If You're Happy And You Know It: Part 1

A recent Pew study sheds light on the impact of a growing economic divide, its impact on current elders and what it may mean for our children.

The Pew Research organization does an amazing job in detailing trends and attitudes among a wide variety of subjects. Their 2020 analyses of the American Jewish community was the first to shed light on the fact that our community is at least half over the age of 50. The elder population of Jews now spans three generations. You may know a couple who is 52 and about to celebrate a child’s Bar Mitzvah, who may be welcoming their parents in their 70s who may be caring for their parents in their 90s. Our Baby Boomer generation, the first of which is knocking on 80s doors, is part of this huge demographic transition. A recent series of Pew studies shed light on some interesting realities, realities that indicate that our generation of elders may be the last to enjoy such economic and social stability. This may bring comfort to us but raises significant alerts for our children who may have to care for us.

A survey of some 9,000 older adults indicated that income levels play a significant role in our health and wellness. The growing income divide in the country is impacting physical health, social life and cognitive skills. “The research underscores how differently retirement can play out for people on opposite sides of the income scale, at a time when the youngest baby boomers….are transitioning out of the workforce...Income is central to how Americans are experiencing and thinking about aging, said Luona Lin, the lead author of Pew’s report”. It should come as no surprise that the higher one’s income is, the better the outcomes will be in regard to health, wellness and overall satisfaction with aging.

That same survey showed that while elders are generally more optimistic, younger adults were not. “Among younger adults, 67 percent of those who said they contemplate life in their 70s and beyond are worried about it. Top concerns included wellness and finances, including the future of Social Security…About 16 percent said they worried about family relationships, such as feeling lonely or becoming a burden.” The survey also showed that overall, elders over 64 had people they could turn to, were positive about their own health and had regular contact with adult children. “In fact, older adults were generally more positive than younger Americans about their later years. While nearly half of adults 65-plus say they are aging extremely or very well, just 30 percent of those younger than 65 expect to do so.” The lead author of the report did warn that one should not paint too rosy of a picture as she noted the reality of many experiencing mental confusion and loss and some difficulties with the daily activities of life. As we live longer, we know to expect a rise in these issues and so many of us know family and friends who are living these realities.

This economic divide is an issue that few in any community seem to want to deal with. A statement in the report should serve as a wake-up call to our communities that we may be leaving to our children and grandchildren a huge economic birder. “Around half of adults ages 18-49 said they are not confident they will have the means to retire or said they doubted they could. By contrast, 30 percent of those in their 60s and 18 percent of adults in their 70s said the same.” Thus, the question, what are we leaving to our next generations? What will be our economic legacy? Will be the last generation to be able to afford to “retire”? And what may that word mean for our children and grandchildren?

Shalom

Rabbi Richard F Address