Test your knowledge about post-pandemic retirement
As we emerge from the pandemic and move into what is called the new normal, I would like to share a report focusing on age and retirement and on how the pandemic has reshaped many of our lives — with losses as well as resilience and optimism.
In 2020, the investment firm Edward Jones and Age Wave, a thought leadership research company, published a research report, “The Four Pillars of a New Retirement.” In June, they published a report with the same title with an additional phrase: “What a Difference a Year Makes.”
It’s that difference and updated 2021 information that I present here as a true-false quiz. Fear not, there are no grades.
1. Most Americans think they will retire earlier because of the pandemic.
2. For some, the pandemic has been a silver lining.
3. Most Americans have seen the pandemic as a financial wake-up call.
4. The “silent generation,” born between 1928 and 1945, suffered the greatest mental health impact due to the pandemic.
5. Retirees have a stronger sense of purpose than before the pandemic.
6. Retirees indicate there should be more ways for them to use their talents and knowledge to benefit the community.
7. Men and women saved for retirement about the same rate.
8. Retirees feel society accurately views their value.
9. Ageism plays a role in shaping the attitudes toward retirees.
10. Retirees say they know what steps they should take to live a healthy life, and most do it. pandemic. This is due, in part, to the disruption of their retirement savings. However, contributions have begun to resume.
2. True. About three-quarters of the respondents indicated that the pandemic caused them to refocus on what is important in life, with a greater appreciation of what makes life meaningful.
3. True. They say the pandemic has caused them to pay more attention to long-term finances, particularly among millennials and Gen Z. One-third plan to contribute more to their retirement savings because of the pandemic.
4. False. Although the silent generation was one of the most highrisk groups, its members showed the greatest level of emotional strength and resilience, with the least negative mental health impact.
5. True. Many have a greater sense of purpose by assuming new roles and responsibilities that provide comfort to family and friends. Examples include caring for grandchildren and shopping for neighbors.
6. True. Ideally, retirees would like to volunteer or do pro bono work 3.3 hours per week, nearly four times the current volunteer retirement rate, and would like more guidance and resources that leverage their experience, knowledge, talent and interests.
7. False. Just over 41% of women planning to retire said they were saving monthly for retirement, compared with 58% of men. The report calls the effect of the pandemic it a “she-cession,” since women were more likely to lose their jobs.
8. False. Although retirees have a positive view of retirement, only 36% of retirees and 44% of Americans feel that society highly values retirees.
9. True. Those 50 or older account for 45% of the adult U.S. population and are responsible for just over half of all consumer expenditures. Yet they represent only 35% of TV characters, less than 20% of movie characters and 15% of online media images.
10. False. Yes, retirees know what steps to take for a healthy lifestyle, but only half say they exercise and have a healthy diet.
Commentary on two points
HEALTHFUL LIVING CANNOT BE OVEREMPHASIZED >> In the U.S., our lifespan does not come close to our health span. Life expectancy in the U.S. is 78.5 years, of which 66.1 years are spent being healthy, on average; 12.4 years are spent in poor health. Compare our 12.4 unhealthy years to nine years in Russia, 8.9 years in China, 10.9 years in Canada and 10.2 years in Japan. Lifestyle counts.
RETIREES ARE AN UNTAPPED RESOURCE >> The average retiree spends 47 hours a week watching television; only one-quarter volunteer each year. If each retiree fulfilled the 3.3 hours of desired weekly volunteer work, here’s what the projected dollar figures would be: 69+ million retirees times 20 years times 3.3 hours per week equals 238 billion volunteer hours equals $6.8 trillion in value contributed to society, according to the report. We need to provide more relevant and effective pathways to use the skills, knowledge, talent and wisdom of our older adults.
Have a good week!