Life Lessons From 100-Year-Old Americans Who Didn't Expect To Live So Lo...

I loved this. So much of what they say makes sense to me.

Grumpiness and old age; does it have to be?

Not if you don't want it to!  Getting grumpier as you get older can be an easy habit to fall into, but not one that helps you much.  With some self-awareness and a bit of effort, life can be more enjoyable for yourself and those around you.  This article has some good reminders and tips on how to do that:

If you want to be a more pleasant person as you get older, say goodbye to these 10 behaviors

     

Retirement: a thing of the past?

For growing numbers of Americans, yes:

The new golden years? Work, work, and more work

During the economic crisis, some Americans worried that they'd never be able to retire. Now there's evidence that may be playing out, given that older workers are hitting 65 and increasingly staying in the labor market.

A record number of Americans over the age of 65 are working, according to data from the Bureau of Labor Statistics. A decade ago, about 5 million senior citizens continued to work, a number that had swelled to more than 9 million last month. In 1994, slightly more than 1 out of 10 senior citizens was still working. Now, about one out of five Americans over the age of 65 remains employed.

While some seniors are likely putting off retirement because they want to continue working, it's likely that the shift reflects the economic instability that Americans of all ages are experiencing. More than half of people over 50 years old say they plan to or already have worked past their 65th birthday, with the majority of those saying it's linked to financial reasons, according to survey published this month from The Associated Press‑NORC Center for Public Affairs Research.

The ranks of elderly workers are likely to only keep growing, given that about 10,000 baby boomers turn 65 years old each day, a trend that's projected to continue through 2029.

Yet many of those boomers are woefully unprepared for retirement, at least when it comes to their financial health. In an annual survey conducted by investment firm BlackRock, baby boomers said they wanted to have about $45,500 in annual retirement income, although the average boomer had only saved up enough to produce slightly more than $9,000 in annual income.

Of course, Generation X and the millennial generation aren't likely to be in any better shape. The typical Gen Xer has far fewer retirement assets as someone of the same age had 25 years earlier, according to a J.P. Morgan study. Millennials, many of whom are just starting their careers, are hobbled by increasingly high student debt loads as well as an uneven job market.

The share of seniors in the workforce will most certainly continue to rise, with the Bureau of Labor Statistics projecting that almost 22 percent of the 65-and-older set will be working in 2024. [...]

Read the whole thing for embedded links, videos and more.

The answer for some may be to leave the country, for somewhere they can afford to retire to. It's a more attractive option to ending up like this.

     

Oregon, the 5th BEST state to grow old in

That's what this article says:

The 5 best and worst states in which to grow old

[...] 5th best: Oregon
Oregon scores well on the quality of care available in the state, although its assisted living and nursing home costs tend to be in the middle of the pack. The state's population is rapidly aging, with its over-65 age group growing by 18 percent from 2010 to 2014, as the Baby Boomers hit retirement age.

The average cost of a year in an assisted living facility in Oregon is almost $47,000, according to Caring.com, while a nursing home will require almost $96,000 in annual costs. [...]

And the 1st best? South Dakota. Who knew?

     

Dementia levels not getting worse

If we are to believe what this article says:

Dementia levels 'are stabilising'

The proportion of people living with dementia is levelling-off in parts of western Europe, a report says.

The University of Cambridge study shows the proportion of elderly people with the condition in the UK has fallen, contrary to predictions that cases would soar.

Improvements in health and levels of education might be protecting people from the disease, the scientists said.

Charities warned there was no guarantee the improvements would continue.

The report, in the Lancet medical journal, analysed twinned dementia studies that were conducted in the same way, but decades apart.

Data from the Netherlands, UK, Spain and Sweden showed that the proportion of people with the condition had stabilised over the periods covered by the studies - which ranged from nearly 20 years to almost 30. But in the UK and among Spanish men, it had fallen.

In the UK, the data from 1991 suggested that 8% of over-65s would have dementia in 2011, yet the team in Cambridge said the figure was in fact 6%.

It means there are around 670,000 people with the condition rather than the 850,000 figure regularly cited.
Improved health

An ageing population should have led to more people living with dementia. However, lead researcher Prof Carol Brayne said the expected rise "had not occurred".

She told the BBC News website: "Effectively it has stabilised rather than gone up.

"The age-specific prevalence has gone down so even though the population has got older, the number [of patients with dementia] has stayed the same." [...]

The article goes on to look a possible reasons why. The current generation of old people are generally wealthier and better educated than their parents and grandparents were, are more health-conscious and take advantage of advances in medical knowledge and health advice. Read the whole thing for more.

     

Train Your Brain, with Lasting Results

Brain training helped older adults stay sharp for years -study

CHICAGO, Jan 13 (Reuters) - A brief course of brain
exercises helped older adults hold on to improvements in
reasoning skills and processing speed for 10 years after the
course ended, according to results from the largest study ever
done on cognitive training.

Older adults who underwent a brief course of brain exercises
saw improvements in reasoning skills and processing speed that
could be detected as long as 10 years after the course ended,
according to results from the largest study ever on cognitive
training.

[...]

People in the study had an average age of 74 when they
started the training, which involved 10 to 12 sessions lasting
60 to 75 minutes each. After five years, researchers found,
those with the training performed better than their untrained
counterparts in all three measures.

Although gains in memory seen at the study's five-year mark
appeared to drop off over the next five years, gains in
reasoning ability and processing speed persisted 10 years after
the training.

"What we found was pretty astounding. Ten years after the
training, there was evidence the effects were durable for the
reasoning and the speed training," said George Rebok, an expert
on aging and a professor at Johns Hopkins University in
Baltimore, who led the study.

Participants in all three training groups also reported that
they had an easier time with daily activities such as managing
their medications, cooking meals or handling their finances than
did participants who did not get the training. But standard
tests of these activities showed no differences between the
groups.

"The speed-of-processing results are very encouraging," said
study co-author Jonathan King, program director for cognitive
aging in the Division of Behavioral and Social Research at the
National Institute on Aging (NIA), part of the National
Institutes of Health, which helped fund the research.

King said the self-reported improvements in daily function
were interesting, but added, "We do not yet know whether they
would truly allow older people to live independently longer."

[...]

The training course was designed to bolster specific
cognitive abilities that begin to slip as people age. It does
not aim to prevent dementia caused by underlying disease such as Alzheimer's.

At the start of the study, all 2,832 participants were
cognitively normal. The study included four groups: three
training groups plus a control group of volunteers who came in
for regular testing to see how they were faring with age.

People were trained in small groups over a period of several
weeks and then were tested immediately after the training and
again one, two, three, five and 10 years later.

About 60 percent of the volunteers who underwent training
also got booster training sessions, which enhanced the initial benefits.

At the end of the trial, all groups showed declines compared
with their initial baseline tests in memory, reasoning and
processing speed, but those who got training in reasoning and
processing speed experienced less decline.

[...]

The programs, developed by the researchers, were focused
largely on teaching strategies to improve cognitive performance.
For example, the memory training taught people how to remember
word lists, sequences and main ideas, while the reasoning
training focused on things like recognizing number patterns.

In the processing speed training, people were asked to focus
on the main object in a computer screen while also trying to
quickly recognize and identify objects on the periphery of the
screen. Such training can help older drivers with things like
recognizing road signs while driving.

A version of the speed training program developed for this
trial is now commercially available through the brain fitness
company Posit Science, but the researchers are working on makingother types of training available as well.

Rebok's team just got a grant from the National Institute on
Aging to make a computerized version of the memory test, with
the hope that repeated training can improve the results.

The study was not designed to explain why cognitive training
can have such a lasting effect. Rebok said it may be that people
take the strategies they learn and practice them over time. As
they age, trained individuals can rely on these strategies to
compensate for their declines. [...]

I find it interesting that 10 to 12 hours of training could have such long lasting effects. They must have learned techniques that they incorporated into their daily lives, that made a difference in the long run. An education about how to use their brains, or more effectively use their thinking and reasoning faculties. Why not teach these things in schools to people who are young? Such habits might benefit them throughout their entire lives.

     

Interesting Links about Aging, Working, Retirement or not Retiring

An 8.3 Percent Return for Life, Guaranteed: Real or Imagined?

[...] In finance, the word "annuity" refers to a series of payments made to a person (called the "annuitant") for life or for a set number of periods. In this post we refer to a fixed, life annuity, a plain vanilla annuity that will guarantee a set income each month for the rest of your life, no matter how long you live or what dumb mistakes you make along the way. If this guarantee looks familiar, it should, since it is pretty much what we get from Social Security as well as from a traditional "defined benefit" pension -- if we are lucky enough to have one. Both are forms of life annuities because both pay until you die. [...]

I've been curious about annuities. This article has a large question and answer section, which explains a lot.

New Adventures for Older Workers
Has lots of facts, figures and links about the subject matter; retirement, coming out of retirement, working indefinitely, making it in rural areas, all sorts of things. Videos, with interviews of various people in various situations.

How Social Security Pays You to Work Forever

[...] How long do I intend to "work"? Hopefully, right up to my last day on earth. And, as if I didn't have enough good reasons to work, Social Security, it turns out, adds a significant incentive for doing so. The longer you work, the larger your Social Security benefits. This is due to Social Security's "Recomputation of Benefits" provision. Here's how it works -- for all of us older cowpokes who remain in the saddle indefinitely.

Each year you work, you add to your earnings record, leading Social Security to automatically recalculate your benefits. If you are interested, here are the gory details.

In a nutshell, Social Security averages your highest 35 years of earnings to calculate your Average Indexed Monthly Earnings or AIME. Then it plugs your AIME into a formula that figures out your full retirement benefit, called your Primary Insurance Amount (PIA). What benefits you can get for yourself and your spouse (including your ex-spouse(s) and your children, if they are young enough or are disabled) is all pegged to your PIA.

From age 16 on, Social Security considers all your earnings, up to a ceiling that rises from year to year. It then indexes, based on historic wage growth, all earnings through the year you turn 60.

In other words, Social Security adjusts past earnings upward to account for the growth in the economy. But after age 60, you get credit for your earnings without any adjustment at all. So imagine that there's a sudden surge in inflation and wages after age 60 skyrocket. They're going to look spectacular compared to your wages of the past, even though they've been indexed. And here's the kicker. Social Security bases your benefits on your highest 35 years of earnings.

So now imagine that age 30 was the lowest of those 35 years and you made, say, $40,000, even after indexing. But now inflation takes off and you're suddenly making $200,000, even though $200,000 ain't what it used to be.

But for your Social Security benefits, this is a bonanza. You're suddenly being treated as if you were really earning a lot more, and thus deserving of much higher benefits. So, for every year that your post-60 earnings exceed the lowest of the previous 35 years, bingo! You'll raise your Social Security check (or checks, if your dependents are also collecting). [...]

He continues on, using himself and his earnings as an example. Wow.

Recommendation No. 1 for a Secure Retirement: "Age in Place"

[...] Owning an accessible home in which we can age in place is important to keeping our future core expenses down for many reasons. First, and most obvious, owning a home outright in retirement greatly reduces our need for income since we no longer have to pay the mortgage.

In the United States, paying as much as 40 percent of your income for housing has been considered normal. Many of us did this when we were young with growing families and growing incomes. Think of how much better we could have done if we had owned our homes, outright, through our adult lives. In many cases, by not making mortgage payments, our housing-related expenses could have been cut by 75 percent or more.

Contrary to what others may have told us, our standard of living in retirement is not based on what we make or what we spend. Rather, it is based on what we spend and the benefits we get from the things that we own outright such as housing, cars, appliances, furniture and clothing. Economists call the income that we get from owning our homes and other possessions outright, and not having to pay rent on them, "implicit income." Since we already own so much of what we use in retirement (home, car, furniture, appliances, clothes), the income that we will need to comfortably support ourselves in retirement may be far, far less than the income we earned while we were working and paying for all of these things. So much for fear-mongers who insist that we must have cash retirement income equal to 70 percent of our pre-retirement income! That is just not true.

A second major benefit of owning, outright, an age-in-place home is that it is a wonderful hedge against inflation. Some of our older readers will remember the double-digit inflation of the late 1970s and early 1980s, where costs (including the costs of renting a home) could double in six or seven years. If we own our retirement home outright, or have a fixed-rate mortgage, which I will deal with below, most of our housing costs are protected against inflation and the value of the home is also likely to increase. While there are other ways of protecting against inflation (see my last column on inflation-protected annuities), the cost of inflation-protection is high. Rather than pay for inflation protection, we can save money by reducing our core expenses that are subject to inflation. Much of this can be done by owning a paid-up, low-maintenance, energy-efficient age-in-place home.

Aside from the financial benefits of reducing cash flow needs and hedging against inflation, another huge saving from having an age-in-place home is likely to be the reduction or elimination of very expensive nursing home costs in the future. With an age-in-place home, an incapacitated spouse or single person may be able to live in a comfortable, familiar environment with some outside help for a long period of time at a fraction of the cost of a nursing home. Staying at home can also reduce the need for increasingly expensive long-term care insurance whose maximum daily benefits are often just $150 or so, a fraction of nursing home costs, leaving patients and their families to make up the huge difference. [...]

The article also goes into reverse mortgages and many other things. A good resource to read.

I'll probably be referring back to many of these links. Good stuff to know.
     

Financial Savvy Peaks at Age 53?

So say some:

Financial Savvy Peaks at Age 53: What to Do When You Get Stupid

[...] Lew Mandell: As we move through middle age, our ability to manage our finances tends to peak, on average, shortly after our 53rd birthday, and declines thereafter. By the time we hit 70, this rate of decline steepens precipitously. This is the opening theme of my new book "What to Do When I Get Stupid."

The relationship between age and financial capability is a function of two offsetting aspects of intelligence. As we get older, experience makes us better able to cope with a variety of familiar problems. This is called "crystallized intelligence." However, past the age of 20, the analytical ability we need to perform new tasks declines steadily. This is called "fluid intelligence." Since the intelligence we gain from experience increases more and more slowly after some three decades of adult experience, our steadily declining fluid intelligence ultimately offsets the gains from experience, causing most of the decline in our mental capacities including financial capability. (Check out Paul Solman's animated explanation of Harvard's economist David Laibson's graph demonstrating this relationship and see Making Sen$e's full segment below.)


At a certain point, declining "fluid intelligence," or our analytical ability, offsets gains in our experiential intelligence, putting our financial decision-making at risk.

Adding to this decline is the beginning of age-related neurological problems including dementia and other types of cognitive impairment. Overall cognitive impairment affects 21 percent of us in our 70s, increasing to 53 percent of those in our 80s and 76 percent of those over 90.

The ability to make investment decisions has been found to peak at about age 70, somewhat later than other types of financial decisions such as those that relate to the use of debt. This is probably due to the fact that many adults focus on their investments only later in life when they have both assets and the time to think about them. Experience with investments tends to come later, thus abilities peak later.

Unfortunately, studies have found that as people get older, their confidence in their abilities to make good investment and insurance choices actually increases as their measured ability decreases, leading to the likelihood of poor outcomes. [...]

The rest of the article talks about what you can do about this, as well as embedded links to other articles with retirement advice.
     

Middle Age Musings and A Tender Heart

Martin Amis Contemplates Evil

[...] “Your youth evaporates in your early 40s when you look in the mirror. And then it becomes a full-time job pretending you’re not going to die, and then you accept that you’ll die. Then in your 50s everything is very thin. And then suddenly you’ve got this huge new territory inside you, which is the past, which wasn’t there before. A new source of strength. Then that may not be so gratifying to you as the 60s begin [Amis is 62], but then I find that in your 60s, everything begins to look sort of slightly magical again. And it’s imbued with a kind of leave-taking resonance, that it’s not going to be around very long, this world, so it begins to look poignant and fascinating.” [...]

"Midlife Is A Crossroads, Not A Crisis"

[...] At midlife, we find ourselves experiencing a discrepancy between who we thought we were and who we actually are now.

To make matters worse, while the person we thought we were seems to be dissolving, the person we hoped we weren't begins to show up more and more.

This clash of images can leave us feeling sad, depressed, angry and very alone. We might feel a sense of profound loss that we cannot really explain to ourselves.

Midlife transformative forces can push us deeply into our fear. Then we see its real nature. Behind our fear is a sadness that is an expression of a tender heart. This tender heart is an important source of compassion and concern for others as well as of awe and wonder about the mystery of life.

When we connect with our tender heart, we no longer have to be embarrassed about who we are.

There is an art and science to making a midlife transformation. First we need to recognize that the turmoil we feel represents life working on us rather than evidence that we are sick or other than we should be.

At midlife our soul makes a grab for the steering wheel, it wants to drive. Ego's dress rehearsal is over.

Death is no longer hidden on the horizon. We need to face the task writing a script for the second half of our lives, so we can live with conviction and real intent.

As we give up our concepts of who we are and what we "should" be, we can then become sensitive to a kind of internal guidance.

Our psyche, at first, frightens us by shaking up our world entirely. It then stimulates us by pointing to some of life's most interesting possibilities. Our task is listening and attending to what our soul is telling us.