OpenIDEO is an open innovation platform. Join our global community to solve big challenges for social good. Sign Up / Login or Learn more

Life Re-Financed at 50 - Microfinancing for AARP Youth (62 and Under)

What if there was a way to cover the expenses and debts you have accumulated by using the knowledge you gained getting there as collateral

Photo of Kenneth Walton

Written by

The AARP has a program named Life Re-imagined, I have been waiting since I turned 50 (I am now 54) to re-imagine my life. But that is at least ten years away (money to save, bills to pay, kids to get through college). But what if there was a way to cover the day to day expenses and debts you have accumulated through life getting to age 50, by using the knowledge you gained getting there as collateral, so I can re-imagine my life now, and be stronger financially at 64.

The Idea here is to create a microfinancing organization. MasterCard + AARP would be an example of organizational structure.

Sr. Startups made up of AARP members are chosen each month to participate in a Pitch Event, each will have a demo table to showcase their company as well as network with AARPAngels, and guests. Attendees will then vote for their favorite Sr. Startups, and the top five will get to present to a (MasterCard + AARP) Microfinancing distinguished panel.

Winners will be given 6 months to work in an AARP Life Re-Financed accelerator with a range of experts and weekly inspirational lectures.

Loans would be made to AARP members through the Pitch Event / Accelerator process.

The Accelerator could generate income by leasing space to both Life Re-Financed participants and other entrepreneurs.

Life Re-imagined now!

What is a provocation or insight that might inspire others during this challenge?

Start living you dream at 50, why wait until you are 65

Tell us about your work experience:

I am a designer that has worked in entertainment companies, design firms and government

Specifically, please check all that apply:

  • I'm currently a member of a credit union


Join the conversation:

Photo of Nelson Bright

Hi Kenneth! Thank you for being so encouraging. You are the clear example that shows that it is never late to pursue what we always have wanted to do, not matter about age or financial resources. AARP idea is something really interesting that could make a change not only to the participants, but also establishing a path to follow and contributing to change the mindset that relates entrepreneurship with youth. There are many things to change, but there are also many resources that are helping in this endeavour, but obviously is never enough.

Definitely, the trends are changing. Keep the good work going!

View all comments