Longevity Fitness Financial and Health Dimensions Across the Life Course Advisory Board TABLE OF Peter A. Lichtenberg, PhD, Mary D. Naylor, PhD, RN, FAAN Surya Kolluri, MBA ABPP, FGSA, Chair Marian S. Ware Professor in Gerontology Managing Director, Policy, Planning, and Thought Leadership CONTENTS Director, Institute of Gerontology Director, NewCourtland Center for Director, Merrill Palmer Skillman Institute Transitions and Health Retirement and Personal Wealth Solutions Distinguished University Service Professor School of Nursing Bank of America Professor, Department of Psychology University of Pennsylvania Wayne State University Philadelphia, Pennsylvania Detroit, Michigan Milind M. Shrikhande, Michael Finke, PhD, CFP PhD, MBA Professor of Wealth Management Clinical Professor, Department of Finance Program Director, Wealth Management J. Mack Robinson College of Business Certified Professionals Georgia State University Frank M. Engle Distinguished Chair in Atlanta, Georgia Economic Security The American College of Financial Services Bryn Mawr, Pennsylvania Acknowledgments This report was developed by The Gerontological Society of America and supported by Bank of America. About The Gerontological Society of America and National Academy on an Aging Society The Gerontological Society of America (GSA) is the oldest and largest international, interdisciplinary scientific organization devoted to research, education, and practice in the field of aging. The principal mission of the Society—and its 5,500+ members—is to advance the study of aging and disseminate information among scientists, decision makers, and the general public. GSA’s policy institute, the National Academy on an Aging Society, conducts and compiles research on issues related to population aging and provides information to the public, the press, policymakers, and the academic community. It publishes the quarterly Public Policy & Aging Report as well as a public policy e-newsletter. Copyright © 2019 by The Gerontological Society of America. All rights reserved. Printed in the U.S.A. The Gerontological Society of America TABLE OF CONTENTS 2 15 31 Executive Summary Health Equity: Staying Conclusion: Thriving Focused as the Body Across the Life Course Changes Through Longevity Fitness 5 16 Mortality Threats in 31 Implications for Longevity Fitness: Thriving Midlife Policymakers Across the Life Course 20 Socioeconomic Status 31 Implications for and Health: A Gradient Employers 7 of Decline 32 Implications for Social Equity: Staying 22 Monitoring Longevity Individuals Connected in Older Fitness at Midlife: Adulthood A Good Time to Take Stock 34 9 The Importance of References Connection 9 Contributing to 23 Society and the Wealth Equity: Starting Economy: New Roles, Early Makes All the Encore Careers Difference Later 10 Social and Health 25 CFPB Financial Effects of the Gray Well-Being Scale Divorce 28 Managing Finances 11 Cognition, Cognitive to Enable Saving for Function, and Retirement Cognitive Decline 29 Longevity Fitness in 13 Neighborhoods: The Young Adulthood: Place Called Home Preparing for Optimal Aging Longevity Fitness: Table of Contents | 1 Executive Summary Despite life’s complications and related connections fade, and different and having frequent interactions with unpredictable turns, a growing body of roles, responsibilities, and connections others is mentally stimulating and helps literature shows that people can make emerge. With planning, retirement can people maintain their cognitive abilities. the most of the opportunities that come be successful and satisfying. Without Negative stereotypical views of the mental their way by taking three steps: cultivating preparation for unplanned health events, capacities of older workers are ageist— social relationships with friends and close financial challenges, and the need for and incorrect. Older adults’ crystallized relatives, maintaining one’s health through support, retirement can be an unhappy, intelligence—knowledge gained through prevention and lifestyle, and building stressful, and lonely period of life. education or experience—is intact and wealth by living within one’s means and oftentimes greater than in workers with saving for the future. Equity in these Social equity is an important element less experience. three areas—social, health, and wealth— as people move into older adulthood. provide people with the resources they People who lack connections or are Another factor that affects older adults’ need in older adulthood. socially isolated have less satisfaction opportunities to make connections is with life in retirement and a greater where they live. As people go through In this report, “Longevity Fitness” is the sense of financial insecurity, studies have the process of residential reasoning, term used to describe how people can shown. In fact, staying socially connected they consider many factors in deciding thrive, not just survive, through social, is protective of life itself, with research whether to move and if so, where to live. health, and wealth equity. Research showing increased mortality as people Research shows that people feel more and innovations addressing these withdraw from social groups. connected and less socially isolated when anchors are examined through vignettes living in neighborhoods where they about four generations of a fictional The high generational divorce rates can make connections with neighbors family—Mary, Robert, Judy, and Bob— of the Baby Boomers threaten the and enjoy lots of accessible amenities whose respective stories illustrate the social equity of those entering older such as parks and retail outlets in close challenges of thriving at 85, 65, 45, adulthood. Approximately one in four proximity. and 25 years of age. Mary’s story of divorces today involves one or more overlapping pressures that occur as partners at age 50 or beyond, and these Health Equity people age into their 80s and 90s is “gray divorces” mean that an additional presented first, followed by Robert’s 1 million older adults could be living Thriving at age 45 means different things need for social ties as he retires, Judy as alone by 2030—at a vulnerable time of to different people—careers that are more she completes parenthood and focuses life, particularly for women who more demanding than ever, kids still growing on the health challenges of midlife, and often have less income and wealth than or boomeranging back, aging parents who Bob as he ponders the financial aspects men. Currently in the United States, a need help, success that keeps you going, of life as a Millennial. woman at age 67 is more likely to be disappointment that brings you down. divorced than widowed, and one in five For Judy, this is the point when health Social Equity divorced older women lives in poverty. came into focus—an annual physical examination made her realize that effects Entering older adulthood is a major event of aging were happening and would in the life course. Planning is required, continue. People have trouble imagining and difficult decisions must be made, the future, but this was the moment when including whether to continue working, 1 in 4 Judy began to see herself as her dad at 65 transition to a consulting role, or pursue divorces involves one or her grandmother at 85. an “encore career” to keep income flowing; volunteering in one’s area of or more partners at the Health is an important component of expertise or in new fields of interest; or age of 50 or beyond Longevity Fitness, but the United States is enjoying life through hobbies, travel, or facing its own reality check regarding the activities that were previously delayed by health of individuals in the age category life’s responsibilities. Ageist ideas affect employment of 25 to 64 years. Increasingly for these opportunities for older adults who want young and middle-aged Americans, As Robert finds out when leaving his job to maintain their connections through opioids, suicide, obesity, and violence at the bank at age 65, retirement requires employment. Older people want to are on the increase, and the United States adjustments and new routines as work- continue contributing and feeling valued, now has the lowest life expectancy at 2 | The Gerontological Society of America Mary Robert 85 years of age 65 years of age “Too proud to ask for help” “Where did all my friends go?” Relationships Wealth Health LONGEVITY FITNESS Judy Bob 45 years of age 25 years of age “Time to take a look “Max out your 401(k)” at your health” Longevity Fitness: Thriving Across the Life Course | 3 birth—78.6 years—among 18 high- Wealth Equity do it. Perseverance and attention to income countries. Of the 47,173 suicide connections, health, and finances will deaths in the United States in 2017, As with health and social equity, financial give people the best chance to thrive as 36,782 occurred in men, and the highest robustness in later years is a strong older adults rather than barely survive. risk is among middle-aged men—a group function of financial literacy at a young Policymakers, employers, and individuals unlikely to seek medical care. Middle-aged age. Fortunately for Bob, he had been can take actions now to give people women are particularly affected by the schooled in the need to save early and save the best chance of maintaining their opioid crisis and associated deaths. as much as possible; not everyone gets Longevity Fitness as older adults. that advice or has such great role models in financial wellness. Policymakers can address the need to keep older