Tag Archives for retirement

Retirees reflect on financial fragility of retirement

Published in RINewsToday on December 9, 2024

Literally just hot off the press… the Los Angeles, California-based nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute®, released the findings of its 24 Annual Transamerica Retirement survey.  Considered to be one of the largest and longest running annual surveys of its kind, its findings paint a picture of being retired in America.

Retiree life in the post-pandemic economy examines the health and well-being, personal finances, and retirement security of U.S. retirees no longer working. The report’s analysis was prepared by the research team at Transamerica Institute and TCRS. The 25-minute online survey was conducted within the U.S. by The Harris Poll on behalf of Transamerica Institute between September 14 and October 23, 2023, among a nationally representative sample of 10,002 people, including a subsample of 2,404 retirees who are retired and do not work.

Shedding light on the many facets of retirement

According to TCRS’s retirement survey, released on Nov. 26th, fewer than one in four retirees (23%) say they are very confident and able to maintain a comfortable lifestyle throughout their retirement.

“Retirement brings freedom and time for personal pursuits,” said Catherine Collinson, CEO and president of Transamerica Institute and TCRS in a statement announcing the release of the 76-page report. “However, retirees are living on a fixed income with limited financial resources. Many would be unable to withstand a major financial shock, such as the need to pay for long-term care. Retirees’ fragile financial situation serves as a cautionary tale that underscores the imperative for strengthening our retirement system,” she says.

“Many retirees may wonder what they could have done differently to save and plan for retirement, and many may feel they have done everything right but still came up short,” adds Collinson. “In reality, over their working careers, the world has changed, the retirement landscape has evolved, and the need to self-fund a greater portion of one’s retirement income has intensified,” she said.  

Based on the report’s findings, retirees are active and engaged in meaningful ways. As retirees, they are:

·         spending more time with family and friends (58%)

·         pursuing hobbies (43%)

·         traveling (36%)

·         taking care of their grandchildren (19%)

·         doing volunteer work (16%)

·         caregiving (10%)

Although most retirees express a positive feeling about life, others say they are distressed.  Most retirees say they are:

·         generally happy (89%)

·         have close relationships with family and friends (88%)

·         enjoying life (86%)

·         have a positive view of aging (79%)

·         have a strong sense of purpose (79%)

·         have an active social life (53%)

However, three in 10 retirees (30%) have financial trouble in making ends meet, 27% indicate they often feel unmotivated and overwhelmed, 24% often feel anxious and depressed, and 17% are isolated and lonely.

Retirees who retired before the age of 65 are cutting short their working years and income, a situation that could inevitably lead to a decrease in their retirement income. Almost six in 10 retirees say they retired sooner than planned (58%) and, among them, almost half did so for personal health-related reasons (46%) and employment-related issues (43%), while 20% did so for family-related reasons. Only one in five (21%) retired early because they were financially able.

Retirees are struggling to juggle competing financial priorities and debt, the findings indicate. Retirees’ say their current top financial priorities include

·         building emergency savings (31%)

·         just getting by to cover basic living expenses (29%)

·         continuing to save for retirement (24%)

·         paying off one or more forms of debt as a current financial priority (45%)

o    paying off credit cards (30%), paying off mortgages (20%), paying off other consumer debt (10%), and paying off student loans (3%).

The survey found that the retiree’s greatest retirement fears centered around money and health issues.  Forty-two percent expressed fear that Social Security will be reduced or may cease to exist in the future.  Almost six in 10 retirees (58%) expect Social Security to be their primary source of income throughout their retirement, reinforcing their view that the retirement program is the cornerstone of their retirement income.

Retiring before age 65 impacts your Social Security benefit. Retirees currently receiving Social Security started at age 63 (median) which translates to a lower monthly benefit than if they had waited until their full retirement age of 66 or 67, depending on the year they were born. Only 4% of retirees waited until age 70 or later which would have maximized their monthly benefit, noted the report.

Additionally, the retirees fear declining health that requires long-term care (37%), losing their independence (32%), outliving their savings and investments (32%), and cognitive decline, dementia, or Alzheimer’s (28%).

Fear of unanticipated costly long-term care

Only 13% of retirees are very confident they would be able to afford long-term care, if needed – and only 13% have long-term care insurance, noted the findings. When asked if their health declines and they need help with daily activities and/or nursing care, almost half of retirees (48%) say they plan to rely on family members and friends to provide such care. Moreover, relatively few retirees have codified their wishes in legal documents such as powers of attorney and advance directives.

Annual Income

The survey respondents had an annual household income of $55,000 (estimated median) as of late 2023 with more than one-third of retirees (36%) having an income of less than $50,000. Retirees’ household savings excluding home equity were $71,000 (estimated median) in 2023.

Untapped opportunities might be helpful to retirees in strengthening their finances.The researchers say that retirees need to be fully engaged in financial planning or taking steps that could improve their overall situation. Only 24% indicate they have “a lot” of working knowledge about personal finance, 19% have a financial strategy for retirement in the form of a written plan, and just 7% frequently discuss saving, investing, and retirement planning with family and close friends. Only one in three (33%) use a professional financial advisor.

“Many retirees may wonder what they could have done differently to save and plan for retirement, and many may feel they have done everything right but still came up short,” said Collinson. “In reality, over their working careers, the world has changed, the retirement landscape has evolved, and the need to self-fund a greater portion of one’s retirement income has intensified.”

Thoughts about Retirement in the Ocean State    

“I can confidently say there’s less road ahead to retirement than there is behind me,” quips Kemal Saatcioglu, Ph.D., associate professor and chair of the Economics and Finance Department at Rhode Island College (RIC). “Going through this report was an eye opener even for me and I came away with a mix of inspiration, awareness, and a sense of urgency,” he says.

“Asnoted in this report, the retirees’ ability to find purpose, freedom, and joy, even amid challenges shows the resiliency and flexibility we all possess, notes the RIC Professor.  “Knowing that many retirees successfully navigate these waters is inspiring and is a motivator for getting into retirement planning with confidence,” he adds.

According to Saatcioglu, the report is a wake-up call for retirees. The data clearly indicates that they, in general, can be better prepared.  “The statistics about limited savings, reliance on Social Security, and the lack of written financial plans might push those of us nearing retirement to re-evaluate our financial readiness. The survey data will likely create motivation to consult a financial advisor to ensure better use of available resources,” he says. 

Saatcioglu calls the points about life expectancy and the length of retirement striking. “While it may be daunting at first to consider how 15 to 20 years could stretch retirement savings, prioritizing strategies for sustainability, such as long-term care insurance or budgeting for healthcare costs are great steps to take,” he says, especially the importance of mental health and stress management also encourages a more holistic view of our overall well-being.

Retirees must recognize local challenges and strengths. “Granted Rhode Island is not the most retirement friendly state. Higher costs of living, especially on housing, utilities, and food, and less than a friendly tax environment are challenges but knowing about them ahead of time and taking steps early on can mitigate those challenges,” recommends Saatcioglu.

Finally, Saatcioglu believes that the survey creates a motivation to take action—whether it’s updating financial plans, discussing retirement goals with family, or exploring community resources. Retirement can be an exciting, and rather long, stage of life, as long as proactive steps are taken now.

Maureen Maigret, Policy Advisor for the Senior Agenda Coalition, notes that the findings of the Transamerica report align with what older Rhode Islanders are concerned with in terms of their economic security, especially the  cost of healthcare and housing, worries about being able to afford any needed long-term services and a lack of planning to meet those need.  “Adding to those worries is uncertainty about possible proposed changes from a new federal administration for two of the most valuable programs for older adults – Social Security and Medicare,” she says.

According to Maigret, the Senior Agenda Coalition of RI (SACRI) has advocated to enhance the economic security of older Rhode Islanders.  She stated that a recent SACRI survey found the costs for health care and housing were priority issues for the state’s older population.  “That’s why we will continue to work in 2025 to expand the Medicare Savings Program to increase its income eligibility so lower-income older adults and persons on Medicare will be able to get their Medicare Part B premium covered and in some cases co-payments,” she says, also stressing the importance of ensurng that the housing bond funds are targeted toward developing more affordable housing options for older adults.  

“I deeply appreciate the insights in this report. It highlights the importance of proactive retirement planning and the emotional and financial complexities retirees face in the post-pandemic economy,” says Josh Wells, CEO of The Retirement Factory, who stresses the importance of balancing the emotional and financial aspects of retirement.

According to Wells, retirees often feel the weight of navigating Social Security decisions or managing healthcare costs. This report underscores that many retirees are unsure about these critical choices, with only 7% frequently discussing retirement planning with family or friends and just 33% using a financial advisor. ”It’s a powerful reminder that education and open dialogue are key to achieving retirement confidence,” he says.

“Rhode Island retirees exemplify resilience and adaptability in the face of change,” says Wells.  “The report highlights that 70% of retirees feel confident about maintaining a comfortable lifestyle, even amidst financial and health challenges. For Ocean State retirees, this confidence is bolstered by state-specific benefits such as the ability to exclude up to $20,000 of retirement income from state taxes for those at full retirement age and meeting income thresholds, as well as property tax relief of up to $600 for eligible seniors with limited incomes,” he says, noting that these program reflect “the state’s commitment to supporting its senior population, enabling retirees to plan carefully, stay connected to their communities, and enjoy a fulfilling retirement.”

Like the report’s findings, RI retirees are juggling competing financial priorities, especially with only a minimal 2024 increase in their ERSRI pension, says Sandra Paquette, representing the Advocates for Cost of Living Adjustment (COLA) Restoration and Pension Reform. Of equal, often ignored significance, these retirees have been deprived of 13 years of potential savings,” she says.

“By unjustly removing a COLA, the former teachers, state workers and some municipal employees  have been plunged into survival mode, where limited, fixed incomes are barely sufficient to cover necessities and essentials. In many instances, choices must be made among prescriptions, heating and food– by individuals who spent a lifetime of service, and of contributing  to their retirement benefits,” adds Paquette.

For a copy of Transamerica Center for Retirement Studies’ new report, go to https://www.transamericainstitute.org/research/publications/details/retiree-life-in-the-post-pandemic-economy-2024.

AARP study on older adult stereotypes in on-line images. We think they can help

Published in RINewsToday on September 30, 2024

Following on the heels of an intense national media debate of President Joe Biden’s age and his ability to govern, a new AARP study finds a positive shift over the past five years in how adults 50-plus are portrayed online in marketing and media imagery. Researchers found that negative sentiment in online media and marketing images dropped from 28% in 2018 to just 10% in 2023.

AARP’s analysis compared images from 2018 to 2023, revealing the strengths and limitations in how aging is portrayed in media and marketing.  

AARP’s Media Landscape Review analyzed a random sample of over 1,000 online images and 500 videos featuring adults 50-plus from brands and thought leaders posted on news sites and social media with at least two million followers or readers. But political content was excluded.

According to Lauren Goodson, AARP Research Director of Growth, Enablement & Membership, AARP conducted the initial study to demonstrate the opportunity for companies/brands to more accurately and honestly represent older adults. The 2018 study found 28% of online images portrayed adults 50-plus in a negative manner compared to just 4% of those under the age of 50. “We are encouraged to see that efforts by AARP and other organizations to raise concerns about ageism have resulted in significant improvement over the past 5 years, says Goodson, noting that no decisions have yet been made about a third wave of the study.

The research findings indicated that the age 50 and over population is pictured as more active and independent, less fearful, and more likely to use technology, reflecting a growing recognition of older adults’ active lifestyles and valuable engagement in society.

While the results were promising about the decrease of ageism on the internet, note researchers, they stressed that challenges still remain.  Social media images of older workers aged 50 and over in the workplace remained unrealistically rare, they say, while depictions of this age group spending time with family actually fell over the past five years.

“At AARP, we have been leading the fight to combat ageism in marketing and media imagery, and it looks like the creative industry is starting to really listen,” said AARP Chief Communications and Marketing Officer Martha Boudreau, in a Sept. 23 statement announcing the study’s findings. “As the old saying goes, a picture is worth a thousand words. In the age of social media, and with the ubiquity of advertising across people’s daily lives, this is truer than ever. The images we see shape what we think and can even influence how we act towards one another. Progress has been made in improving how 50-plus adults are portrayed but we still have a lot of work to do. Studies like these point the way forward and give us a solid roadmap for how to continue to make things better,” she adds.

AARP’s study details positive improvements showing a shift “from decline to vitality.” For instance, aging was viewed as more active than before.  The researchers say that the portrayal of America’s older adults has “moved from fear-based, with an emphasis on financial and medical themes, to active and healthy lifestyles.  When reviewing on-line images and videos, findings show that 26% of people 50-plus shown in images were physically active, compared to 15% in 2018.

The AARP research findings revealed a striking increase in depictions of adults 50-plus using technology. In 2023, 33% of images showed people 50-plus using tech devices, up from just 4% in 2018.  The study’s findings, indicating an uptick in the use of tech devices, better reflects this age cohort’s acceptance of technology, challenging outdated ageist stereotypes and highlighting the reality of their digital use.

As they age, nearly 80 percent of America’s older adults aged 50 and over want to age in place in their community, choosing not to be placed in an assisted living or nursing facilities.  The study showing 73 % of static images showing people at home vs. 39 % in 2018, reflects that this trend has been more visibly reflected in media in recent years

Meanwhile, just 8% of static images showed people in a retirement community compared to 15% in 2018. The researchers say it’s a sign that retirement centers are less likely to be the visual shorthand for aging, with recent images elevating independence over medical worries or reliance on assistance.

Even with positive changes, there is more room for improvement especially with portrayal of older adults in the workplace.  Despite older workers making up over one-third of the workforce, the study found only 14% of social media images show age 50 and older adults at work, this being almost unchanged from 13 % in 2018. Researchers say, “this under representation misses both on what people 50-plus are adding to the economy and what long, satisfying careers are adding to their lives.” Also, how long people are working or have gone back to work due to outliving income streams, a negative, but realistic image.

As to mobility challenges, AARP’s study reveals a substantial gap in representing mobility challenges among age 50 and over adults.  The findings indicate that only 1% of images show consumers with mobility aids, despite 12% of these older adults, in fact, regularly using a mobility device for assistance walking or navigating stairs. 

Finally, the study found a significant decline compared to 2018 in people aged 50 and older shown in multi-generational families. There was a significant decline compared to 2018 in these older adults shown in a family situation (17% to 9%) or with their grandchildren (13% to 6%), this suggesting a major opportunity for social media to more accurately reflect an important source of joy and meaning for many over 50. This finding suggests a need for the social media and marketing companies to better portray the important family roles and relationships older adults have, as these connections become more significant as one ages.

Finally, the research tracked still images and video content, with video proving to be more successful at showing adults 50-plus interacting with others, outside the home and using technology.

Every picture tells a story, don’t it?

“Those of us in communications often search for images to use to accompany stories, says Nancy Thomas, publisher of RINewsToday, a state-wide new site, noting that usually original images, with credits to photographers and artists are used. “Whether we buy them from a photographer or image service or use ones provided in what is called a Media Library on such platforms as WordPress, searching for just that right image to illustrate an article we’re publishing can be extremely difficult if the image you want is first that of an “older person,” admits Thomas.

Thomas, who ran a marketing company and held senior communications positions for over 30 years, says “it’s the hardest search we’ll do.”

According to Thomas, common searches for “a dog and family,” a “child in daycare”, “people camping” or “networking” are pretty simple, but it is more difficult to find group shots featuring accurate age spectrums and finding no person looking older than 40. “Looking back years ago,” she says, “there were no people of color, but today that has changed significantly.”

“But older people? Aging? You might find them in a nursing home setting, in a bed, with a younger person holding their hand. And then there is the active couple, running gently at the water’s edge. Or sitting at a Thanksgiving table,” quips Thomas.

“But to find an older person at work? At a training meeting? Maybe even doing the training?  It’s hard to find. At a computer? Only if someone is at their shoulder, ‘helping them’. But no doctors – they all look 30 years old. No accountants. No writers. Or even people in therapy. All young,” she says.

“It’s a conundrum, and entirely unfair for small communication and marking firms and news sites. “We’ve written to WordPress expressing our suggestion that the next time they make paid assignments to add to their Media Library they think about common images to show older people in everyday settings. At work. Watching television. Cooking. Doing art. Having a spa day. At the playground with their grandchildren. Shopping. As the medical expert. Or technician,” says Thomas, noting that “All images amazingly absent.”

Thomas adds: “When we do find images of older men and women, how often are they in muted colors? Wearing sweaters. Or, of course, there are the handsomely grey-haired men with the twinkle in their eye.  We wonder what AI will bring to the table, being programmed, as it were, by younger people?  Request an image of grandma and grandpa playing with their newborn grandchild – see what you get,” she asks.

“Let’s push back against being seen, regardless of our age, as either “the wealthy” or “the impoverished” – most of us, regardless of our age, are somewhere floating up and down in the middle. A healthy dose of realism led by the photographs we show, and the images we keep, is due all the way around,” says Thomas. 

A suggestion for AARP – beyond studies – to solution!

Thomas went on to suggest one thing AARP could change much of this. They could create a bank of photos that groups could use with “approved” AARP images (even giving an AARP credit line so small websites and publication sites could dramatically improve their images overnight – not only would AARP be creating an almost instant solution, they could add a small fee to subscribe to the service that would help fund their future studies into issues of concern for aging Americans.

On-line Imagery Should Accurately Reflect Society

According to Betty Galligan, APR, president of Pawtucket-based Newberry Public Relations and Marketing, as the AARP study points out, the creative media industry has a long way to go in portraying life as an older person in today’s society. In addition to photo and video imagery on news sites and social media platforms, streaming video content is an opportunity that holds a lot of influence to normalize the way we see 50-plus adults. “It would be wonderful to see a romantic series or movie featuring an older leading man or woman who uses a wheelchair or walker to get around. Or to show more older heroes and heroines in the workplace. “The Intern” movie with Robert DeNiro and Anne Hathaway comes to mind, as does the stereotype of Meryl Streep’s character in “The Devil Wears Prada”,” she says.

Online media shapes and informs public opinion, and its influence is evident in the way people view older adults, says Galligan. “The recently released AARP study reveals a positive shift because the 50-plus population today is indeed way more active than in past generations,” she said.

 “We all know a grandparent who is using text messaging, TikTok and technology to keep up with their grandchildren. We also know older folks who are athletic and energetic well into their 80s, sometimes more so than their younger counterparts. Marketing imagery should hold up the proverbial mirror to society and reflect this,” adds Galligan, who has worked in the Boston and Providence advertising sector for nearly 40 years.

In the past, successful advertising and marketing was ideally aspirational, reflecting what consumers desire to be versus what they actually are,” observes Galligan. “At its core, it can be deceptive. Images depicting stereotypes of a thin model smoking, for example, drove sales for cigarette brands especially among women who used smoking as a diet aid,” she said, stressing that today’s realism is in vogue.

“Popular reality TV shows, the “celebrification” of ordinary people, citizen  journalism on social media platforms all play a role in portraying the average person (including older adults) in ways we’ve not experienced before,” notes Galligan.

Galligan notes that people are healthier than in past decades, living longer and with more vitality. In general, the 50-plus market segment has greater disposable income, so it’s no wonder that brands are embracing this demographic reality. “Marketing has become bolder and more inclusive than before – case in point, ads depicting older same-gender couples and ladies wearing disposable garments for incontinence, says Galligan.

To get AARP’s 2018 Media Landscape review, go to https://www.aarp.org/research/topics/life/info-2019/age-representation-in-online-media-images.html.

To get AARP’s latest (2024) latest Media Landscape review, go to:

https://www.aarp.org/content/dam/aarp/research/topics/aging-experience/demographics/ageism-online-media.doi.10.26419-2Fres.00852.001.pdf.

Learn more about this study at AARP.org/50plusmedia.

Age Wave study sees shift in how nation perceives aging

Published in RINewsToday on September 11, 2023

“Old Age” enters a new age.  That’s how Age Wave sees it after releasing its new Harris Poll results, revealing that the graying of America is shifting how the nation views growing old and its perception on longevity, health, retirement and sense of purpose.  

“Everywhere we turn in American culture today, we see signs that we’ve entered a new age of aging. Bruce Springsteen is selling out concerts at the age of 73; Martha Stewart is a Sports Illustrated Swimsuit cover model at 81; Warren Buffet continues to dispense financial wisdom at 92. “Old age isn’t what it used to be” has become a familiar refrain,” says Age Wave’s statement released in April 2023, announcing the study’s results. 

“This is the first study of its kind. There have been many studies about aging and longevity. We at Age Wave have conducted dozens of them in the United States and all over the world, but never one quite like this. For The New Age of Aging study, we cooked up a series of questions we thought would yield very unusual and provocative answers, and we were not disappointed,” says Ken Dychtwald, Ph.D., CEO of Age Wave, a California-based think tank focusing on the lifestyle, marketing, healthcare, economic, leisure, workforce, and political implications of the age wave.  He is also the author of 19 books including his new memoir Radical Curiosity: My Ride on the Age Wave.

A new aging normal

The Age Wave study, The New Age of Aging, found that 79% of adults aged 50 and over think today’s older adults are far more active, and 58% say they are more open-minded and curious compared with the previous generation.

The study’s findings reveal that the nation’s definition of what’s considered to be “old” is also dramatically changing. While age 60 was considered “old” in their grandparents’ day, now age 80 is the median age considered to be “old” today, the report’s authors researchers say, noting that with these changes, vocabulary is starting to shift, too.  “Sixty-nine percent of U.S adults aged 50 and over find the term “longevity” more appealing to use than the term “aging. the survey found.  

Eighty three percent of the respondents say it’s more important for them to feel “useful” and have a continued sense of purpose than striving for being “youthful” in their retirement years. 

Life lessons are the most importance legacy we can leave before our passing, say the study report’s authors. “The study shows that 65% of adults 50+ think that values and life lessons are the most important thing to pass onto their heirs and loved ones. Only 22% said financial assets and/or real estate were the most important. 

According to the report’s authors, with longevity, “anxiety plummets while happiness soars.” The study’s findings indicate that today’s older adults feel happier, freer, and less anxiety-ridden than younger generations. And they aren’t looking back, reflecting on the good old times.  Seventy one percent say the best time of their lives is right now or in front of them, the findings indicate.

Today’s definition of “retirement” is also changing with the nation’s shift in the perception of growing old and the long-held cultural beliefs and social norms as how they are supposed to look and act. The study found that 97% of adults over age 65 agreed that it’s important to stay curious and be willing to learn new things throughout life’s later years. Similarly, 66% of Americans aged 50 and over see retirement as a new chapter in life, while only 16% say it’s principally a time for rest and relaxation. 

Retirement is not just sitting on a rocking chair or taking trips. With increasing longevity and the nation’s changing views of retirement, 59% of pre-retirees and retirees say they want to work in some form in retirement, say the researchers, noting that employee benefits like flex-work, remote-work, sabbaticals, and paid leave can help retain these older workers. 

 Reflections on Age Wave’s new study

“Aging has finally come of age,” said Dychtwald. Workplaces, homes, medical systems, transportation, shopping centers, lifelong education, digital technology, and social media must all adapt to meet the demographic realities of this new age of aging,” he says.

Dychtwald sees a changing media’s marketing message is reflecting the nation’s changing perception of growing older.

In the 1990s, a client, Lou Gerstner, CEO of American Express, asked to see “all of the great 50+ oriented TV ads” being shown at that time. “Amazingly, on all of television, there were only four ads that featured anyone over 50. There was Mr. Whipple, who squeezed toilet paper in the supermarket. There was a gal named Clara Peller who was in a Wendy’s ad yelling, “Where’s the beef?” There was Mrs. Olson from Folgers Coffee. And then there’s our friend Wilford Brimley, who became the spokesperson for Quaker Oats,” remarked Dychtwald.  

“Look at ads today and we see not only diversity, equity, and inclusion in terms of people’s racial and ethnic backgrounds, but also in terms of age and generations. We see multigenerational families. We see older people and younger people together. There’s no question that we’re entering what we set out to study—a new age of aging,” he says.

Dychtwald observes that a few powerful global forces are converging to create a new age of aging.  “We had a bit of a backslide during COVID, but we are still living far longer than humans have ever lived before. “Throughout 99 % human history, the average life expectancy was under 18 years. At the start of the 20th Century, life expectancy in the U.S. was 47 years. Today it’s around 77, says the Age Wave Study.  

However, the study also notes that for decades while lifespans have been extended, a person’s health span (i.e., the years of dependable good health) have not kept up, remaining at an age of 66 years. Americans will spend a median of 12 years living with a disability or serious disease. Looking globally, the U.S. ranks #1 in healthcare expenditures per capita but only #68 in healthy life expectancy.

Dychtwald calls for an integrated health care system. “If you’re the 60, or 70, or 80, or 90-year-old wandering through the health care system, it’s confusing. It’s like a bowl of spaghetti. You might have three doctors who don’t talk to each other, and you might have lots of different medications. And nobody’s ever really studied if you should be taking all those medications at the same time, what’s called polypharmacy.

Further, it can be difficult knowing how to access a particular health care system, particularly if you’re of lower income or perhaps English is your second language. Or you may live in a rural community where health care is not easily accessible. That’s simply not fair. We ought to be able to create healthy longevity for everyone, he says.

The second global force that’s helping to create this new age of aging is declining fertility, notes Dychtwald. “There’s not one country in Europe that’s having enough kids to replace themselves. We’re near replacement level in the U.S., which is 2.1 kids per family. But that’s not enough for young people to balance out older people in our population,” he adds.

“Over the next 30 years, our 65 and over population is going to grow by 53%. The third global force that comes into play is younger generations replacing our new older population. “It’s not our grandmas or grandpas who are becoming the older people of today and tomorrow. It’s the Baby Boomers and Gen Xers who have a big appetite for trying new things, and who think of this as a “third age” of life. It’s not necessarily a time to wind down, but maybe a time to try new things, to go back to school, to fall in love again. It’s a time to volunteer or get involved with your church or mosque or synagogue, or maybe to make new friends and maybe even make new friends across generations,” he says.

Capability Vs. Age in choosing political leaders

While Age Wave’s study didn’t gauge the older respondents views as to how they felt about older political leaders, Dychtwald has his personal views.  Political leaders should be chosen because of their capacity to make decisions as well as their intelligence and decency as human beings., he says. “They may be 30, they may be 50, they may be 80. We’ve somehow turned a lot of our political races into a WrestleMania competition, where we make fun of people if they’re too short or if they move too slowly—if, they have extra body weight or they’re at a certain age,” he says.

“I think what’s more important is capability than age. But it is true that older people are more and more present in the political arena and running for or holding very high-level offices. And there’s some worry about that,” he says, asking these questions: “What happens if they stumble and fall? What happens if they have cognitive impairment? What happens if they don’t make the right decision?”

On behalf of Age Wave, the Harris Poll conducted an online, nationally representative survey among 2,054 U.S. adults ages 18+, including 934 adults ages 50+ from June 6-8, 2023. Results were weighted to bring them into line with their actual proportions in the population.

For a copy of Age Wave’s study report, The New Age of Aging, go to https://agewave.com/wp-content/uploads/2023/08/08-07-23-Age-Wave-The-New-Age-of-Aging-Report_FINAL.pdf.

To know more about Age Wave’s reports, studies, and polls and Ken Dychtwald’s new book Radical Curiosity: My Life on the Age Wave, go to: https://.AgeWave.com