In last week’s blog post, I wrote about 90-year-old oil tycoon T. Boone Pickens and his inspiring attitude toward growing older despite recent health setbacks. Pickens encourages being “the eternal optimist who is excited to see what the next decade will bring.” He adds: “I remain excited every day, engaged and thrilled in the office and on the road. I thrive on that activity, and I’m going to stick to it, no matter the setback.”
>> Related: Positive Aging: Changing Your Mindset About Growing Older
It’s reasonable to wonder whether it’s easier to maintain a positive outlook on aging when you have great wealth. Socioeconomic status clearly affects access to health care, housing, and services that make aging more comfortable. At the same time, many older adults live on fixed incomes and face real financial strain, revealing an important gap in senior economic security.
Low-income seniors
Social Security and Supplemental Security Income have reduced poverty among older Americans, but they haven’t eliminated it. Many seniors survive on limited incomes and have little savings. According to U.S. Census Bureau data from 2016, half of the 49.3 million Americans age 65 and older reported annual incomes under $26,200.
Key findings from analyses of census data show the scope of the problem:
- Using the Supplemental Poverty Measure (SPM), which accounts for taxes, in-kind benefits, out-of-pocket medical costs, and local housing costs, about 7.1 million Americans age 65 and older lived in poverty in 2016 (14.5 percent), compared with 4.6 million (9.3 percent) under the official poverty measure.
- Nearly 21 million seniors had incomes below 200 percent of the poverty rate under the SPM in 2016 (42.4 percent), versus 15 million (30.4 percent) by the official measure.
- Poverty rates for those 65 and older rose with age and were higher for women, African Americans, Hispanics, and people in poorer health under both measures.
- By SPM standards in 2016, at least 15 percent of seniors in states and jurisdictions such as California, Florida, Georgia, Hawaii, Indiana, Louisiana, New Jersey, New Mexico, Texas, Virginia, and Washington, D.C., lived in poverty.
The impact of senior poverty
Poverty among older adults affects quality of life and life expectancy. Research from institutions including MIT and Stanford indicates stark differences in lifespan by income: the richest 1 percent of men live on average about 14.6 years longer than the poorest 1 percent, while for women the gap is about 10.1 years. This “mortality gap” has widened over recent decades: life expectancy gains have been much larger for higher-income groups than for the poorest segments of the population.
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Positive aging, regardless of wealth
Income is a major factor in longevity, but other elements also shape how well people age. Lifestyle, social connections, mindset, and genetics all play meaningful roles in determining both the quality and length of life.
Lifestyle
Research from the Harvard School of Public Health highlights five healthy habits that markedly extend life expectancy: eating a balanced diet, exercising regularly, maintaining a healthy weight, drinking alcohol in moderation, and never smoking. Adults who follow these habits show substantially lower risks of death from heart disease and cancer.
Social interactions
Strong social support positively influences health and longevity. Although most seniors prefer to age in place, many face isolation: about 40 percent experience social isolation associated with living alone, which raises the risk of depression, cognitive decline, and earlier mortality. Interestingly, some research suggests that the negative health effects of isolation can be pronounced regardless of income.
Perceptions about aging
How people view their own aging matters. A study of adults 50 and older found that those with long-held positive self-perceptions about aging lived on average 7.5 years longer than those with negative views, even after accounting for age, gender, socioeconomic status, loneliness, and physical health.
Genetics
Genes contribute to lifespan as well. Estimates suggest that genetic factors account for roughly 25 percent of variation in adult age at death, reflecting biological processes and protective traits that influence vulnerability to disease. Advances in genomic research are improving our understanding of how heredity affects longevity.
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Cost of care versus access to care
Socioeconomic status influences both the cost of care and access to services. When well-known figures like Pickens face health challenges, they can typically secure top medical care and a wide range of services quickly. Many other seniors do not have that luxury. Barriers can include lack of local providers, long waitlists, or insufficient personal funds to cover necessary care.
Because these obstacles can limit options, it’s important for people to plan for their later years early. Planning should go beyond financial preparations to also consider where you will live and the availability of long-term care services in that community. Choosing a location with accessible health and senior support services can be as crucial as saving for care.
Whether you hope to remain in your own home or move to a senior living community such as a continuing care retirement community (CCRC), learning about retirement living options now helps you weigh the long-term implications of each choice and make decisions before a health crisis arises.