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Are You Smarter Than A Samsung 5G?

If you’re anything like me, you didn’t make it through the holiday giving season without being on the receiving end of some sort of “smart” device. Thanks to the wonders of technology, the world has a $100 smart fork to remind you to take smaller bites. Huggies and Pampers have smart diapers. Thankfully, what I have is a new home webcam system.

One of the most exciting aspects of tech is its ability to be a force for good in the lives of seniors. Technology, more than perhaps any other single factor, will be instrumental in enabling more adults to age in place. Currently, 76% of American adults over the age of 50 say they would like to stay in their current residence as they age. Only 46% believe they’ll be able to do so. What if existing tech- smart sensors to detect falls, etc.- paired with access to on-demand service providers could be leveraged to that end?

Meanwhile, Alexa is busier than ever. Amazon, which owns the in-home voice assistant, recently partnered with the Giant Eagle chain of pharmacies to offer a novel form of medication management. Customers set up a profile with Alexa, after which they can ask Alexa to describe their meds and issue reminders when to take them. You can call the new service convenient or you can call it creepy. No matter where you come out on that, it’s hard not to be impressed.

But wait, there’s more. Among the items in the Time magazine list of the best inventions of 2019 is a smart cane that is able to detect objects above chest level and sync with location apps such as Google Maps. There’s also a hearing aid that can talk, stream music and translate languages. In the process, it performs yet another neat trick- it banishes the usual hearing aid stigma. “It’s better than normal hearing,” explains the head techie behind the Starkey Livio AI. He wears his just because. 

In times like these, I don’t think much about whether, as the quiz show says, I’m “smarter than a fifth grader.” But I am keeping an eye on my appliances…

“You’ll never see me sitting on the couch and feeling sorry for myself. I put on my sneakers and I hit the road.”

– 86-year-old Ginette Bedard, 17-time competitor in the New York City Marathon

Fast Fact:

Distribution of Baby Boomer Financial Assets

Source: National Institute on Retirement Security, Financial Asset Inequality and its Implications for Retirement Security, Sept. 2019

 

At ALEX.fyi, we look beyond the savings “lump sum” and train our sights on the Magic Number- the actual amount of monthly income that a retiree can rely on. Here’s where we see eye-to-eye with the SECURE Act, the most significant retirement legislation in over a decade.

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Does the cliché of working until age 65 make sense for the generation starting their careers today? (Paywall)

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P.S. If you’re looking for another breakdown of the SECURE Act, try this one, brought to you by a top-notch think tank.