The search for the fountain of youth never loses its appeal. After all, who wants to end life in an unhealthy and decrepit manner?
A longer path to mortality, while appealing to many, proves to be a complex and challenging endeavor. Most people fear death, are concerned about suffering from a bed-ridden disease in old age, are terrified of leaving loved ones behind, and may deny accepting the reality of a limited lifetime. Certainly, the quest of extending a healthy longevity is part of our human nature.
The demographic shift toward living longer will make people poorer in the USA
Life expectancy in the United States has increased steadily since 1990 standing at 75 years for males and 79 years for females at birth in 2021, yet healthy life expectancy has not grown at the same rate. It is 65 years for males and 67 years for females at birth in 2019. As the remaining Silent Generation and Baby Boomers live longer, the individuals from Generation X and older Millennials are expected to carry a higher burden of providing care to their parents, children, family members, and friends that will limit these caregivers from reaching their financial, health, and retirement goals, and ultimately missed a promised leisurely lifestyle in old age. It is estimated that 22% of adults in the USA have provided caregiving to a family member or friend in the past 30 days.
The number of jobs available will decline due to advancements in artificial intelligence (AI) technology and robotic automation. It is assumed that as people live longer, they will remain in the workforce for an extended period of time. The reality is very different. Jobs available to people 50+ years are very difficult to find. If one is found, it typically pays very low. Moreover, the retirement age is expected to increase from 65 to 70 years to fill in the gap of the budget shortfalls of Social Security and Medicare. It means that more funds are needed to build retirement coffers for the future beneficiaries.
Many Gen X and Millennials will experience poverty in old age as a result of a combination of the long-term economic effects of the 2008 Great Recession, the pandemic of 2020, the rising financial costs of caregiving loved ones, and a decline in jobs.
A higher price of care will result in sicker people
The cost of healthcare delivery is becoming astronomical in the USA at approximately US$13,000 per capita. When individuals turn 50 years, their healthcare expenditure increases at a faster rate than other types of personal and household expenditures. Therefore, people may delay receiving care due to higher deductibles and out-of-pocket expenses to pay for basic goods, thus potentially leading to a greater incidence of chronic diseases in midlife.
Adults 18+ Years Who Did Not Receive Medical Care Due to Cost
2019-2023
Gen X and Millennials are projected to have a sicker longevity due to longer lasting chronic diseases as they age when compared to the shorter expected longevity of Baby Boomers.
Navigating an extended longevity will not be easy
Tension amongst generations is an important implication in societal function. Product development tends to spin around a younger target audience. Often, product, brand, and service design focus on the abilities and likes of younger individuals instead of considering the limitations of advanced age. For example, many products and brands targeted at older adults tend to be dull and boring. Where is the color, nicer and more exciting designs?
Isolation is an issue of critical attention that is leading several start-ups to rush the development and launch of digital companions so older adults fight loneliness. Yet, where is the human touch? How would you feel talking to an App, chatbot, or device most of your day? Put yourself in their shoes.
Life becomes a challenge with age especially when society takes away things that can make a positive impact on the lives of older adults. For example, having access to clean public bathrooms (an estimated 85% of the population 60+ years suffer from some type of incontinence and require access to a bathroom), or by offering enough benches or seats in public spaces for older adults to take a break while they take a stroll in their community. Benches are disappearing because cities and municipalities do not want homeless individuals to sleep on them.
So, what gives? The USA is not fully prepared for a significant change in demographics where many people are expected to become sicker and poorer. An estimated 50% of the US adult population will be 40+ years by the year 2030. There is much to do.
What will be your contribution for a healthier and more fulfilling longevity in society?
Here are simple ideas if you are not close to retirement:
- Put yourself in the shoes of a 75 years person.
- How do you see yourself at 90 years?
- Pay attention to the current challenges that older adults are going through.
- Budget your income, savings, and resources for a longer life.
- Prepare to work or find a paid occupation for most the rest of your life.
- Build a caregiving plan for your loved ones and friends.
- Become an activist in your community advocating the impact of longevity.
- Spot and call on brands, products, and services that are ageist.
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