Opportunities in today’s aging revolution

Paul Irving believes old age is a cause for celebration, not commiseration

Increasing life expectancies and declining fertility have created an aging revolution that is changing the world. But while many people focus on the downside – increasing health costs and rising taxes – they ignore the opportunities demographic change offers.

Paul Irving, chairman of the Milken Institute Center for the Future of Aging, Distinguished Scholar in Residence at the University of Southern California Davis School of Gerontology, and editor of The Upside of Aging, a collection of essays, argues that opportunities arise from the talents and resources of older adults and the particular beneficial characteristics of the aging brain. He also asserts that we should better involve older students and scholars in the education system and in other institutions throughout society. Longevity, Irving argues, should be a cause for celebration, not commiseration.

USA Today, America’s second largest newspaper by circulation, calls the book a “can-do, bright-side approach that’s relatively hard to find these days among all the gloom-and-doom of people not saving enough for their retirement and the palpable fear of outliving one’s savings.”

Aging societies present an array of prospects, rather than a series of challenges, according to Irving. “Older people today are healthier and more vibrant than past generations. They have much to offer – not just wisdom but practical experience and skills that can enrich families, as well as work, educational and social settings,” Irving told PROJECT M.

60 IS THE NEW 50

This chimes with the findings of a recent Allianz study titled 60 is the new 50. “If one takes the number of years remaining, people aged 60 today are closer to those aged 50 in the late,” says Richard Wolf, an economist with Allianz and the study’s author.

In fact, chronological age may no longer be the appropriate measure. When planning for retirement, prospective age provides a more accurate measure of what lies ahead. “By taking the remaining life expectancy into account, prospective age focuses our view on the years or even decades to come,” Wolf says.

Many older people, especially those in the 65-79 age group, are keen to continue paid employment so we should scrap the “crazy and outdated” idea of a traditional retirement age, created at a time when the predicted lifespan was much shorter, argues Irving. “Let us look at everyone as a potential asset and not assume that at an arbitrary age, you are done. After all, you might live for another 30 productive years.”

Keeping older people in the workplace will not necessarily take jobs from the young. It can create consumer demand and open new markets for innovation and economic growthIndeed, older workers can bring wisdom, judgement, balance and experience to the workplace. “In future, forward thinking companies will not simply put two 30-year-olds in a backroom to solve a problem but will team up a 30-year-old and a 60-year-old,” says Irving. This allows them to match a younger person’s short-term memory and energy levels with an older person’s maturity and perspective.

Contrary to popular belief, keeping older people in the workplace will not necessarily take jobs from the young. Instead, it can help create consumer demand and open new markets for innovation and economic growth, says Irving. He calls this opportunity for aging consumers, workers and entrepreneurs, the “longevity economy.”

“At a business level, we are beginning to see the potential of new products, services and innovations to serve an aging population in areas such as travel, housing, entertainment, technology, transportation and health.”

Being socially engaged in old age can also reduce health care costs. Older people in the UK who are active take less medication and are less likely to visit the doctor, the district nurse or use home help services, according to studies. Peter A. Bath and Alison Gardiner (University of Sheffield) highlight this in “Social engagement and health and social care use and medication use among older people,” published in the European Journal of Ageing.

The key is to sustain relationships. Older people need to continue to experience connections with family and friends. Cutting those connections is counterproductive and harmful.

WHERE TO AGE BEST

To help achieve these goals, Irving and colleagues have set up an initiative entitled “Best Cities for Successful Aging,” which encourages mayors and urban authorities to create cities attuned to the physical, social and economic needs of mature people. An age-friendly city should offer housing options and social services for older adults, as well as opportunities for education, work, volunteering and socializing.

The initiative’s index, which ranks US cities according to their age-friendliness, points to Madison, Wisconsin, as the top large city for the elderly, thanks to its quality healthcare, strong economic and educational environment and culture of health and recreation. The top-ranking smaller city – Iowa City, Iowa – offers job growth and low unemployment, strong health care infrastructure and healthy living options. Both of these cities and many others that are highly rated in the Milken Institute’s rankings are homes to major universities that offer education, cultural advantages and health capacity while also serving as hubs for innovation and entrepreneurship.

There is no doubt, however, that many cities still need to adapt to the new reality. Ideas being advanced include pairing older people with foster children, where the older adults teach the children to be responsible and help with their education and upbringing, while the younger people help look after their older cohabitants and share their chores, says Irving. A pilot project is underway.

And education should not be ignored. Universities need not be the domain solely of the young, says Irving. The educational system should embrace the idea of lifelong learning. Meanwhile, we all have a lot to learn, such as starting to view aging in a new way.

Opportunities in today’s aging revolution

Paul Irving believes old age is a cause for celebration, not commiseration

Opportunities in today’s aging revolution

Paul Irving believes old age is a cause for celebration, not commiseration

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