This is 63: Boomers change aging
Many boomers will not go gently into the dark night. They maintain good health and vibrancy. This is not “youth worship,” this is a changing idea of what is necessary — and desired — to be healthy.
Here is a photo from Christie Brinkley’s spread in Sports Illustrated. She is 63 years mature. “Aging” commentators derided Brinkley for creating age in-appropriate aspirations.
This photo was taken only 3 years after Brinkley posed for the “Christie at 60!” cover of People Magazine. She frequently talks about her vegan diet and yoga workouts.
Listen to the debate on: BBC Radio program “World Have Your Say.” The negative comments you’ll hear mimic what I am hearing in-person from Aging opinion leaders.
There is nothing tawdry about Brinkley’s photo shoot. She is in great shape. She looks strong and toned. Muscularity is important to regulate blood sugar, strong bones and cognitive health.
Boomers are changing aging. Many of our expectations are based on backward looking surveys and experience with previous generations, not on Boomers’ breaking notions of “what it means to be 60.”
“Our understanding of aging is based on how most people age, not on how one can age,” writes Paul Spector MD.
Read his article about Boomers and muscles: “Muscle and Aging: How to Prevent Muscle Loss and Why You Should Care,” Huffington Post, 2/8/2017.
This week in the 50+ market:
Aging in place not 1st choice for everyone:
“Living in that home… is becoming a burden in their later years…. slipping… maintaining the large property… being so far away… if only they could find rental or condo housing with senior amenities.” But, “they are fenced into their home.”
The “continuum of care” is consolidating
More nursing homes and assisted living facilities want a piece of the in-home care market. And, they are expanding into adult day care. This provides “options for seniors along the entire care spectrum.” It’s also the way to build a larger brand, and not a niche service with a narrow solution. As patients stay in rehabilitation facilities for shorter-lengths of time, companies lose income. Hiring caregivers for in-home services adds marginal revenue.
More positive experiences with Virtual Reality
Brookdale’s Entrepreneurs program yielded flops and hits in user testing. Body dryers, an Apple-TV knockoff, and touch screen displays were flops with seniors. Virtual reality entertainment was a hit. They tested VR which evoked past experiences, childhood homes, vacation destinations.
5th annual Rehabilitation Robotics Conference
Robotics promises to increase mobility to aging Boomers, especially after an acute health episode (a fall, hip surgery, heart attack). The field has expanded from its initial focus to help military vets.
Young workers offset drag of Boomer retirees
More people are moving into the “prime working age” cohort of age 24 to 54, which is a reason for optimism in the US economy. The larger group of “prime plus” is 20 to 59. Because of younger Boomers’ retiring, growth in this group is slowing down.
New jobs are lower income
In many of professions, workers are now making more money – this is good news for the economy. The downside? (1) Higher inequality, and (2) New jobs created recently are on the lower end of the income spectrum. This information was widely shared in financial circles this week.
British men earn less than previous generation
Men born between 1981 – 2000 will earn $15,700 less during their 20’s than GenX men. More will take on low-paying jobs in restaurants, bars and shops, and more part-time gigs.
Benefits of city and state tourism marketing
Destination marketing does draw tourists. Local communities benefit with more diverse activities than they could support without tourists. As Florida learned, accounting for dollars spent needs to be more of a priority.
An insider’s look at tourism marketing in Florida: Skift, 2/10/2017
Expensive relaxation is new fitness trend
Flotation therapy, infrared sauna, $$$ accupuncture, sound bathing, and boutique meditation. These are part of the post-recession wave of self-care.
Retirees reveal their biggest surprises
Read letters to the Wall Street Journal for readers anecdotes about retiring. Cooking, volunteering, finding purpose, the “perk” of retirement, slow-everything. (WSJ skews male, upper income).
Growth in asset protection accounts
Is asset protection the new version of estate planning? Michigan is the 17th state to allow wealthy people to set up trusts to shield assets from creditors. Creditors can’t touch this is a rainy day fund. It also helps reduce estate taxes.
Longer lives, with lower returns = save more
Investors count on returns of 5%, 6%, and many retirement calculators do the same. The double whammy of low returns and longer lives makes retirement more expensive. In today’s high valuation market, more funds need to be saved. Morningstar’s in-depth analysis makes a case for reducing spending and investing more, now.