October 15, 2019 — 
By Collington Administrative Intern Jessica Golden —
It is no secret the Boomers are aging. There is also no pretense about the large number of older Americans hitting “retirement” age every day, catapulting this age bracket into the largest demographic in our nation. Dubbed the “Silver Tsunami,” politicians and policy makers are finally catching on to the fact that, indeed, aging is a linear progression, and yes, this unavoidable trend will continue. In an effort to address the aforementioned fact and to understand the overarching aging process with its multifaceted issues and concerns, the upcoming 2015 White House Conference on Aging (WHCOA) prompted Kendal to bring together individuals ages 15–95+ to various Kendal communities to discuss four key topics:
Retirement Security | Healthy Aging | Long-Term Support Services (LTSS) | Elder Justice
Four simple topics: no simple solutions. Author Joni Tada once said, “Perspective is everything when you are experiencing the challenges of life,” which illustrated the entire premise of the White House Intergenerational Summit May 28. Individuals were able to give perspectives unique to their age on one of the topics, giving the lens of aging a broader scope. As a participant myself, I was privileged enough to voice my concerns and opinions on the challenges that face those in preparing for retirement with an emphasis on financial security. It was certainly eye opening. Walking away from the event there were two takeaways that stood out:
Takeaway #1: “Retirement security” is something to put advance thought and action into.
Takeaway #2: “Retirement security” does not have a one size fits all denotation.
Seems simple enough, right? I’m not stating any groundbreaking ideas here. But among the various opinions shared that day, I did notice some commonalities within age ranges that struck me.
High School (16–18 years): Financial Literacy
Quite frankly, not an initial thought of mine, but upon mention, made perfect sense. Without simple financial knowledge, how can one expect to prepare, let alone understand, the vast (and often complicated) financial investment options presented across a lifetime? A possible solution: one participant’s High School has now made a financial literacy course a mandatory requirement for graduation. Savvy consumers stem from knowledge. Knowledge is gained through many mediums, but the classroom is a great place to start. Bravo, school, bravo.
Young Adult (19–28 years): Financial Resources
I’ll state outright that at 25 years old, there is a personal bias in my perspective. Among older adults, a misconception runs rampant that a disregard toward investing into retirement and fiscal responsibility in planning for later life. This is simply untrue. The biggest problem facing young adults is finding the financial means to start saving, when there are competing demands more pressing. When bogged down with student loan debt (some well into the 6 figures), just making enough to pay current living expenses is a struggle. With that amount of outstanding debt, how is one expected to afford other assets, such as a home? What is one to do, mortgage student loan debt? How about a car? Rent? Food? Granted, one chooses the type of debt they incur; however, this is not a discussion on making choices, merely a commentary on how the majority with existing student loans face an uphill ascent to breaking even and getting by, let alone investing in a future.
Adult (29–55 years): Investment Opportunities
Similar to young adults, there are many competing demands that siphon financial resources away from retirement savings. Nicknamed the “sandwich generation,” these adults – often children of Boomers- are financially supporting their children and their parents, leaving little left for themselves. According to the Pew Research Center, 30 percent of the American workforce makes near minimum wage salary. I repeat, one-third of our country make meager wages that are supposed to provide a livable income. Once again, how is one supposed to afford the current reoccurring expenses (housing, food, health insurance, transportation, etc.), let alone invest any portion of a paycheck into a 401(k) or retirement savings? This is assuming they are full-time employees or have a company where those options even exist. Overall, there was a general concern over understanding what options are available for retirement and receiving that return on investment when called upon.
Older Adulthood (55+ years): Social Security / Pension Solvency
In a WHCOA policy brief, it is stated that approximately 30 percent of older adults rely on Social Security or their pension as 90 percent of their income. That’s huge. It is no surprise that Social Security solvency with the ability to live on these benefits are paramount to the senior population. At this stage, those who have invested into the system for decades will collect their monthly checks; however, with inflation and the staggering cost of living, many argue that the amounts are not enough. Can’t say I blame them; with individuals living longer the dollar is getting stretched pretty thin. A small minority have supplemental long-term care insurance, and those who planned to retire may postpone that decision in order to make livable income. Stemming from that, discussion was held on those who continue working in order to receive higher Social Security amounts, and what can be done to insure a more informed populace into the benefits obtained based on what age someone officially retires.
Retirement and the security of knowing that one has a financial ability to support themselves is something every person will face; there is no circumventing the inevitable. Some will choose to continue work, some have religiously saved and purchased supplemental insurance to aid in their retirement, but across the board, one thing is clear: Aging in America is changing.