All three of them, and many, many more are living very well into their 90’s. Betty White just celebrated her 99th birthday. Tony Bennett, at age 94 is still giving concerts (despite recently being diagnosed with Alzheimer’s) and my grandmother lived to celebrate her own 99th birthday party.
Dick Van Dyke, age 95 is still falling over an ottoman (as he did in The Dick Van Dyke Show), Clint Eastwood is still directing movies at 90, Mel Brooks is still making them laugh at 94 and Sidney Poitier is still as handsome as ever at age 93.
My dad died at the age of 92. My husband’s grandmother died at the age of 98. Based on our genes, we both have a good chance of living well into our 90s. A 65 year old man today has a 35% chance of living well into his 90s. A 65 year old woman today has a 46% chance.
America’s population of people aged 90 and older has tripled since 1980 and will continue to increase to 7.6 million people over the next 40 years, as per The Census Bureau. By 2050, there are expected to be a million centenarians living in the United States.
What does this information mean to you?
Longer lives will be poorer lives for far too many people.
Of the people I listed above, many of them are celebrities who are still working or at least get monthly residuals from the work they already performed ions ago. But what about the rest of us? Will we have saved enough money to hold and keep us when we are well into our 80s and 90s? I doubt it. Who would have thought that life could be so long?
Meet Dan and Grace Porte. They went bust in the Great Recession. Now, in their 80s, the pandemic took their jobs. Dan and Grace Porte, who are in their mid-80s, lost their jobs at Target early in the Covid pandemic. Unemployed seniors typically have more trouble finding new jobs than younger workers.
Celebrities may be protected from such outside sources like a pandemic but what about you and me? The Portes lost their business and all their money in The Great Recession of 2008 (due to an imbecilic financial advisor) and were forced to go back to work. Now, a pandemic has made every day survival all the more difficult for them. So far, Dan and Grace have been able to make ends meet with Social Security. Unemployment Insurance reached its limit. Money is tight.
My husband and I do not have enough money in savings or investments to last us into our 90s………unless……….unless we become super frugal and carefully watch over our own investments. As the Porte’s state: It’s gonna be tight. The odds of us working in our late 80s and 90s is practically zero. Hubby might. I will never! The reasons why our grandmothers were able to live well in to their 90s was due to their children supporting and housing them. The jury is out on whether our kids will be just as supportive. As people age, they oftentimes lose their keenness and senses, making the elderly easy targets for fraud. Nursing homes can wipe out most anyone’s lifetime savings and assets. And as the pandemic has shown us, there is no safety for the elderly in senior living conditions.
What’s the solution (other than being a rich and famous celebrity)? Click here!
SAVING TILL IT HURTS
INCREASING SOCIAL SECURITY PAYOUTS
CONTAINING SOARING HEALTH CARE COSTS
RETHINKING WITHDRAWAL STRATEGIES
RESOLVE CONFLICT OVER INHERITANCES
HOPING IF YOU ACCOMPLISH ALL OF THE ABOVE, YOU DON’T DIE IN A PANDEMIC DUE TO YOUR AGE!
Till then, I’m hoping I’ll still be writing and blogging and possibly posting my little nuggets of information and hopefully there will still be people around interested and still reading whatever it is that I wrote!
Enjoy this long time favorite opening to The Dick Van Dyke Show: