A man is not old until his regrets take the place of dreams.
- - - - John Barrymore, "Good Night, Sweet Prince" 1943
If Betty White can rock Saturday Night Live to its highest ratings at the age of 88 and Sunset Daze is media gold for the senior reality television set, there is hope for anyone who wants to stay in the game rather than "retire" from the mainstream. In "Famous folks launched careers after 50" by CNN's Ethan Trex (May 16, 2010), more than a few individuals have realized great commercial success as seniors, including Colonel Sanders (of Kentucky Chicken fame), President Ronald Reagan and Takichiro Mori (twice reported by Forbe's as the world's richest man "with a net worth of $13 billion").
Good news is everywhere for the gray haired set if you accept current research about preservation and growth. In "Creativity and successful brain aging: Going with the flow" by Susan Krauss Whitbourne, PhD (March 23, 2010), having friends, enjoying leisure activities such as bridge or dancing and developing a "flexible mental attitude" are three hallmarks of a productive and enjoyable "later life."
At a time when the world is getting older, employers are challenged with managing the costs of providing post-employment retirement benefits as well as having skilled and experienced workers in place.
In a summary slide show, Business Insider excerpts from the 2009 EU Ageing Report to paint a sober picture of how age impacts gross domestic product ("GDP"), assuming that retired persons truly exit the economy and are given no opportunity to continue working in some fashion. (Keep in mind that official statistics do not fully capture actual employment.)
| Country |
Pension Cost compared to GPD in 2007 |
Estimated Pension Cost compared to GPD in 2035 |
Estimated Change in Working Age Population by 2020 |
| Netherlands |
6.6% |
10% |
-4.3% |
| Luxembourg |
8.7% |
17% |
-1.1% |
| Denmark |
9.1% |
11% |
-4.3% |
| Bulgaria |
8.3% |
9% |
-5.6% |
| Czech Republic |
7.8% |
7.6% |
-8.3% |
| Belgium |
10% |
14% |
-3.5% |
| Poland |
12% |
9.3% |
-5.7% |
| Hungary |
11% |
12% |
-5.0% |
| Italy |
14% |
15% |
-3.0% |
| Sweden |
9.5% |
9.4% |
-6.0% |
| Malta |
7.2% |
9.7% |
-7.1% |
| Greece |
12% |
19% |
-3.9% |
| France |
13% |
14% |
-5.5% |
| Finland |
10% |
14% |
-8.5% |
| Slovenia |
9.9% |
15% |
-6.6% |
Things are not too much better in the United States with respect to financial solvency and unfunded retirement benefits. According to "The Market Value of Public-Sector Pension Deficits" by Andrew G. Biggs (Retirement Policy Outlook, American Enterprise Institute for Public Policy Research, April 2010), "public-sector pension plans have only a 16 percent probability of being able to cover accrued benefit liabilities with current assets."
The ramifications are huge in so many ways. Increased taxes, rescinded benefits or both are vote killers so you have to know that THE demographic time bomb is going to become political radiation in short order.
Until then, if you are healthy and able to continue working or are otherwise financially independent, enjoy the good life. Way to go!
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