As longevity planners, our aim is to bring clarity and guidance to the complexities associated with retirement and aging. By leveraging the collective experiences of our clients, Hatch Retirement Services is uniquely positioned to share ideas and perspectives relating to longevity…a bird’s eye view.
Betting on Longevity
While there is not yet a page for Longevity Planning on Wikipedia, it is beginning to take shape as a discipline. Some financial advisors, including those who bring you the Hatch Plan, are combining the big “wealth and health” issues into a comprehensive suite of services for their clients.
It is a simple equation; because we are living longer more planning is necessary. Living to 100 is still a rare achievement, but as all the forces of longevity progress, it is becoming less of an anomaly. It is projected that by mid-century there will be 1 million centenarians living in the U.S. Some aging experts predict that by 2150 some humans may live beyond 120.
Wealth and Health
Today, the data point with the biggest wow-factor remains that for a husband and wife both in their 60’s there is a 40-50% (depending on the source) chance of at least one of them living to age 95 or older.
Behind this data are two inevitably linked concerns on the minds of most of those heading into retirement. 1) Will my nest egg last the rest of my life? and 2) Will I maintain good health and will I have sufficient resources for healthcare in the years to come? Answering these questions with careful healthcare planning and investment strategies distinguishes longevity planning as a unique proposition.
We believe strongly in paying close attention to what aging experts are saying and publishing. Understanding the economic, political and social implications of the most profound population shift in generations is a precursor to understanding evolving health care needs and challenges to financial well-being.
Longevity of the Mind
We have written about the importance for older adults staying engaged mentally and having a “social cohort” or personal network in their lives. In this realm we would like to pay homage to an innovative and progressive individual and his endeavors.
Dr. Robert Butler, until his recent passing, was the head of the National Institute on Aging at the National Institutes of Health and founder of the International Longevity Center. A physician, gerontologist, psychiatrist, and public servant, he was widely regarded as the preeminent authority on aging and longevity.
Butler is credited with coining the widely used word to describe discrimination against the elderly: “ageism.” He was quick to point out that about 80 percent of older people report memory loss – but testing has found that such subjective reports are overstated. His belief was that for most people the elusive memories are accessed in a matter of time; yesterday’s mild forgetfulness is nothing to worry about, as it does not involve other cognitive functions and isn’t likely to be progressive.
In fact, in the absence of severe brain disease, humans do not stop developing, whatever our age…your brain continues to regenerate nerve cells, including neurons and other so-called neural lineages. The process is not as rapid in the mature central nervous system as it is in a child’s, but the adult human brain is constantly adapting and even reprogramming itself.
Butler’s research investigated the impact of training elders 65 and older in aspects of mental vitality was impressive and encouraging. Those who received multiple sessions of training saw their cognitive abilities improve. The benefit was measurable, immediate and long lasting, as the trial found that gains made in reasoning, memory and speed of mental processing were still very much in evidence five years later.
Whether in the form of the various brain games now readily available or simply the discipline of seeking information, on the Web and otherwise, such exercises are proven to sharpen memory and mental processing skills.
A Changing Housing Landscape
Suburbanization and changes to family structure have greatly changed the housing composition over the past fifty years. The continuing shift in the age and mix of the population will have profound effects on how and where we live.
The number of single-person households has nearly tripled since 1970. These solo dwellings will account for 36% of the growth in the number of households in the next 10 years. This trend will be driven primarily by an aging population, with the delay of marriage and increase in divorce rates also contributing factors. These figures taken from The Stanford Center on Longevity’s most recent report, New Realities of an Aging America, prompt its authors to pose questions such as: What are the implications for social connectedness from this kind of increase of people living alone? And, how will the economic downturn affect housing choices for single-people?
As baby boomers age, how will their living arrangements and housing preferences change? Longevity planning involves helping older adults with strategies for adjusting to changing living situations. Whether this might entail staying at home or living in a community, various options to support older people living alone are now part of the landscape.
Although the first baby boomers are just now reaching 65, the vast majority have expressed a desire to “age in place” and remain in their homes. 93% of Medicare beneficiaries 65 and over lived in traditional housing in 2005. As this group ages, they will likely remain predominantly in traditional housing. As a result, home-based services will continue to grow exponentially to help people live independently longer.
Contact Us:
1650 Borel Place, Suite 227
San Mateo, CA 94402
T-650.573.9960
F-650.573.9930
info@hatchplan.com
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