There may have been a time when ‘Baby Boomers,’ Americans born between 1946-1964, ruled the roost. But like everyone born before and those still to be born, there is an expiration date. ‘Boomers,’ all 76 million, are at or very nearly at their expiration date, retired, retiring or planning retirement.
But for the time being, ‘Boomers’ are far from ready to declare their time in the spotlight over. In fact, this segment of Colorado’s population is projected to triple in size over the next decade. There are currently an estimated 400,000 ‘Boomers’ in the state. But that number is expected to swell to 1.2 million by 2030.
That growth spurt may not reorder the lay of the land but, like a small earthquake, very well may alter the topography.
Right now many ‘Boomers,’ unlike generations before, are not all the retiring kind. Many remain active, spinning leisure time into vibrant, fulfilling and meaningful life. They travel, create, inspire and add quality to not only their lives but those around them.
Of course, not all ‘Boomers’ are created equal. While many have planned and saved for their golden years, others- –for many reasons—did not or could not. Many may not have had the wherewithal to save; others may not have had the luxury of planning if, perhaps, survival was the priority.
Building 401k’s is beyond difficult when life skills, low skill, low wage occupations or family demands did not allow for such distractions.
But whatever category one lands in retirement, said Christie Ziegler, Communications Director for Kavod Senior Life, a full-service Denver retirement facility, the worst thing one can do is withdraw; isolate from a world that maintains the same speed it always has. Very practically, like the warnings on some products, social isolation ‘may be bad for your health.’
“Some say it is as deadly to one’s health as smoking a pack of cigarettes a day,” Ziegler said using the tobacco metaphor for emphasis. Opting to divorce from the world has also been linked to early onset dementia or dramatic falloffs with intellectual and social skills. Not unlike the heart, the brain requires exercise to remain functioning well.
But while the brain requires stimulation to work at its best, Ziegler said, the physical side cannot be ignored. Remaining as physically engaged as possible is equally as important.
Interestingly, there is a financial benefit from remaining physically active. Research has proven that older
Americans who remain active suffer far fewer chronic disease including diabetes, heart disease and joint problems. Exercise, just simple walking, helps maintain muscle tone and a healthy weight. It also reduces blood pressure, improves balance and improves sleep.
Seniors should try and get at least 2.5 hours of moderate aerobic exercise every week—approximately 30 minutes each day. The fiscal payoff? Far less money spent on doctors and prescriptions. Additionally, researchers say, a well-rounded physical regimen is also key to getting sound and restful sleep.
It may be a while before a more fulsome picture of COVID’s impact had on senior health, said Ziegler. “COVID definitely impacted our participation numbers,” she said. Her workplace, like all businesses, shut down when the virus’s threat became known. With vaccinations and boosters having at least controlled the virus, building back to pre-COVID levels of participation has been a slow, but steady process.
“We’re probably at about half of where were before.” In an unexpected way, Kavod along with so many other centers dedicated to senior wellness, have been able to reorder various programs, delete some, add others and enhance those that were most popular. There are agencies to assist seniors all across the metro area and the state. A common issue encountered with so many new clients is learning how little preparation has been done for retirement. Many, for example, do not know the difference between Medicaid and Medicare. Medicaid is managed by states and is based on income. Medicare is a federal program and based mainly on age. For many seniors, it’s sometimes a painful lesson.
“We do a lot of damage control,” said Ivonne Vigil, the Aging and Disability Resource Director of Pueblo’s Senior Resource Development Agency. In so many, said Vigil, her agency finds out that far too many new clients have been scammed by unscrupulous brokers who “came to their door and asked to talk about (retirement) benefits.” Then, unbeknownst to them, they “switched to something without their knowledge.” Pueblo’s SRDA does what it can to help them out of what they were tricked into, she said.
Retirement can be a fulfilling chapter of life. But it can also be one of the most challenging, particularly if planning for it was given back-burner priority which is not at all uncommon.
According to a report from Morning Consult, a research firm that studies retirement trends, just one in four adults begin saving for retirement in their 20’s, the years when it should begin in order to retire comfortably. One-fourth of Americans begin planning in their 30’s, fifteen percent in their 40’s and just six percent begin a retirement account in their 50’s.
But like so many other things in life, there is the theoretical and the practical. Theoretically, to reach the ideal retirement savings of $1.7 million by age 65, you need to stash away $488 each month beginning at age 25. The practical? That is something Millennials, Gen Z, and Gen Alpha will have to figure out.
