Last September, I published four posts about the "Four Pillars of the New Retirement," a landmark study by Edward Jones, Age Wave and The Harris Poll that delved into living well in retirement in four key areas: Health, Family, Purpose and Finances.  This study has now been updated to reflect the specific impact of the COVID-19 pandemic on the perceptions of each generation about retirement; the new study is appropriately titled "What a Difference a Year Makes."

According to the study, 76 percent of Americans across all generations say the pandemic helped them "refocus on what's most important in life." There were other important statistics that came out of the study. I've cherry-picked a few data points that should be of most interest to Boomers:

• 61 percent of retirees say the pandemic gave them "more appreciation for what makes life meaningful"
• 53 percent of retirees say they now have “greater empathy and compassion for people who are struggling in ways that they are not”
• 69 percent of retirees believe "having a sense of purpose in life is important to achieving optimal wellbeing"
• 67 percent of retirees say "spending time with loved ones provides them with the greatest source of meaning, purpose and fulfillment"
• nearly all retirees (93 percent) believe it’s important to feel useful in retirement, and 87 percent agree that being useful actually “makes them feel youthful”
• 89 percent of retirees now believe “there should be more ways for retirees to put their talents and knowledge to use for the benefit of their communities and society”
• 66 percent of pre-retirees age 50-plus now cite healthcare and long-term care expenses as a major worry
• 70 percent of Americans across all generations see the pandemic as a "financial wake-up call," and 69 million people say the pandemic altered their retirement timing.

The creators of the study reached some interesting conclusions, among them:

1. "Powerful forces have converged to reshape retirement, including the COVID-19 pandemic, altering retirement timing and savings for tens of millions of Americans."
2. "The financial fallout from the pandemic has been unequally distributed."
3. "Women's confidence in their retirement savings continues to drop while men's is rebounding."
4. There is a potential wellspring of retirees interested in being a force for social good."
5. The majority of retirees wish they had done a better job planning for both the financial and the non-financial aspects of retirement."

I would add my own reflection on the study: Americans in general, and Boomers in particular, have proven to be remarkably resilient. Even in the face of crisis and tragedy, Boomers find a way to rise up and prevail.

You can download a copy of both the original and updated studies here:
https://www.edwardjones.com/us-en/market-news-insights/retirement/new-retirement

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Consider this scenario: An elderly widow, now approaching 98 years of age, lives alone in a one-bedroom apartment. Despite being hard of hearing, suffering from an increasing loss of short-term memory and depending on supplemental oxygen, she is otherwise in remarkably good health. Fiercely independent, she insists on continuing to live by herself. She can still handle the basic tasks of daily living. Her daughter, who lives nearby, visits regularly to walk her dog, buy groceries, provide socialization and more. Only recently has the widow accepted weekly visits from a home health aide. She is adamant about living independently and resists the notion of entering an assisted living facility.

This type of situation is real. It is playing out all across the nation when older people choose to "age in place." As I wrote in a previous post, according to The Center for Aging in Place, "Aging in Place is a national movement to enable people to stay in their own homes as they grow older by making available the social support, health care, and home maintenance services they require to live happy, productive lives in the community."

In theory, aging in place is a noble concept. In practice, maybe it isn't so great. In the scenario above, the independence the elderly woman perceives she has is simulated. She is housebound, feeble (she has already fallen twice) and largely dependent on her daughter or a caregiver. It is just a matter of time before she will need daily care in her home if she remains there. Entering an assisted living facility may appear to be a more suitable alternative, but such facilities have their shortcomings, which might include high cost and low quality of care.

Many in the Boomer generation seem to embrace the idea of aging in place, but we have to distinguish desire from practicality.  “The vast majority of people want to stay in their homes as they age, and most homes in this country aren’t designed to allow that to happen,” Dr. Rodney Harrell, AARP's VP for Family, Home and Community, tells The New York Times. The Times reports that "AARP recently introduced HomeFit, a free augmented reality app on iOS that can scan a room and suggest improvements to help turn a house into a 'lifelong home,' free from safety and mobility risks. It is an extension of the organization’s extensive HomeFit Guide, which is available online."

Apps and guides are all well and good, but they may obscure the real question: How wise it for an elderly person to age in place? Safety appears to be a key concern: According to The Times, "The website for the Centers for Disease Control and Prevention shows that for adults 65 years and older, $50 billion is spent annually on medical costs related to nonfatal fall injuries and $754 million is spent related to fatal falls."

The patchwork solutions we currently have in our society for aging in place are less than adequate. If we Boomers choose to age in place, we will likely need to make some significant changes to be able to remain in our "Home Sweet Home."

Photo by Cristian Newman on Unsplash

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A leading consumer research organization, Wunderman Thompson, reports that Boomers are "turning to online tools, apps, and systems with increasing enthusiasm to stay connected and stocked." Two of the statistics the analysis cites are strong evidence:

• The 50 to 64 age group uses Facebook more than the age groups just above and below them. (Pew Research Center)
• Consumers over the age of 65 are the fastest growing group of online shoppers. (NPD Group)

Check out these additional impressive statistics from various sources as reported by Herosmyth:

• 57 percent of Boomers use tablets as compared to 35 percent of Millennials. (Nielsen)
• 60 percent of Boomers follow brands on social media for deals and promotions. (Sprout Social)
• 70 percent of Boomers who use Facebook log into the social media network daily. (PRC)
• 85 percent of Boomers research products on their web browsers. (Synchrony)
• 66 percent of Boomers make regular purchases on web devices. (Immersion Active)
• Over 25 percent of Boomers consume 20 hours or more of online content each week. (BuzzStream x Fractl)

When I wrote about the online shift in a previous post, I noted that the pandemic has encouraged Boomers to dramatically increase their usage of online shopping/delivery/meal prep apps as well as participation in video chatting and online education. The NPD Group says consumers 65 and over spent 49 percent more online in 2020 than they did in 2019.  Still, it isn't as if Boomers were shying away from technology previously -- during the pandemic, they just depended on it even more.

Computer technology phobia is one of the many myths used to marginalize Boomers. Persistent ageism is likely to lead to the perception that Boomers are intimidated by computer technology and don't embrace it as do younger generations. Lots of folks, including brand marketers, media agencies and the news media, seem to forget that the computer technology revolution started on our watch. If anything, we became comfortable with hi tech before it was fashionable. Sure, we need to keep current on the latest changes and advances, but no more than everyone else.

So my fellow Boomers, don't let others play the age card and paint you as a technophobe or worse, a doddering old Luddite. That perception couldn't be more wrong.

Photo by Dayne Topkin on Unsplash

HappilyRewired.com is a Wearever Top 20 Senior Blog and a Top 75 Baby Boomer Blog

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