It was Bette Davis who quipped, "Getting old is not for sissies," and I have to agree. Truer words were never spoken.
There are many concerns when it comes to growing old, some of which include loneliness; retirement issues including Social Security, pensions, health insurance; job-hunting for seniors, etc. Oh, where to begin?
Some people believe loneliness is the most important problem senior citizens face. Although the idea of isolated seniors is heart-wrenching, I wholeheartedly disagree. In my mind, finances, or lack thereof, is the ultimate problem, particularly now with our economy falling apart.
And, although I've never been one to concern myself with age (it's just a number), I must admit that I'm a lot more concerned than I was in the past about my financial future.
Simply stated, I wish I could retire. I think of all the things I could do with that extra time on my hands. However, like millions of Americans, I need to continue working out of necessity. I am a single woman and my own sole support. Seeing where the economy stands now after some of the most horrendous financial disasters in our country's history, I have to face the fact that I may never be able to retire, after all.
And it's not that I want to retire full-time. I'd like to work at least part-time as it's a good thing to get out, be with people, and continue to learn and grow. It keeps you fresh. Many older workers who remain in the workforce feel the same as I do and do so for those same reasons, not out of economic concerns.
On the darker side, I recently read that younger workers aren't that thrilled to have us working alongside of them, which makes me feel bad. I like being with them; why don't they want to work with me? I thought as we grew older we were supposed to be appreciated for our wisdom and experience? So much for that.
Almost everyone who hasn't been living under a rock will admit things have changed drastically in our country, and we're at a place now that no one would have foreseen decades ago.
Financial retirement used to be based on a three prong principle, the first being Social Security, the second, a pension from the company where you worked, and the last, personal savings.
Today, we all know the state of Social Security, and we can only guess how long we'll be able to depend on it being there for us and future generations when they retire.
Pensions in a lot of companies have gone by the wayside, and some companies (think Enron) have even sold their employees' pensions (or should I say their employees) down the river.
Furthermore, there is the problem of some retirees taking lump-sum distributions, and then frittering them away when they were supposed to last for their entire retirement. (That's just bad planning on their part, though; it has nothing to do with the company they worked for or the government.)
That's a pretty grim picture, isn't it? And I haven't even mentioned health insurance yet. Read on.
My sister's biggest worry about retirement is about having enough money to continue her healthcare coverage. She's 68 now, and until very recently worked two days a week to keep her health benefits. Unfortunately, she unexpectedly became ill and finds herself entirely dependent on Medicare and some AARP supplements she's got in place, which in no way cover all of the tests and procedures she is now undergoing. Additionally, she signed up a few months ago for long-term care insurance, which takes another sizable bite out of her money each month but which she now apparently thinks is necessary.
And that's another concern you have as you grow older: should you carry long-term care insurance, or not? Some people believe it's important to have it, while others say they'd just as soon take their chances and gamble on things working out for the best. If you can't afford it, there's no dilemma. If it means doing without other necessities, there's no choice.
Baby boomers are also being told that they've binged on spending as well as not putting away enough for retirement. How about the ones that haven't binged (because they never had the kind of salaries that would make that possible) and have just been going along paycheck to paycheck doing the best they can? Since today's boomers could live well past the age of 80, they need to think about how long their savings will last. It's truly frightening not to have much there to begin with and not having much time to accumulate additional funds.
A friend of mine who is my age has been out of work since June of last year. She was a teacher, and her contract wasn't renewed. Before that, she worked as a paralegal. After a bout with cancer, she was terminated when she returned to her job. With the rising costs of health insurance, for a company employing an older worker, you can see why that happened. She has almost reached the end of her unemployment compensation, along with the end of her rope. I keep encouraging her to think positive; things will change. I hope I'm right. I've been telling her that for months. Meanwhile, she keeps afloat by borrowing from her father who is near 80 and still working!
One study I read said that the job search is much longer for the older worker. Their bout of unemployment lasted 25.8 weeks compared to younger workers who were only out of work for 18.9 weeks. (AARP Public Policy Institute, 2005). Oh, yeah, that's another thing. Make sure you have an emergency fund that will cover you for at least six months, or even longer, should you lose your job. Unemployment doesn't begin to cover everything. And what do you do when those benefits run out and you don't have any savings?
Years ago, people worked in the same job forever, and there weren't as many women in the workplace. You could depend on getting that gold watch at retirement and the comfort of knowing that you'd be living out your days in the same house you had purchased years before. Also, you could sleep at night knowing that your pension was there for you, along with your Social Security check, and whatever savings you had.
Gone are those days. Today, you'll be lucky if you're not laid off before you officially retire because your company is outsourcing to India or Mexico.
And on top of counting on Social Security, a pension, should you have one, and your savings, I really hope you've got a healthy portfolio of investments (if you haven't lost most of it in the crumbling market) to see you through your retirement years.
The way I see it, Bette was right - growing old is not for sissies. Possibly being cheated out of the pension you've worked years to accumulate, Social Security a big question mark, skyrocketing healthcare premiums, and the forbidding cost of prescription medications are all things we shouldn't have to worry about as we grow old. Unfortunately, that's today's reality.
If our government can spend our tax money on unpopular causes, which I won't even go into, why can't it make sure that all seniors have what they need to grow old gracefully? Most of us have worked a very long time. Don't we deserve it?
Years ago, I had the temerity to believe it would be so much easier when I reached 65 and retired. I thought most of my worries would evaporate and I'd have more time to enjoy life. Unfortunately, things just seem to keep getting tougher, and that's a heck of a thing at this time of life.