Posts Tagged "health"

Not Everyone Can Delay their Retirement

Retirement experts encourage baby boomers to hang on to their jobs as long as possible to boost their monthly Social Security checks and add to their retirement savings. If they can delay retirement to age 70, they have good odds of maintaining their standard of living.

That isn’t always possible, however, for the baby boomers confronting disabling physical impairments or health problems. Add to that the generally declining health of the older population over the past 20 years.

Working to 67But a new study has revealed a deep socioeconomic divide. More-educated older workers are actually able to work longer than they did 15 years ago, while less-educated older workers – and Black men in particular – are mostly losing ground.

To estimate the changes in working life expectancy for various groups of older workers, Laura Quinby and Gal Wettstein at the Center for Retirement Research considered three factors: life expectancy overall, how long the workers can expect to remain free of a disability, and the rates of institutionalization in prisons and long-term care facilities. The incarceration rate is relevant, because the young adult men who received the longer prison sentences that started being imposed a couple of decades ago are now in their 50s and 60s.

Between 2006 and 2018, working life expectancy increased by about one year for older Black and white workers in the top half of the educational ranking. This makes sense because more educated people tend to be healthier and have seen stronger gains in their longevity.

But working life expectancy declined in the bottom half of the educational ranking for Black men and for white men and women. The exception is less-educated Black women – they have seen a small increase in working life expectancy, along with a more substantial increase in longevity.

The researchers also estimated the share of each group who, at age 62, could feasibly work until age 67, which would lock in their full retirement age benefit every month from Social Security, and until 70, which would provide them with their maximum monthly benefit.

A comparison of two extremes – more-educated white men and less-educated Black men – dramatizes the divide. …Learn More

Older Americans Felt Lonely in Pandemic

Last year, millions of older Americans went into hiding to protect themselves from the ravages of COVID-19.

Did the isolation take a psychological toll? How did they respond to infrequent contact with friends and family? Researchers in a recent webinar tried to understand the unique phenomenon of loneliness in a modern pandemic.

Over 50 and lonelyWhat we know from the National Poll on Healthy Aging in the early months of the pandemic is that more than half of older workers and retirees between 50 and 80 said they “felt isolated from others” – twice the levels seen in 2018.

In a different survey conducted every two months for most of last year, loneliness was “common and it was incredibly persistent during the first six months of the pandemic,” said Lindsay Kobayashi, a University of Michigan epidemiologist involved in the COVID-19 Coping Study, a survey of adults over age 55.

Two groups in particular suffered rates of loneliness that were twice as high as their peers: older people who live alone and residents of senior communities and nursing homes, where staff often separated the residents or confined them to their rooms in an attempt to protect their health.

A larger share of Black Americans also expressed feelings of loneliness than whites and Hispanics, and women were generally more lonely than men. “I’m very afraid that we are going to get so used to being alone, on our own, by ourselves that we won’t reconnect the way we need to,” a 76-year-old woman told the Coping Study researchers last fall.

But the news isn’t all bad. Feelings of loneliness, especially among the oldest retirees, had subsided a bit as early as November as news reports emerged that the vaccines were effective. Older people also found ways to cope with their isolation, and some even felt the pandemic gave them a renewed sense of purpose, according to a pair of studies in The Gerontologist. …Learn More

Elderly couple at a window

Retirement Researchers to Meet Aug. 5-6

The pandemic will be on the marquee at this year’s annual meeting of retirement and disability researchers.

COVID-19 has encroached on every aspect of older Americans’ lives, from their day-to-day work and home life to their retirement planning. Researchers will present studies on three impacts of the pandemic in presentations funded by the U.S. Social Security Administration.

The event will be held over two days, Thursday and Friday, Aug. 5 and 6, from noon to 4 p.m. The event will be virtual again this year and anyone can sign up to attend for free.

The first study on the agenda will explore the pandemic’s impact on older workers’ ability or willingness to work and on their retirement decisions. And for the adults who lost their jobs during COVID-19’s economic downturn, a second study will explain whether the slump will affect their future Social Security benefits. In the final study relating to the pandemic, researchers will assess whether the relief bills passed by Congress helped older people.

Other prominent topics of discussion include retirement planning and retirees’ financial security. These will include new findings on workers’ decisions about saving, retirees’ decisions about spending, and the financial adjustments couples make after their children leave home.

The final major topic is federal benefits for people with disabilities. The presentations here include the relationship between the benefits and two government programs: food stamps and workers compensation insurance.

Summaries of the working papers will be posted online for the meetings. …Learn More

2021 art

Our Popular Blogs in the Year of COVID

2020 was a year like no other.

But despite the pandemic, most baby boomers’ finances emerged unscathed. The stock market rebounded smartly from its March nosedive. And the economy has improved, though it remains on shaky ground.

Our readers, having largely ridden out last spring’s disruptions, returned to a perennial issue of interest to them: retirement planning.

One of their favorite articles last year was “Unexpected Retirement Costs Can be Big.” So was “Changing Social Security: Who’s Affected,” which was about the toll that increasing the program’s earliest retirement age could take on blue-collar workers in physical jobs who don’t have the luxury of delaying retirement.

COVID-19 in the nation’s nursing homes has caused incomprehensible tragedy. A nursing home advocate explained how this happened in “How COVID-19 Spreads in Nursing Homes.” And the mounting death toll in nursing homes surely confirmed a longstanding preference among baby boomers – as documented in “Most Older Americans Age in their Homes.”

Despite the economy’s halting recovery, layoffs due to COVID-19 still “may be contributing to the jump in boomer retirements,” the Pew Research Center said. Pew estimates that 3.2 million more boomers retired last year than in 2019, far outpacing the increases in recent years.

The layoffs have no doubt forced some boomers to start their Social Security earlier than planned, as explained in “Social Security: Tapped more in Downturn” and “A Laid-off Boomer’s Retirement Plan 2.0.” But unemployed older workers who are still too young for retirement benefits might apply for disability insurance, according to a study described in “Disability Applications Spike in Recession.”

Baby boomers hoping to ease into retirement on their own terms liked a pair of articles about ongoing research by Harvard Business School professor Teresa Amabile: “Mapping Out a Fulfilling Retirement” and “Retirement is Liberating – and Hard Work.”

Other 2020 articles popular with our readers included: …Learn More

How Long Will You Live? Try This

How often do you eat red meat? Do you exercise regularly? Cancer in your family? Did you go to college?

These questions – among the varied and complex predictors of longevity – are packed into a calculator that will estimate how long you could live. The calculator was created by Dr. Thomas Perls, an expert on longevity and the genetics of aging at Boston University.

Articles about the links between longevity and diet and lifestyle are perennial fodder for the popular press and health magazines. But Dr. Perls’ research dives deeper – into genetics.

In his work with geneticists, statisticians and computer scientists, he has studied the connections between genetics and people with exceptional longevity – nonagenerians (people living into their 90s), centenarians (living past 100), and super-centenarians (living past 110). His research has predicted, with a high level of accuracy, who makes it to the most advanced old ages based on hundreds of their genetic markers.

An interesting finding for women’s longevity involves the age their children were born: “Twenty percent of female centenarians had children after the age of 40 compared with 5 percent of [all] women from their birth cohort,” according to Dr. Perls.

His calculator also asks about attitude, specifically whether you’re aging well or dreading old age. Indeed, some research has found that optimism may contribute to a long life. Ike Newcomer, who was 107 when AARP shot the above video a few years ago, revealed a sunny disposition.

“I can’t really think of which was my best day,” Newcomer said. “They were all good.”

Dr. Perls’ calculator gave me some good news – I could live to 95. It would be nice if I take after my maternal grandmother, two of her brothers, my maternal great grandfather and a couple of great great aunts. All of them lived well into their 90s.

How long will you live? It takes just a few minutes to use the calculator – try it, if you dare. …Learn More

Man building a house

Changing Social Security: Who’s Affected

Due to the strength and agility required for physical labor, half of blue-collar workers sign up for Social Security as soon as they’re eligible – at age 62.

But a large majority of white-collar workers wait so they can lock in a larger monthly check for retirement.

White-collar vs Blue-collar age 62In a new study, Lindsay Jacobs at the University of Wisconsin found that blue- and white-collar workers would also respond very differently to potential increases in the program’s two benchmark ages: the earliest eligibility age and the full retirement age.

Raising the earliest eligibility age to 64 would not change retirees’ lifetime benefits. But a two-year hike in the full retirement age would amount to a significant benefit cut – and with the depletion of Social Security’s trust fund projected for 2035, some version of this change might one day be considered.

The first change – raising Social Security’s earliest claiming age – would require a much bigger adjustment by blue-collar workers. Jacobs predicted that this group would respond by working an extra year, on average, compared with a few more months for white-collar workers.

Requiring workers to wait longer for their benefits does have a financial advantage: a larger Social Security check every month. The problem for some blue-collar workers is that they couldn’t make it to 64. One result, then, is that increasing the early retirement age would push up applications to Social Security’s disability program, according to the study funded by the Retirement and Disability Research Consortium.

Jacobs gauged the impact of raising the early retirement age based on how quickly workers’ declining health would affect their ability to work as they age. To understand how they would react to raising the full retirement age, she examined how workers’ decisions about retiring, saving, and signing up for Social Security would change under various policies. She classified the workers as blue- or white-collar using data that describes job tasks to show that the physical demands at work influence these decisions.

The second possible change would increase the full retirement age by two years, which amounts to an across-the-board cut in benefits regardless of when workers claim them. In response, white-collar workers, who are already more inclined to hold out until the full retirement age, would be more likely to work even longer to reach the new, higher benchmark age.

But blue-collar workers would bear the brunt of the benefit cuts, because their physically demanding jobs would often prevent them from working longer to offset the cuts. …
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Depressed woman

Why the Mix of Disabilities is Changing

The mix of disabilities for people receiving federal disability insurance has changed in important ways that often reflect trends in the health of the population as a whole.

Two disabling conditions that have become a growing share of Social Security’s benefit awards in recent decades are mood disorders and various musculoskeletal problems, which include arthritis and back pain.

First, consider mood disorders. They range from depression and bipolar disorder to irritability and seasonal affective disorder, and they can hamper someone’s ability to work. Mirroring the rising share of awards for mood disorders, their prevalence in the population has edged up from 54.6 percent of adults in 1997 to 56.2 percent in 2017, according to a study by Mathematica, a research organization.

Second, disability awards to people with musculoskeletal problems like arthritis and back pain have increased dramatically. These conditions are often aggravated by carrying excess weight, so the rise in cases aligns with the researchers’ estimate that the adult obesity rate has surged from about 20 percent to 31 percent. 

But a related finding about musculoskeletal conditions is more difficult to explain. Despite the growth in disability awards involving these conditions, the share of the population afflicted by them – about a third – hasn’t changed much, according to the study, which was conducted for the Retirement and Disability Research Consortium.

The researchers found one clue to this apparent contradiction in a separate analysis indicating that this population’s ability to work may be deteriorating over time. …Learn More