Posts Tagged ‘#longevity’
Bob Pakenas Sez . . .
Have a cool shmooz at our weekly ice cream social Sunday p.m.
Longevity Opens New World
The current senior mantra is “Things Will Never Be the Same” because of the changes wrought by the COVID-19 plethora of political proclamations designed to protect us from ourselves. But a deeper and more profound change was already under way before the pandemic encircled the globe.
The population is getting older. By 2030, the senior population around the world is expected to top 1.5 billion from the current 900 million. China’s over-65 phalanx that accounts for less than 10 percent of its population now is predicted to account for a quarter of its population in just three decades. By the end of this decade, more than 20 percent of the North American population will be 65 years or older. By 2060, one out four people will be in that age bracket.
This phenomenon is occurring for a few reasons. One is the graying of the post-World War II baby boomers, the 77 million Americans born between 1946 and 1964. Added to that is the fact that we’re living longer while the birth rate is diminishing. The 1950 U.S birth rate was 25 per 1,000 people compared with 12 per 1,000 last year.
By the beginning of the 2030s, workers will account for only 30 percent of the population. This shrinking workforce means a shrinking source of payroll taxes to finance Social Security and Medicare benefits for the aging population that no longer will be working. Counterbalancing this trend are recent reports that three-quarters of the current labor force plan to keep working past the age of 65. But pundits still predict Social Security benefits will have to be cut by at least 20 percent by the mid-2030s.
All of this movement not only affects financial-support programs, it puts a strain on the health-care industry, which already is looking at a shortage of more than 120,000 doctors and some 100,000 nurseds assistants and other medical aides over the next 10 years.
Boobs . . .
. . . are indisputable proof
that man can concentrate
on two things at the same time.
Longevity Costs Money
Everyone wants to get to heaven but no one wants to die.
Old age has its problems, but the alternative is worse.
No one wants to live to be 101 more badly than the person who’s 100.
And the cliches go marching on.
Longevity on this earth is the goal and grail of all living things. But living a long life has problems besides failing health and eroding motor skills. The longer you live, the more money you need.
Medical advances indicate that the human body is built to last about 120 years. If you want to live that long and plan to retire, or have retired, at 65, you will have to find some way to support yourself for 55 years after leaving the work force. That’s longer than most people spend in the labor force since most start their careers around age 20, giving them a working life of about 45 years.
Life expectancy currently is 77 years in this country. By 2050, the elderly population is expected to double to 80 million. This means 20 percent of the population will be over 65.
With more than 70 million baby boomers approaching retirement age, increasing numbers of people will suffer from Alzheimer’s disease since 50 percent of people over 85 are stricken. There are more than 6 million that old now and the number is rising.
That’s but one of a multitude of health issues. The medical-treatment crisis looming involves more than difficulties in delivering and providing the necessary treatment and services. It relies a lot on the individual’s ability to pay for them. And the average monthly rate for assisted living is $4,300.
Suppose you’re healthy and hale and plan to enjoy life. Do you have a retirement fund large enough to last you for as long as you’d like to live? Will you be able to play golf, take vacations, visit family, maintain your residence, go fishing, keep up your hobby, or whatever in the manner in which you’d like?
On the plus side of this equation is that more than 90 percent of Americans feel they should be able to work as long as they are able. Less than a quarter of respondents see retirement as a time for relaxation.
The baby boomer phalanx is also bringing some good news. Since the population is aging and there are more people in middle age than ever before, people are not considered old until much later in life. Sixty percent of Americans believe 71 and over is old age. Attitudes are changing as more older people continue to work, start their own businesses, or join with younger generations to help meet community needs. Social pressure to “hang it up” at a certain age has eased as more seniors become able to enjoy financial security in their old age.
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