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September 2020

The Four Pillars of the New Retirement - Pillar 2: Family

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Last time, I discussed some of the findings about Health in the study, "The Four Pillars of the New Retirement," issued recently by Edward Jones in association with Age Wave and The Harris Poll. Health was one of four pillars covered in the study: Health, Family, Purpose and Finances.

"The Four Pillars of the New Retirement" was a major study comprised of a comprehensive examination of 100+ North American studies, articles and publications; in-depth interviews with subject matter experts and financial advisors; online forums and focus groups;  a survey of 9,000 adults across five generations (18+), including retirees and working-age individuals, in the U.S. and Canada fielded in May and June 2020; and exhaustive analysis by team members. As the COVID-19 pandemic spread, the study was paused and modified to include specific information about the effect of the virus on retirement.

Now for Pillar 2: Family.

It will certainly come as no surprise that retirees say family is "their greatest source of satisfaction, support, joy and even purpose," according to the report. What may be surprising, however, is that more than half of every generation thinks that family is defined not just by blood relations, but as "anyone I love and care for whether or not I am related to them." Fifty-seven percent of the Silent Generation feel that way, while 61 percent of Boomers agree. As you might expect, 67 percent of all Americans say the pandemic has brought their family closer together, but here's a sobering thought: COVID-19 has prompted nearly 30 million Americans to have end-of-life discussions for the first time.

Retirees have a strong sense of generational generosity: 71 percent of them said they would be willing to offer financial support to their family, even if it would jeopardize their own financial future. At the same time, 72 percent of retirees said that one of their biggest fears is becoming a burden on their families. 

While one might assume that younger generations think about inheriting material possessions, it is heartening to learn that 83 percent of younger adults say that memories, values and life lessons are the most important things to receive as an inheritance, according to the report. U.S. retirees feel much the same way, with 75 percent of them agreeing with younger generations on the importance of memories, values and life lessons vs. 25 percent seeing money, real estate and assets of financial value as most important.

Almost half (47 percent) of retirees worry about becoming more isolated as they grow older. Loneliness, however, seems to be more problematic for younger generations: The highest loneliness score is for Gen Z (48.3 percent), followed by Millennial (45.3 percent), Gen X (45.1 percent), Boomer (42.4 percent) and Silent Gen (38.6 percent).

Next time: Pillar 3: Purpose.

HappilyRewired.com is a Top 75 Baby Boomer Blog.

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The Four Pillars of the New Retirement - Pillar 1: Health

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In a previous post, I mentioned an important new study called "The Four Pillars of the New Retirement," issued recently by Edward Jones in association with Age Wave and The Harris Poll. Since then, I have had the opportunity to attend a webinar that presented the report's highlights, and I've also gained access to the full report. This information is so significant to Boomers that I am devoting several posts to cover each of the four pillars: Health, Family, Purpose and Finances.

Before discussing Health, here's a brief overview: This was a major study comprised of a comprehensive examination of 100+ North American studies, articles and publications; in-depth interviews with subject matter experts and financial advisors; online forums and focus groups;  a survey of 9,000 adults across five generations (18+), including retirees and working-age individuals, in the U.S. and Canada fielded in May and June 2020; and exhaustive analysis by team members. As the COVID-19 pandemic spread, the study was paused and modified to include specific information about the effect of the virus on retirement.

The term "new retirement" emerges from a first datapoint in the study: 55 percent of retirees define retirement as "a new chapter in life."

As for the impact of COVID-19, 29 percent of U.S. adults who plan to retire say the virus has made them consider retiring later, 10 percent say they will retire earlier, and 61 percent have not seen an impact on their plan to retire. One interesting observation about the virus: Its impact on people's ability to cope has been less severe as people age. Of the silent generation, 39 percent said they were coping "very well" and 56 percent said they were coping "somewhat well." Boomers had a similar response: 33 percent very well and 55 percent somewhat well. Younger generations, however, exhibit more stress: Gen X - 29 percent very well and 56 percent somewhat well, Millennials - 26 percent very well and 50 percent somewhat well, Gen Z - 21 percent very well and 55 percent somewhat well.

When asked if they have suffered a mental health decline since the COVID-19 pandemic, only 8 percent of the Silent Generation said yes. The percentages for other generations were: Boomer - 15 percent, Gen X - 25 percent, Millennial - 27 percent, Gen Z - 37 percent.

Pillar 1: Health

Pillar 1 presents a complex picture of aging statistics and the manner in which generations view health issues as they age. While 93 percent of retirees agree it's never too late to improve your health, only 55 percent say they maintain a healthy diet, and only 52 percent say they exercise regularly. Analysts call this an "intention/action gap." Of the Silent Generation, 34 percent rank their physical health as good to excellent, but 67 percent rank their mental health as good or excellent. For Boomers, the percentages are 34 percent and 62 percent respectively.

When the study data was analyzed by geographic area rather than age, 72 percent of those who live in a small town said their mental health was very good to excellent vs. 64 percent for suburb, 58 percent for rural area, and 58 percent for large city.

Retirees are concerned about brain health as they age. Almost a third (32 percent) said the condition they feared most in later life was Alzheimer's/dementia. Cancer was second (21 percent), followed by contagious disease such as COVID-19 and influenza (19 percent).

While the average life expectancy in the United States is 78.5, individuals are expected to spend ten years in poor health. Both lifespan and healthspan vary widely based on the state in which someone resides.

Next time: Pillar 2: Family.

HappilyRewired.com is a Top 75 Baby Boomer Blog.

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Is It Time to Become "Organized Radicals"?

Musings K-mitch-hodge-r3IE4JJLrFk-unsplashA recent article in The New York Times about the forgotten history of the Gray Panthers by author/professor Susan J. Douglas really resonated with me. Maybe you don't remember the Gray Panthers and their fiery founder, Maggie Kuhn, since they were active fifty years ago when Boomers were much younger. Their mission was to advocate on behalf of older Americans. Kuhn built the organization up to an impressive membership of 100,000 oldsters in more than 30 states by the late 1970s, writes Douglas. Kuhn was incensed at being forced to retire from her job at age 65, and equally disgusted by the "disengagement theory" popular at the time. This theory suggested "it was normal and natural for older people to simply withdraw from society."

Fast forward to 2020 and it might be easy to dismiss the Gray Panthers as just a bunch of angry radicals. After all, we have two septuagenarians running for President this year. But not so fast. While we could make a case that Americans over 65 are treated more equitably today, ageism remains a vexing problem in our society. Older workers are still very much discriminated against. The media is still very much biased against elders. Brand marketers and their agencies are still very much focused on youth, even though the real buying power is still in the hands of Boomers.

In her article, Douglas points to some of what Kuhn and the Gray Panthers fought against in the 70s: mandatory retirement ages, lack of accessibility in mass transportation, cuts in Social Security and Medicare, nursing home abuse, inequitable health care, negative stereotypes, racism and sexism. To Kuhn's credit, she embraced intergenerational alliances through the organization's motto, "Age and youth in action." She encouraged older and younger generations to work together instead of being at odds with one another. All of this sounds awfully familiar to me, so maybe things haven't changed so much.

Douglas writes that the demise of the Gray Panthers was caused, in part, because "there's been a shift away from activism on the part of older people and toward more institutionalized forms of political power." I would suggest another possibility: that after the 1960s and 1970s, Americans may have been feeling fatigued by activism in general.

Thankfully, we have seen a rebirth of activism, but today's activism is being channeled differently. It still focuses on racism, sexism and social injustice in general -- but not so much on ageism. While it is encouraging to see intergenerational forms of activism now, how many rallies are held in support of older Americans' rights? Despite our economic power, we seem to have taken a back seat when it comes to activism.

So is it time to follow the lead of the forgotten Gray Panthers? Do old people need to become "organized radicals," as Susan Douglas suggests? Or will our generation willingly "disengage" and become forgotten too? I welcome your thoughts.

HappilyRewired.com is a Top 75 Baby Boomer Blog.

Photo by K. Mitch Hodge on Unsplash

Read about 156 best and worst brands of the 50s and 60s!

 


A Great Time to "Intergenerate"

OnaWhim Hand-1549132_1920One of the lessons of COVID-19 is that connections with other people matter. Thankfully, despite isolation and social distancing, we have other ways to connect and communicate. While it is natural to gravitate to our peers, this is also a great time to connect with younger generations. One organization, Encore.org, is all about intergeneration connections. Through their "Gen2Gen" initiative, Encore.org is encouraging oldsters like us to find ways to interact with youngsters.

Encore's "10 Organizations Connecting Generations During the Pandemic" lists opportunities to make connections from your own home in ways that could be meaningful to both you and others. You can answer young people's career questions, you can be a young person's email pen pal, or you can engage in online mentoring. It's up to you how much time you'd like to invest and the means of communication you'd be interested in utilizing.

As Encore, reports, Boomers and older Americans aren't the only ones feeling the stress of pandemic isolation -- younger generations feel it too. A win-win situation could be intergenerational communication, says Encore: "While the pandemic continues to spread throughout the U.S., innovators — from all parts of the country and of all ages — are ushering in new ways to connect the generations, easing social isolation for both generations. They’re connecting strangers for caring calls, bringing together pen pals from different generations, and providing homework help to young people whose parents could use a break."

Encore.org is a great resource for remote intergenerational activities, but chances are there are opportunities in your local community to make connections with younger generations that don't involve face-to-face contact. It could be a refreshing, revitalizing experience at a time when we all need a lift.

HappilyRewired.com is a Top 75 Baby Boomer Blog.

Image by 41330 from Pixabay

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How Old is Too Old?

Musings Old-2742052_1920I recently attended an online talk co-sponsored by the American Federation for Aging Research and Prevention magazine. The speaker was Dr. Nir Barzilai. In addition to being a professor at the Albert Einstein College of Medicine, Dr. Barzilai is that school's Chair of Aging Research and founding director of the Institute for Aging Research. He is also the author of the new book, Age Later: Health Span, Life Span, and the New Science of Longevity

Dr. Barzilai discussed, in layman's terms, his breakthrough research on aging. He primarily studies centenarians to assess the effects of aging and, more specifically, to better understand why those over 100 years of age live longer. The most compelling question Dr. Barzilai tries to answer is, "Can we prevent or delay aging?" He believes the answer is Yes. In his book Dr. Barzilai writes:

"Many centenarians pass the hundred-year mark almost effortlessly. Whereas most people are ill for an average of five to eight years prior to death, centenarians tend to maintain most of their abilities and are ill for only about five to eight months before their deaths. ... Many of them have some limitations... But the major diseases are delayed, and at the age of their retirement, many of them were not seeing a doctor and had no medical expenses."

Why do these folks live longer? Dr. Barzilai writes, "for most people, genetics are responsible for about 20 - 25 percent of aging and the environment is responsible for the rest. But the statistics are vastly different for centenarians, whose genes are about 75 - 80 percent responsible for how they age and the environment accounts for only about 20 percent." In other words, the older you get, genetics play a more important role; in fact, "strong data suggests that exceptional longevity runs in families..."

However, Dr. Barzilai pointed out during his talk that we can do things that will have a very positive environmental impact on aging, such as (not surprisingly) exercising and maintaining a sensible diet. One of the great benefits of exercise, for instance, is that is strengthens our immunity and helps prevent disease. It is also extremely helpful to stay vital and engaged. Dr. Barzilai shared a video of a 105-year old man who literally never retired -- he continued to gain satisfaction and stimulation from going to work every single day until his death a few years later.

Some day, medical science is likely to provide a big boost to longevity. In the mean time, we can look at centenarians as proof that no one is "too old" to live a healthy, productive life.

HappilyRewired.com is a Top 75 Baby Boomer Blog.

Image by Nathan Wright from Pixabay

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