REPEAT/The Coming “Age Wave” That Presidential Candidates Need to Address…but Aren’t
EMERYVILLE, Calif.–(BUSINESS WIRE)–#agewave–An age wave is coming that could either make or break America. Yet the
issue has received little attention in the current presidential campaign.
When our Constitution was crafted, the average life expectancy in the
U.S. was barely 36 years, and the median age was a mere 16. In this
regard, we are living in truly uncharted territory and longevity is
humanity’s new frontier. As the baby boomers turn 70 at the rate of
10,000 a day, America is becoming a “gerontocracy.” Already, 42% of the
entire federal budget is spent on Medicare and Social Security. And
according to the Congressional Budget Office, this will exceed 50% by
2030. In the 2012 election, older adults out-powered all other age
groups with 72% of men and women 65+ voting, while only 45% of those
18-29 did.
This demographic transformation will create new social contribution and
marketplace opportunities, as well as potentially devastating medical,
fiscal, and intergenerational crises. Are we prepared? No. Are the
candidates addressing this age wave and offering innovative solutions?
No. WHY NOT?
These are the questions being asked by Ken Dychtwald, PhD, author of 16
books on aging related issues and CEO of Age Wave. Based on his 40 years
of research, dialogue, and analysis, Dr. Dychtwald believes there are five
essential transpartisan issues that must be addressed if our
newfound longevity is to be a triumph rather than a tragedy.
Issue #1: What is the new age of “old?”
Our economy is hinged to 19th century notions of longevity
and old age. When Otto Von Bismarck picked 65 to be the marker of old
age in the 1880s, the average life expectancy in his country was only
45. Similarly, when Social Security began, the average American could
expect to live only 62 years, and there were 42 workers paying for each
“aged” recipient. Today life expectancy is approaching 79, and due to
decades of declining fertility, there are fewer than three workers to
pay for each recipient. And we have to ask, is 65—or even 67—the right
marker of old age in the 21st century? As our demography
continues to tilt older, the economic impact of these numbers on working
Americans will be massive. This is not a Democrat or Republican issue.
This is not an issue that only impacts “seniors.” The designated age of
“old” in the 21st century is a demographic/social/economic
issue that will affect us all. Left unchanged, it will have a
particularly brutal impact on the millennial generation.
Issue #2: The diseases of aging could be the financial and emotional
sinkhole into which the 21st century falls.
As a result of modern medical advances and public health infrastructure,
we’ve managed to prolong the lifespan, but we have done far too little
to extend the healthspan—with pandemics of heart disease, cancer,
stroke, Alzheimer’s, and diabetes. In addition to being quite costly,
our healthcare system is incompetent at preventing and treating the
complex conditions of later life. For example, Alzheimer’s (and related
dementias) now afflicts one in two people over 85, and it has become the
nation’s scariest disease. Unless there is a breakthrough, its sufferers
are anticipated to grow from 5+ million today to 15+ million, with its
cumulative costs soaring to $20 trillion by 2050. But our scientific
priorities are out of synch: for every dollar currently spent on
Alzheimer’s care, less than half a cent is being spent on innovative
scientific research. Our doctors are also not aging-ready. We have more
than 50,000 pediatricians, but fewer than 5,000 geriatricians. Only
eight of the country’s 145 academic medical centers have full geriatrics
departments, and 97% of U.S. medical students don’t take a single course
in geriatrics.
Issue #3: Averting a new era of mass elder poverty
According to the Government Accounting Office, roughly half (52%) of all
households near retirement (headed by someone age 55+) have NO
retirement savings and about half (51%) of our population have no
pensions beyond Social Security. We could be heading to a future in
which tens of millions of impoverished aging boomers will place crushing
burdens on the U.S. economy and on the generations forced to support
them. On top of this, we are not fostering financial literacy or
responsibility among the young. For example, 37 states require providing
sex education to high school students by law, while only 17 states
require financial education.
Issue #4: Ending ageism
In Colonial times, elders were respected and honored for their wisdom
and experience. During the industrial era, all of that turned upside
down. Now, in our youth-focused society, many people of all ages are
gerontophobic—uncomfortable both with older adults and their own aging
process. And many institutions—from urban planning, to technology, to
employment hiring practices, to housing, to popular media (where
advertisers will pay networks far more for a 30-year-old viewer than one
who is 60) are both youth-centric and ageist. For example, our homes
were not built for aging bodies: less than 2% of our housing stock is
built to be safe and accessible for elders (and 1/3 of the elderly fall
each year).
Issue #5: The new purpose of maturity
Today’s retirees feel they are in the best time in their lives to give
back. And they do: contributing both more dollars and volunteer time
than any other age group—doing everything from teaching schoolchildren
to read, to helping their peers recover from loss, to building homes for
Habitat for Humanity. Going forward, medical science will increasingly
prolong life. But political, religious, and community leaders have yet
to create a compelling vision for the purpose of those additional years.
For example, our 68 million retirees currently spend an average of 49
hours a week watching television. Ultimately, the problem may not be our
growing legions of older adults, it may be our absence of imagination,
creativity, and leadership regarding what to do with all of this
maturity, experience, and longevity.
A letter is being sent to each major candidate asking them to
articulate their views on these five critical issues.
A written copy of Dr. Dychtwald’s views and a recording of his April 21
press briefing, including the specific questions on these issues that
he believes the candidates must address – with fact sheets and
related data and sources, can be accessed at www.agewave.com/candidates.
About Age Wave
Founded in 1986, Age Wave is a pioneer in the exploration of the impact
of the longevity revolution. Under the leadership of Founder/CEO Ken
Dychtwald, PhD, Age Wave advises businesses and non-profits worldwide on
the opportunities and challenges of an aging population.
Contacts
Age Wave
Robyn Reynolds, 510-899-4004
rreynolds@agewave.com
