century life’s expectancy was about 40 years. So with this data, do you think life expectancy is the real issue? With the development of medical research, we expect to even live more over time, so I do not really think life expectancy need to be our concern. So, what is the next challenge that the human kind will be facing?
I think the real concern that we all have to pay attention for is the humankind validity. I am more referring to the humankind ability to generate value and be able to maintain an income based on the value they are generating. Based on the current statistics, the current retirement age is about 67 years. In 1937 and prior, retirement age was at 65 years. It is expected that retirement age will be 70 years by the year of 2040. Then the next real question, are you going to be able to maintain a job until the age of 70 years? Assuming you are making really good money right now that allow you to be able to get a nice mortgage amount and buy a nice house, how long can you maintain your current job level and current pay level?
I am on my 30th, by looking at my career, I think I have been able to accomplish so much during the past few years. By looking at older generations, I do not see that my parents for example were able to accomplish what I was able accomplish during the same age range. I do not think they were even able to accomplish this during their 40th or 50th. This is not because I am smarter than them, but my observation is more about my generation and younger generations being able to develop faster. With all the resources that is available for us, and the learning opportunities that was not as accessible for them, we are able to accelerate so much more than older generations. The newer generations will even accelerate more and more, but is there a limit?
My observations is that, yes there might be a limit there, and you have to be prepared. If you reached your limits of acceleration early, you need to be prepared for things like losing your job, not finding an equivalent opportunity with the same pay range. You will need to be prepared that you might not be able to live in the same level you used to live before, and things will get worse if you still have debt that was taken during your golden period. Can you still be able to pay it? With a possible different type of job and possible lower salary? As you have been accelerated at 10x speed, there is another generation that is being accelerated at 20x speed and they will be a possible replacement of you sooner than what you expect. I think it’s scary, and every time I think about my life and about the younger generations and my possibilities, it gets even scarier. Now what is it like with all the newer technologies like replacing humankind with robots? Another story, but think about it.
So what can we do? I am raising the concern, and will not pretend that I know the answer. I however have some thoughts, and would love to hear from you as well. I think the best thing you can do, is to realize those facts and be aware. Then you need to continue learning and keep being up to date. Be exceptional, and do not have limits, but is this guaranteed? Well, with all the circumstances I mentioned, there is a higher possibilities there will be a limit somewhere or a replacement of you from newer generations. So your next step, is to use your golden period to pay off any debt, mortgage that you have outstanding. This debt was established during a time where you are able to pay it off monthly, but can you guarantee you can still do that? Overall, if you can avoid debt, do so, otherwise pay it as soon as you can. As you are done and clean from debt, invest any money you do not need now. Save money and prepare to have your complementary alternative income incase you lost your job, or level of pay. With all of this, and while we expect to have higher life expectancy and increased retirement age eligibility, you need to invest more towards your retirement, so do not forget about that.
Now this my concern about the individual validity, but what will be the impact in the overall humankind validity? Will, this is a story for another. Please, share your thoughts and help us survive more.