Age is nothing but a data point.
The demographics of aging are striking. The Census Bureau expects the number of people 65 years of age and older will outnumber children under age 18 for the first time in U.S. history in 2035—only 16 years from now. Little wonder Ben Bernanke, when he was chair of the Federal Reserve Board, predicted that among the many forces shaping the economy and society “in all likelihood no single factor will have as pervasive an effect as the aging of our population.
1. Too few young workers will support too many elders: The old-age dependency ratio compares the number of people between the working ages of 18 to 64 with people 65 years and older. The ratio assumes those 65-plus don’t work. The Federal Reserve Bank of Atlanta calculates there will be 2.9 people of working age for each person over 65, down from 5 people per older person in 2000.
The personal finances of delaying retirement are compelling. A paycheck makes it practical to delay filing for Social Security benefits, which is more generous at age 70 than at age 62. The incentives to work longer have increased with the decline in pensions and the rise of 401s. 4. Older adults aren’t creative: Did you watch the recent Academy Awards? Among the experienced actors recognized for their creativity was Glenn Close, age 71. She was a contender for best actress for her role in “The Wife”. Spike Lee, age 61, received an award for his work adapting the screenplay of “BlackKklansman”.
7. Age and cognitive decline are synonymous: Yes, cognitive processing speed declines with age. But other mental functions improve with age, such as language and speech. 9. The older generation is at war with the young: Surveys show most millennials get along with their parents. The IBM Institute for Business Value’s surveyed millennials, Generation X, and baby boomers. The study found that the three generations shared common work goals — making a positive impact on the organization, helping to solve social and environmental problems, working in teams and dealing with a diverse group of people.
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