"How Covid-19 Will Change Aging and Retirement: Among other things, expect more aging in place and a wave of innovation," is the title of the supplement in the November 16th edition of the WSJ.
Aging in Place: Growing Older at Home
More will age at home, or so this report predicts. Here's a good guide from the NIH National Institute on Aging.
Ai-jen Poo is part of the organization National Domestic Workers Alliance. In this report, she's quoted: "40% of Covid-related deaths in the U.S. [are] occurring in long-term-care facilities.,"
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| Ai-jen Poo |
Technology will play a key role for the elderly
"The most dramatic change under way is the growth in tele-medicine, facilitated in part by Medicare's decision since March to expand reimbursement to doctors for virtual visits."
Healthier lifestyles will help support biological age
While age is the considered the primary risk for mortality from Covid-19 , it's better to look at biological age to assess this risk. It will be up to clinicians to help determine this for each patient, and ways to alter behavior.
Elders begin to focus on purpose and better use of their time
This is the main focus of this blog, to help elders lead a flourishing life in the true spirit of the ancient Greek concept of eudaimonia. By having a purpose, whether it be a hobby or a loftier goal of serving others, you can develop the will to overcome the problems the aging, and not distracted by them.
Planning for end-of-life care becomes important
The Conversation Project website talk about the April 16th National Healthcare Decisions Day. They have a special page dedicated to Covid-19 and advance care planning, which includes links to resources in 40 US states.
More savings are needed for retirement
According to some financial advisors, retirees in the past relied on the 4% rule, "which says you can withdraw 4% from your savings in the first year of retirement, and then give yourself an annual raise to account for inflation, without running a big risk of running our of money."
Now, the safe-spending recommendation is between 3 to 3.5%, meaning those who want to retire safely need to save $1.2 million over the previous recommendation of $1 million.
The 401(k) no longer have to highest priority for saving, because in perilous times, it can be hard to withdraw funds before retirement. Instead, employers are now offering a flexible savings account "that lets workers funnel salary deferrals to more than one goal, including emergencies and retirement."
One prediction is that the government will eventually apply the current tax advantage for retirement savings to them.
Lifespans will shorten
For the elderly that succumb to the negative effects of isolation will face a greater risk of "death, cognitive decline, depression and heart disease."
The elderly will work longer
Laura Carstensen, Director of Stanford University's Center on Longevity, is quoted: "There's so much uncertainty about the future... most people are going to continue to work as long as they can."
The WSJ adds, "...the percentage of people 55 and older in the labor force has risen steadily, to 40% in 2019 from 29% in1993, according to the U.S. Bureau of Labor Statistics."
Ageist stereotypes will be challenged
One of the benefits of the stressful times of Covid-19, optimistically speaking, is that ageist stereotypes will be challenged. It's time to dispel the notion that elders are frail and need to be isolated, as the only strategy for the pandemic. As the vaccines emerge from Phase III trials, we will see a more hopeful view for elders.
While elders are often characterized as being more psychologically resilient compared to those younger, it can't be assume that they can face challenges on their own. It may be beneficial for the younger set to embrace the perspective of their older acquaintances to help achieve the wisdom and perspective a long life brings.
Much thanks to WSJ's Anne Tergesen for contributing to this report.
I'll follow up each of these topics in-depth with future blog posts.
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