Obituaries and biographies are a longer read today than ever before. Advances in medicine, health and nutrition have allowed people to live active lives well into their 80s and 90s. Indeed, it is possible to become the living ancestor of four – or even five – generations.
While these are exciting facts, living in the Age of Longevity also creates new pressures and new challenges. Designing that longer life requires different needs and different conversations. Top of mind are considerations around finances, healthcare, learning, relationships and the workplace.
Show Me the Money!
Living longer means more expenses, period. A healthy 90-year-old needs a place to live and food to eat, at minimum. Finding the right way to plan for those extra years is the real challenge, especially if those extra years require additional costs for healthcare or managing relationships.
Advisors used to project from retirement until age 86; today they are projecting until 96. Yet it’s unclear how reliable the projections are 10+ years in the future. And planning for that stress test – whether it’s a health scare or not – it’s a real variable. Recovering from a financial loss is harder at 80 than it is at 50.
The Picture of Health
Longevity is only valuable if you can enjoy it. Yet health – both physical and mental – can be fragile. Roughly 30% of Canadian seniors are ill or managing chronic conditions for a significant percentage of their older years.[1] And 1 in 3 Canadians experiences a mental health problem or illness at some point during their life.[2]
Mental and physical health is not only a challenge for the person experiencing the difficulties but for the entire community. With longer lives comes the responsibility for the old and the very old, with all of those long-term needs. Demands on patients and caregivers are growing each year.
Changes at Work
Technology is changing faster than ever. Automation, through robotics and artificial intelligence (AI), has led to thoughts about increasing productivity and the nature of work. The rate of change is mind-numbing, but remaining relevant and connected is critical for those who choose to remain in the workplace in their older years.
At the same time, not everyone will have the choice about whether to stay in the workplace. Yet many knowledgeable, active older workers are coming up against roadblocks in the form of ageism, making it difficult for them to find new positions or simply remain in their existing roles past the official retirement age.
Ahead of the (Learning) Curve
Education used to provide the background for “real” life. Today, learning is lifelong. With online learning exploding, it’s easier to attain learning at any stage. Universities offer online courses, working people have access to a variety of courses with the touch of a button and businesses offer streamed programs designed to reach students wherever they are.
All this education is important because of the ever-changing workplace. As careers lengthen, it becomes less likely that what you learned in university at 20 will serve you throughout your career. It will be important to retrain multiple times over a career, upgrading and reskilling as new opportunities arise.
Building Healthy Relationships
Ask any older person and they will tell you straight out: The most important thing in life is our loved ones. Yet with longer lives comes the potential for additional challenges. Whether it’s siblings fighting over a parent’s estate or the rise in “grey divorce,” it’s not always worth it to spend your later years in conflict with those closest to you.
In addition, longer lifetimes create opportunities for people of different ages and backgrounds to interact regularly. With five generations in the workplace, the office is a place rife with conflict – and much of it may be misunderstanding and style. It may be useful to learn about interacting with those in different generations.
The Age of Longevity offers additional time to explore and grow. The key is to identify the challenges and work to fix them, as well as embracing the benefits.
[1] Government of Canada, “Aging and chronic diseases: A profile of Canadian seniors,” December 2020.
[2] Government of Canada, “Data blog: Mental Illness in Canada,” October 8, 2020.