OLD AGE MYTHS
Don’t believe the fairy tales. Once you might have trusted the news to tell you honest-to-God truths. Now you should look with “I don’t trust it” eyes. Every other day I read a story about ordinary things which are unbelievable.
Fairy Tale #1: People are Living Longer.
Headline by CBS NEWS: “Americans are living longer, but many are making a costly mistake about old age.” The story starts with the assumption that you and I will live longer than our parents did. Strange about this is how easy it is to actually find data about our parents’ generation. But the author did NO RESEARCH and just threw out false information as though it was the truth. He/she obviously has some agenda, maybe to frighten you into buying a sponsored product?
I’ve been studying longevity data for 30 to 35 years. The best research suggests that men and women of the previous generation had about the same chances of living to age 90 as the current crop. Think about this … where did they get the data to talk about the longevity of those currently living if NOT from studying the last generation? For my family several grandparents lived into their 90s and a few passed young. The statistics show that my wife and I have roughly the same probabilities that our parents did. For men, there is about a 50-50 chance of living until 84. That statistic hasn’t changed in 35 years. The increase in longevity over the last 3 decades is a matter of days, not years (but so many more are dying of colon cancer in their 40s, other stories proclaim).
Fairy Tale #2: Retirement Savings will Last.
I have read scores of articles about retirement saving. ALL of them base their numbers on how much you currently EARN. Wrong. Dead wrong. What you now earn will absolutely fail to matter once you retire. What will matter is what retirement will COST.
The smart retiree knows her retirement budget will take careful planning. You aren’t like anyone else. (Who else puts Hershey’s syrup in their coffee?) So, your needs and your savings are not going to be the same as anyone else.
What minimum should you have saved? To over-simplify: If your retirement budget is $80k and you will receive $40k from Social Security and pension, then you’ll need to withdraw $40k/yr from savings. Assuming your savings will earn 5% (conservatively) how long will your savings last? Do the math. ($250k, which is more than what half of Boomers retire with, will last only 7.5 years.) GULP!!!
But you have options:
- Work part time. Add $18k/yr for 5 years gives you some freedom.
- Reduce expenses. Cut budget by $3k/yr.
- Save more. Put away $55k more.
- Delay retirement by a year. Your savings will grow a bit more, plus your Social Security benefit might be $1.5k/yr larger.
4 small changes and you still have over $226k in savings at the 10 year mark.
Fairy Tale #3. Old Folks are Cranky.
First, if that is true, then you are seeing your own future, if you’re that lucky.
Second, it is only true for some, fewer than half. Those who are cranky are also much more likely to be in pain. Again, you may be seeing your future. Maybe you should be kinder to those cranks.
Third, most old folk I know are happy. They know they are closer to the end than the beginning and yet they choose to see the joy in life. They spend time with family and friends, and enjoy seeing nature. They enjoy coffee far more than their younger relatives (who have to have it special and expensive). The aged just like good coffee in a mug while sitting down to read a paper, or to sit on the porch, or while talking with a neighbor. Young bucks drink coffee to boost their brains. Old folk drink it to enjoy life.
Fourth, we grew up at a time when we didn’t have to lock the door at night or when we left for groceries. The world now disappoints us. We can’t trust the news, the weather, or even those who are supposed to be looking out for us. We have to be our own bodyguards, be vigilant and careful, and we dare not trust a stranger, text, or email. That makes us grumpy. We wish we could live free like our grandparents did, but that is no longer an option.
Finally, old folk don’t act their age. They are young of mind if not of body. They love. They hope. They dream. It is the best time of life when one knows the truth yet refuses to allow it to dictate how one lives. When I was younger I thought about writing. Now retired, I write all the time (you only see the island on top of the sea mount). I’ve written several genres including children’s’ stories, detective stories, and science fiction. There’s more going on in my head than I will ever get down on paper. I suggest that whatever you plan to do when you plan to do when you retire, you should build that skill NOW. Don’t wait. You can pretend to be an old folk even now!
Fairy Tale #4: Medicare Open Enrollment is a Benefit.
Open Enrollment gives Seniors a choice? No. Medicare Open Enrollment is just another bad idea gone horribly wrong. A number of Seniors don’t use high tech (greater than 20%). They can’t navigate the Medicare website (Have you ever tried to find something there? It takes more luck than skill). If they DO happen upon the correct link it will take them to a site which doesn’t know them, their meds, or where they shop for prescriptions. Imagine manually entering every piece of information with a smart phone. Then it will present them with several bad options. Do I get “Extra Help?” Even if they can enter their data, they then have to compare “Plan Wonderful” with a pharmacy they don’t like with the plan they have with the pharmacy they like. No wonder that 70% of Seniors never attempt to change their Part D (Prescription Insurance) plans! It should be far simpler and easier. We should be able to go to the pharmacist we like for the same price as that national brand “grab a number, wait in line, and we’ll get with you after we take a lunch break, meanwhile listen to this music” box store.
Copyright 2025 Donald Whelpley
[PLEASE NOTE that Don is always open to discussing the thoughts and opinions he shares here and welcomes comments as shared in the comment section. He doesn’t use other social media platforms and won’t see whatever you’d like to share with him if you post it elsewhere.
ALSO, Don is always open to offer his thoughts on various topics. If you have a specific request, you can let him know in a comment; he reads – and replies to – them all. ~ Sherry]
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