Musings from “Let’s Rethink Aging:
the 2007 Joint Conference of ASA & NCOA”
By Grace Wang, Ph.D., Vice President, Board of Directors, Senior Services
This past March I had the good fortune of going to Chicago to attend the 2007 Joint Conference of National Council on Aging and the American Society on Aging. Given our shared passion toward working with seniors, SASH has asked me to reflect on my learning at the event. Let me start with what I’d call “good news” which I hope will leave you as encouraged and energized as I am about the future for seniors. Older Americans have increasingly fared better. As a group, the percentage of them living in poverty has decreased steadily since 1965. Compared to those who have come before them, today’s seniors are better educated, healthier, have traveled and seen more of the world, are more eager to learn, and more open to advice and assistance. Most of them expect to retire relatively comfortably, likely due to aggressive saving and expectations of regular, guaranteed streams of income from previous employers’ pension or annuity. And of course, there is Social Security. All these factors add to a generalized profile of older Americans who are able and willing to live actively and contribute. At the conference several speakers noted the increasing desire as well as a solid behavioral trend for seniors to work part time, partially for the financial gains but just as importantly to stay engaged. They want to “re-tool” and invest in a second or third career. Jim Firman, President and CEO of National Council on Aging, referenced that 45% of those 65 years old and older currently volunteer. Another 45% of them say they would volunteer, if they were asked. I’d say these broad strokes paint an upbeat picture for the new American Senior.
Here come the less optimistic observations. Just last week I spoke to one of my neighbors who has retired and is planning to move closer to his children. At the age of 79, things have become increasingly difficult to manage. He had thought he would live until 76 and now feels that he’s living on “borrowed time.” He is not alone. Most older Americans under-estimate how long they will live. On the surface, that doesn’t seem like bad news, until we begin to account for the increasing cost of health care and long-term care, the elimination of retiree health benefits and the uncertainty of social entitlement programs such as Social Security. Longer life expectancy also means more exposure to future inflations in the cost of living. It is no surprise then that many seniors fear that they will outlive their money, with nothing to leave behind to their heirs. Add to this the facts that fewer Americans are planning for their retirements and the rates of saving have decreased across the generations. With all these as the context, the results of the following study make sense. The Natural Marketing Institute cited a MetLife Study of the American Dream, Against the Backdrop of the Financial Burden Shift, in which it was reported that 41% of those 65 and older agreed that they are “carrying more of the financial burdens for my family than my parents’ generation had to.” The percentages increased by successive generations as 61% of Baby Boomers and 64% of Generation X’ers also agreed with the statement.
Clearly, these are complex challenges with social policy implications. They also present business opportunities for the financial planning, medicine, health care and long-term care industries. As an example, architects, developers, technologists, academics, with tools such as financing products specifically tailored to seniors, have banded together to further the science of Universal Design to make living environments safer and more accessible so that seniors can stay independent and live in their homes longer.
More importantly, what can we do as individuals to ensure that we live with more joy, purpose and physical vitality in the last two decades of our lives? Experts say we need to stay engaged with our loved ones and our communities. Be willing to receive help as well as contribute. The commitment to stay active has a boomerang effect on physical health, brain fitness, social and emotional well being. As a Chinese American myself who was raised to look up to the elders, I have always felt that we Americans as a society are sitting on top of, yet not paying due respect to, an untapped gold mine of resources in our aging adults such as wisdom, experience, history and skill sets. I love programs at Senior Centers which bring together seniors and young people. These opportunities are great for rejuvenating seniors and reminding them of the value in the lives they have led. For the young ones, these precious encounters make things they have only read or heard about real and meaningful. Dialogues like these help our young people create continuity so they know that they are connected to larger things beyond themselves and this point in time. What a powerful experience it can be for both generations! Other practices which promote healthy aging: take good care of ourselves by managing our weight, enjoying food yet taking in a high-nutrition and low-volume diet. Eat only until we are 80% full as we now know there is an inverse relationship between the amount of food or calories we consume and how long we live. Make exercise as regular a routine as other self-care behaviors like taking a shower. Help your spouse and friends to age well, too, because what is the point of living longer if we can’t share all the good stuff of living with our loved ones? With the erosion of Social Security, employers pension and retiree benefits, we need to start planning for retirements earlier and create our own financial safety nets. Take a lesson from those who have done it well by saving more and spending less. Think of leaving an inheritance in non-monetary sense: create memories, relationships and opportunities which will make our legacies last. Above all, live long and live well!
©2007 Grace Wang
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