Statistics aside, we know that population is getting older and life expectancy is increasing. Therefore, one gets to the age of '50' carrying over a legacy (physical, emotional and patrimonial) and a prospective concern: preserve while looking out for the next ones.
This is also the time when a person can rush last-minute savings for the retirement or life donation.
Even though this may seem quite universal, I believe that each individual will end up having very specific needs and wishes. Therefore, segmentation is crucial for designing a more-or-less comprehensive solution (financial and non-financial), offered by a financial institution (either in its mutual or tradicional corporate form).
Let's first take a look at an incipient segmentation criteria:
1. Is this person alone (divorced, no-kids, single, others) or accompanied (husband/wife, partner, parents, siblings, kids, others)?
2. What is the professional status? Active worker, dependent, non-dependent, others?
3. Does the person owns property? Is this property fully paid for?
4. What are the future concerns? Leave some sort of financial legacy or trust to others? Just enjoy life in a very healthy way? Ensure no costs for the next generation (eg funeral expenses)?
Now, doing a simple combination analysis, we realize that the potential for offering is enormous. In this way, one 'isolated' financial institution will hardly be able to cope with demand and provide a one-size-fits-all solution.
Proposal: aggregate and trade at a network level.
Let's fit our networked needs with a networked set of offerings. In this way, I can preserve and benefit while the financial institution can gain by overlooking my financial patrimony.
Most rational option: develop an equivalent to stock market, where a 50+ person can bid and trade his/her specific patrimonial legacy (transformed into some sort of credits, backed-up by a financial institution) by future needs of his/her own or others (eg grandkids stipends, access to healthcare, etc)
Example: I am 50+, have an almost fully paid house, 2 great kids, sharing life with my 2nd wife, would like to be active until 65-ish, health is overall ok, etc.
But, one thing I know: I will not be able to take my house with me, once I'm gone.
So, can I transform my patrimony into something more useful and get the freedom to do whatever pleases me the most? Example: can I get a 2nd mortgage on the house, while maintaining the legal right to live in it until I die? Can I then use this capital to invest in some sort of 'senior stock market', where I can bid and acquire solutions for my future living and legacy needs? If I don't use them, can I pass them over (re-sell) in the same 'stock market'?