Whales cohabitate in pods. Lions thrive in prides. Owls
congregate in parliaments not to be outdone by a murder of crows. So what collective noun will be used for
gatherings of aging Homo sapiens? The
answer may very well be "norc". But first,
a thirty second discourse on evolution and anthropology.
Humans are tribal simply because it was the best way to
survive that daily trek from cave to water hole. Non-conformist Neanderthals who chose to
wander off may very well have won the admiration, if not astonishment, of their
fellow hunter-gatherers. But Nature took
a harsher view of these iconoclasts who were summarily eliminated from the gene
pool by the local saber tooth tiger.
Fast forward to today and look no further to the fanaticism
engendered by sports teams, political parties and religious sects to see tribalism
taken to the extreme. This extends to
the business world as well where group-think is a time-honored way to maintain
one’s station. Think about it, when was
the last time you were in a meeting where a mid-level manager contradicted a
high-level executive…? Exactly. And
those with the temerity to do so are inevitably given the opportunity to
contemplate their IRA rollover options.
We are hard-wired to survive and thrive in groups. But
this remains problematic for an aging population as families become separated
by work force mobility and societal norms (at least in the United States) that consider
the elderly a burden. So rather than get
left behind on the savannah to fend for themselves, what is there to do for
older Americans?
Naturally Occurring Retirement Communities (NORCs) are not-for-profit,
grass-roots entities that are helping to solve the dilemma faced by the elderly
who very much want to remain independent and above all else, avoid a nursing
home. Think of NORCs as a combination of
AARP and Angies’s List brought down to a local level. Essentially, NORC members pay annual dues
(typically several hundred dollars) and in return get access to multiple
services that can empower them to remain in their homes much longer than they
might have otherwise; a major objective of most retirees.
NORCs can provide access to pre-vetted repairmen who will
work at discounted rates. Ride share
programs are available that can help that visit to the doctor or physical therapy
much easier. And beyond these practical
services, NORCs provide a social outlet through academic lectures, trips to
local cultural institutions and seminars ranging from how to navigate a smart
phone to long-term care and estate planning (Wake up financial services
industry!). This is not to be discounted
as more and more elderly Americans, and women in particular who tend to outlive
men, are forced to live in social isolation.
This in turn makes the elderly increasingly vulnerable to financial
scams so there truly is strength in numbers.
It’s surprising that the power of NORCs has yet to be
embraced by the financial services industry which has a significant stake in
the lifestyles of the elderly and their families (code for cross-generational marketing). An organization with vision can help jump start the creation of NORCs by providing
coordination among local hospitals, universities and social services. Imagine
the loyalty that would result from helping a high net-worth client’s parents maintain a
dignified retirement lifestyle. Instead, the industry remains obsessed with the arcana of alternatives and other highly speculative investments.
If asked what is more important, the beta of
their bond portfolio or avoiding a nursing home, the answer from most seniors
would be quite clear. Something to
contemplate as that gaggle of geese flies overhead.
