COA Corner 2023.11

The New Age of Aging: I listen to Neil & Margo on WZID every morning and often they announce a national holiday like “French Toast Day“ or “Bring Your Pets to Work Day”. Typically, I ignore these national days, given they are opportunities for businesses to offer promotions or highlight their offerings, except for October 7th, which was Ageism Awareness Day. Why is this day an important event? Because it brings attention to what has been termed the last socially acceptable prejudice – ageism.

We’re witnessing the beginning of a complete paradigm shift as today’s modern elders dismantle the long-held cultural beliefs and social norms about how older women and men should think, feel, and act. At the same time, the older adult population is about to skyrocket by more than 50% over the next 30 years. Today’s modern elders are eager to pursue new dreams, adventures, and goals as they enter a whole new chapter in life. A recent study, “ The New Age of Aging”, based on a nationally representative survey of over 2,000 U.S. adults with over 900 adults age 50+ provides insights as to what the rapidly unfolding future will look like.

Today, 3 powerful forces have converged to bring us into a new age of aging. The first is the longevity revolution that has been underway for the past century. Throughout 99% of 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. For those who are already 65, a majority will live well into their 80s—quite possibly beyond. The second powerful force is the post-World War II Baby Boomer generation, notable not only for its sheer size, but also for culture-shifting attitudes and lifestyles. Boomers have transformed each life stage they’ve lived through—now we’re watching as they become today’s modern elders and begin to rewrite what our later years can look like. Due to today’s increasing longevity and the aging of the massive Boomer generation—along with the third powerful force, declining fertility—the demographic makeup of the U.S. is turning upside down. For the first time in U.S. history, there will be more older adults than children and our society is largely unprepared for this.

Healthy, Active, and Vital: Longevity Is Coming of Age: Americans age 50+ say today’s elders are far more active, open-minded, and curious—and far less rigid and isolated than prior generations. They are eager to pursue new dreams and adventures and tear down preconceived notions of what an “older person” should and could be. What’s the biggest difference between people over 60 today vs. a generation ago? 79% are more active; 58% are more open-minded and curious; only 15% are isolated and only 9% are rigid thinkers.

The Upside of Longevity: Happiness and Freedom Now Soar with Age, while Anxiety Plummets. Our youth-obsessed culture often leads us to assume that young people are at peak levels of freedom and happiness. However, it is actually older adults who feel happiest and most free and, notably, least anxiety-ridden. 71% of adults aged 65+ say the best time of their life is right now or in front of them. The word “aging” is now being replaced by “longevity” Unfortunately, the media is rife with stereotyped portrayals of older adults as frail, grumpy, or incoherent. While some are, most are not. In fact, older adults are 7 times more likely to be represented negatively in the media. This outdated, ageist narrative of “getting old” needs to be replaced with a more hopeful image of longevity. Modern elders are active, not passive, and they identify their newfound longevity with the freedom and opportunity to pursue new dreams, adventures, and goals.

It is far more important to be useful than youthful! 97% of adults 65+ agree that it’s important to stay curious and be willing to learn new things throughout life. One of the most profound findings that has emerged from the study of human longevity is the importance that purpose and social connections play in our lives. Having a strong sense of purpose in our later years enhances our health and well-being and may even reduce the risk of Alzheimer’s, heart disease, and stroke. While social isolation has been found to be more deadly than smoking cigarettes. Maybe it’s time to replace the age-old search for the “fountain of youth” with finding one’s own “fountain of usefulness.”

The Brainiacs Are Getting Older, Too: Contrary to what many might think, given our society’s obsession with youth— in the entrepreneurial tech industries, in particular—some of our most innovative thinkers are the ones with the greatest years of experience. Just look at the average age of Nobel Physics laureates, some of our smartest minds on the planet. Their average age from 2011- 2022 is 72.

Retirement is Becoming a New Chapter in Life! Retirement, as defined by adults age 50+, is no longer a time for rest and relaxation 24/7. Instead, it’s now seen as a whole “new chapter in life.” You’re more likely to see modern elders at a rock concert than in a rocking chair. And retirement is no longer synonymous with the end of work. A majority (59%) of today’s retirees say they want both work and retirement, whether full-time, part-time, or cycling in and out of work. Keeping older adults engaged in the workforce could help fuel economic growth and promote greater lifelong financial security. 

It is projected that more than $80 trillion will be passed down from today’s older generations to their children and other heirs over the next two decades. This will be a massive transfer of wealth that will largely benefit the already wealthy. However, another type of wealth transfer that is much more accessible for all older adults to pass down to their loved ones is the transfer of wisdom and heritage. In the study, the majority of adults age 50+ said that values and life lessons are the most important things one can pass down, far more meaningful than a financial inheritance. We all want a legacy that inspires others to learn from our own experiences, yet most older adults don’t know how to thoughtfully pass down their values and life lessons in any tangible way. This is beginning to change as new companies and apps offer solutions to record one’s legacy and pave the way for a new trend towards experiential and ethical inheritances. In the new age of aging, this broader, more creative view of legacy and inheritance is poised to make a positive impact on tens of millions of American lives.

Aging most definitely isn’t what it used to be. We’re living at a pivotal moment in history as today’s modern elders, inspired by multiplying numbers of influencers, are re-imagining new possibilities for their extended lifespans. Aging, for most, is an emotional ascent and a time of peak happiness and freedom. However, neighborhoods, workplaces, homes, medical systems, media, educational systems, transportation, shopping centers, etc., and our digital world—as well as all systems of government from the local to the national level—need to adapt as the older population grows like never before. We must create more healthy, active, engaged, and contributory ways of living at every stage in life to truly capitalize on our longevity bonus. This includes adopting a broader societal view of older adults as a rich and largely untapped resource of knowledge, wisdom, and social contribution. Conclusion “The desire to go from success to significance is an ongoing guiding force in life.” Edited from “The New Age of Aging – A Landmark Wave Study” Ken Dychtwald, PhD, CEO & Katy Tervee, SVP of Research, Age Wave.

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