If we live long enough, we’ll progress through three stages after retirement:
The “Active Adult” Years, during which we’re still an active part of the political and cultural life in our communities. We’re also an active part of the American economy. So long as we’re healthy and solvent, we’re a target for those selling travel, second homes, investment instruments, legal services, cosmetic surgery, educational and athletic outings, and more. We’re also consumers or future consumers of aging-related products: long-term care insurance, home retrofits, reverse mortgages, and a panoply of assistive devices ranging from hearing aids to adult diapers.
The size of the baby boom guarantees that seniors will retain purchasing power for quite some time. As a result, magazine ads and television commercials more and more frequently show people who look like us (only better), and claim to deal with issues we care about.
The Waning Years, during which everything becomes harder, from driving and home maintenance to staying on top of bills, eating appropriately and maintaining personal hygiene. Life slows down, eventually becoming a series of health crises and medical appointments.
The Final Years: Once most Americans died at home, after a short period of illness or incapacity. Death was an event. But over the past 50 years, death has become a process, sometimes quite prolonged. Prior to death, it’s common for people to spend weeks, months, even years, in assisted living or nursing home facilities, often incompetent to make decisions about their own care. Among those over 85 (the fastest growing senior population), a staggering 50% show signs of Alzheimer’s and require significant care-taking.
Next: How Can We Protect Our Future Selves?