Prime Time - Jane Fonda [122]
I know that these are all difficult issues to come to terms with, but I strongly encourage you to accept the challenge—not one of these days, but right now.
CHAPTER 19
Let’s Hear It for Revolution!
The meaning or the lack of meaning that old age takes on in any given society puts that whole society to the test, since it is this that reveals the meaning or lack of meaning of the entirety of the life leading to that old age.
—SIMONE DE BEAUVOIR, The Coming of Age
AS I HAVE SAID BEFORE IN THIS BOOK, THE PRESENT GENERATION of boomers and seniors is redefining what it means to age. In record numbers, we are surviving, thriving, and defying stereotypes. I believe we are collectively moving into a more productive and creative vision of retirement. New research has shed light on the aging process, and the span of healthy living is increasing. Government programs instituted in the twentieth century have begun to reduce poverty and isolation among older citizens. With years of vitality both behind us and ahead of us, we are the face of what the late Dr. Robert Butler called the “longevity revolution.”
We know that we matter. At least we should know. Having confidence about our place in the world is not only good for us psychologically, it is also critical for advancing the social and political issues that matter to us. If we are going to advocate for ourselves and others—if we are going to step up and offer solutions to pressing global problems—we need to believe we have the right to do so. We need to take stock of how much we contribute, become aware of the wisdom we have to offer. We should be proud of our deeds—even as we express our needs.
As a social group, we must remain aware of the negative stereotypes that can damage our sense of ourselves. One of the most destructive myths about older people is that of the “greedy geezer,” the selfish, narrow-minded, stingy hoarder who shows little concern for others. I believe these portrayals are inaccurate. Considering all of the contributions older people make through spending, working, volunteering, donating, and caretaking, it is clear that we provide more to society than we drain from it.
The Ways Seniors Contribute
Older individuals participate in the marketplace by paying for specialized goods and services; they constitute what is called a “silver market.” Economists argue that there is an important dividend that comes from the increasing number of older people who are relatively well-off and who now make up a greater proportion of the market share.1 Many retirees have accumulated wealth and offer significant spending power, which stimulates jobs and financial growth. Older individuals make invaluable investments in real estate, continuing education, technologies for independent living, travel, tourism, health services, and the like. Our spending in the health care industry is not trivial, either. Economists have recently asserted that the health care industry is helping to prop up our nation’s economy; it continues to add new jobs and serves as one-seventh of the economy.
WE SPEND MONEY
Some older people have been nicknamed Woofs (Well-Off Older Folks).2 Identified as having golden spending power, this demographic is being closely watched by marketing companies, insurance companies, and wealth managers. A study by the MetLife Mature Market Institute reported that the estimated spending power of baby boomers will soon exceed $2 trillion dollars annually. Boomer households are believed to spend up to $45,000 per year. It is forecast that a shift in entertainment, advertising, and perhaps voting patterns will occur as boomers retire.3
However, the degree to which the silver market thrives is highly policy-dependent. In the countries where sound retirement plans are provided, older individuals feel secure enough to spend their wealth rather than