The elephant in Lodi’s living room
It’s a saying that describes a big problem or challenge that no one really has an answer for so we just don’t discuss it. It gets sort of swept under the rug.
So what’s the elephant in Lodi’s living room? In a word, Seniors. We as a community talk a lot about many different people groups and their needs; including the homeless, veterans, sports teams, and school groups. Please do not take this the wrong way — all these people groups are very important and need attention. But none of them have as much power to disrupt the local economy, bring down the economic vitality of families, and even an entire community than our senior citizens do.
It’s been said that this group is big enough to bankrupt the entire healthcare system of the nation.
A prominent financial planner tells me about 30 percent of Baby Boomers have saved enough for a comfortable (not having to worry about money) retirement, and that figure may be high.
How much money will be needed for retirement? No one really knows, and how could they? Healthcare costs go up in double digits every year.
The big fear is out-living your nest egg. If that happens, it would hit what you’d plan to leave the kids, you know, the ones that are still paying off college loans and currently waiting tables. If this is sounding cynical I do not mean it to, but these things are too often today’s reality. Did you know 35 percent of young adults under 30 in San Joaquin County are still living with their parents? That can put a dent in those retirement contributions.
What’s that you say? “That is elsewhere, not Lodi.”
Did you know Lodi has the second lowest median household income in the county? We are actually one of the poorest communities in one of the poorest counties in the state. It’s true — Lodi’s median household income is $49,715, the state’s is $64,500. Only Stockton’s is lower, but they are gaining on us. Between 2000 and 2015 Lodi’s improved by 25 percent, the state improved by 35.8 percent, and Galt improved by +47.4 percent. This is important but best left for another editorial.
In three years we will be at the midpoint of Baby Boomers reaching full retirement age of 65. In 2029 the last Boomer will hit 65. Not that long in community life terms, just 12 years. When people retire their income generally drops and in turn, so does spending. Fewer dinners out, wearing clothes a little longer, not buying cars as frequently, and cutting back here or there. This does not bode well for retail sales tax flowing to the city.
If you say, “Not to worry, our kids will take care of that, they’ll fill our space in the marketplace of commerce.”
Nope, they are a little short in population numbers — the kids are only 79 percent of their parents’ population group. And they followed suit, meaning the kids of Boomers (smaller group) had less kids themselves. Oh boy, our future economy is not looking good because there will likely be less employable men and women. Will businesses leave Lodi because they cannot find the talent they need?
The senior population is now growing bigger with aging Boomers, who are often referred to as the “Forever Young Generation.”
They’ll know they are over the hill when their mind makes a promise their body can’t fulfill. But seniors just don’t want to be a burden, so they are not forthcoming with personal health information a doctor or loved one may want to know about.
Then it happens, something bad like cancer, a fall, a stroke, a debilitating illness that requires care, maybe in-home care or extended care in a rehabilitation facility. Those will run you more a day than a very nice hotel room. Without income, or lack of savings, the kids who are working will help with their own income if able because they love mom and dad. But many times family are clueless as to what to do, who to call for information, whose going to take care of mom? Who’s going to take her to those appointments and tests and seeing the specialist? Will the kids have to use their own vacation time? What if the caretaker role is greater than the kids’ earned two weeks of vacation? Will your employer let you make up the work you’re going to miss? What about loss of productivity? Some job holders play an integral role in their employer’s day-today operation.
There is a real cost to business in these scenarios. These costs are estimated to be in the billions as the Boomers bail out of the workforce into needed healthcare. Those impacted are often younger caregivers — the children of the Boomers — who are now sandwiched between their own kids and their now aged parents, both needing their time, love and money.
What is scary is not knowing what to do, where to turn, where do you go to get all your questions answered? Not getting answers in a time of great stress or not getting immediate needs filled, not knowing where to turn is very frustrating and creates further anguish. That’s where a community resource and referral center can make life easier and a lot less stressful, helping those in need find resources.
It is a community’s job to talk about this senior elephant in Lodi. I believe it starts with a resource and referral center; it is a community effort and solution. I’ve tried to help you picture the need and the challenges we face collectively as a city, which is somewhat famous for taking care of its own.
At the Chamber of Commerce we are concerned about all our moms and dads, and our kids however young or old they may be. We are concerned about hardships on business owners and their employees. If you have a story to tell please write a letter to the editor or better yet join the Senior Commission, members of the Chamber’s Vision 2020 Business & Community Health Action Team at a Lodi City Council shirtsleeve meeting on Tuesday, April 11 at 7 a.m. I know it’s early, but it is a very important conversation to begin.
It is important to tell your experience so others can be helped. The community cannot wait, we need to start talking solutions, and we the people need to come together and insure our golden years are just that.