One hundred years ago, the average American could expect to live only to age 50. Current life spans have lengthened dramatically since those days. At a time when 60 is the new 40, when people can look to spend about 30 years in retirement, and when 76 million Baby Boomers are headed in that direction, it’s time to pay attention to the new demands that the largest population in recent history is going to place upon society. Moving beyond concerns over short Social Security funds, we need to revisit this oft-written about generation and understand that, as the heirs to potentially the largest transfer of wealth in history, they will have the power to once again call the shots — and to launch businesses that cater to their new needs.

Baby Boomers have already rewritten many of the rules of culture and society. They are the original youth generation, and are poised to change current attitudes about aging. Their revolutionary interpretation of “the golden years” — defined primarily by the emphasis on wellness and longevity — will translate into economic opportunities for savvy business leaders. Sectors equipped to meet their new needs and wants, such as fashionable life enhancement products and life extension services, will become successful industries in their own right, while current practices common to the planning and location of communities, amenities and civic services will require a novel approach.