Challenges with aging

Part
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Part
01

Growing Old - Concerns

Some of the biggest concerns people have about growing old are declining mental and physical health, running out of money, losing a loved one, losing independence, having to move to a nursing home, and losing their looks.

Surveys/Studies on Aging Concerns

TD Ameritrade/The Harris Poll

  • The Harris Poll, in partnership with TD Ameritrade, surveyed 2,002 Americans aged 18+ in mid-2018. The survey asked about how long people expected to live, the positive aspects of aging, retirement, and concerns about aging.
  • The top two concerns respondents had about aging, at 58% each, were losing mental function and losing physical function.
  • Other concerns were losing loved ones (46%), healthcare costs (43%), being unable to meet financial needs (35%), dying (26%), being isolated (20%), and losing looks (15%).

Wealthy Retirement

  • Wealthy Retirement conducted a survey of their readers in 2018 to find out what they were most scared of as they age.
  • The biggest fear for 38.4% of respondents was "having Alzheimer's, dementia, or other age-related illness."
  • Close behind, at 31.8%, was running out of money.
  • Being put in a nursing home was the biggest fear for 13.6% of respondents, looking or feeling old was the biggest concern for 11.8%, and 4.4% feared to get cancer the most.

Home Instead Senior Care Network

  • The Home Instead Senior Care network commissioned a study that determined the top fears of seniors.
  • According to the results, the top five fears were loss of independence, declining health, running out of money, having to leave their home, and the death of a spouse or other family member.
  • The next five fears were being unable to care for themselves day-to-day, losing the ability to drive, being isolated or lonely, being cared for by strangers, and falling or getting hurt.

American Association of Independent Investors

  • The American Association of Independent Investors surveyed their readers on their biggest fear about aging. Over 2,000 people responded to the survey, with about 97% (9.4% + 30.5% + 57.3% = 97.2%) of respondents being age 50 or older.
  • Being in poor health was the biggest fear for 32.4% of respondents; 20.7% feared to lose their memory the most; 20.5% chose to lose their independence; 12.4% chose not having financial security as their biggest fear; 9.1% fear being a burden on their family; and 4.9% chose to have to move to a nursing home.

Biggest Aging Concerns

Using the results from the four surveys/studies we found, we compiled a list of the biggest concerns based on what was mentioned most often in the studies. In no particular order, some of the biggest concerns people have about growing old are:
  • Declining mental and physical health is a concern because people are afraid they will no longer be able to do the things they enjoy. Additionally, people are afraid that declining health will lead to being cared for by strangers.
  • People fear to lose a loved one, such as a spouse because they fear losing relationships. It can be more difficult for older adults to make new friends, so losing the companionship of a loved one can be a big worry for elderly people.
  • Running out of money is a fear for both men and women, but since women tend to outlive men, this fear is more prevalent with women. This fear stems from worry about what will happen to them if they do run out of money and fear that they will become a burden on loved ones.
  • People fear losing their independence as they age. This is because they believe they may no longer be able to do things such as care for themselves on a day-to-day basis and drive. If this happens, not only will they not be able to do things they love, but they may become a burden on others.
  • Having to leave their home and/or move to a nursing home is another big fear people have about aging. Being in the place they have lived for so long feels safe and is full of memories. The thought of not being able to continue in that space is stressful for many people.
  • Although it was not mentioned as often, or by as many people, a significant percentage of people stated that losing their looks was a big fear of aging. Fifteen percent of people in one survey and 11.8% in another chose this as their biggest concern. An informal discussion with a group of 19 people split between those over 60 and those between 30 and 45 indicated that losing looks is a bigger concern when people are young, and it becomes less of an issue as people actually do get older.
Part
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Part
02

Growing Old - Things To Look Forward To

Five things that people look forward to about growing old are retiring, pursuing passions, focusing on themselves, spending more time with family and friends, and traveling. A deeper look at our findings is below.

Retiring

  • A 2019 Ipsos survey found that giving up work is something American people look forward to as they age.
  • Interestingly, this percentage increases the closer people get to retirement age, as 15% of people under the age of 35 hold this view, compared to 17% of people between the ages of 35 and 49 and 19% of people between the ages of 50 and 64.
  • Provision Living conducted a survey on Americans' ideal retirement lifestyle and found that 52% of respondents who were not yet retired thought about retirement four or more times per week.
  • One main reason why people look forward to retirement is because they "fervently embrace the freedom of not being required to live on other people's schedules."
  • People want to retire because they want to "enjoy the flexible lifestyle that comes with not having a full-time job."
  • Based on an Aegon report, people now "retirement as a time for enjoyment and well-deserved rest where they have an opportunity to focus on their aspirations."

Time to pursue passions

  • In the Harris Poll and Ameritrade survey, 76% of respondents stated that aging provides time to pursue passions that did not fit in their lives before.
  • In addition, 52% of respondents indicated that they planned to take up a new hobby as they aged.
  • Another 42% of retirees intended to seek out new experiences when they reached retirement age.
  • In a survey conducted by the Harris Poll and Ameritrade, 81% of respondents said aging provides an opportunity to reach new goals; this increases to 83% for female respondents.
  • TIAA discovered that 46% of respondents say that "taking classes or otherwise learning new things" is important to a successful retirement.
  • Across all ages of respondents, women are more likely than men to look forward to new experiences as 56% of women indicated they were looking forward to trying new things as they age compared to 47% of men.
  • Seventy-six percent of women believe there are more opportunities to "pursue meaningful work as people age."
  • Of the respondents to the TransAmerica Center for Retirement Studies survey, 44% indicated they were spending more time pursuing their hobbies than they did before retirement.
  • A TIAA retirement survey found that 79% of respondents believe that time to pursue their hobbies was important to a successful retirement.
  • More than two-thirds (68%) of Provision Living survey respondents said they looked forward to volunteering when they retire.
  • Of the respondents to the Provision Living survey, 9.6% indicated they want to spend the majority of their retirement pursuing their hobbies.
  • The TIAA survey also found that 31% of respondents who had yet to retire had already "made plans to spend more time with new or current interests" after they retire.
  • The main reason why people are looking forward to pursuing their passions when they get older is because when they are younger, they are working and do not have time to pursue non-paying hobbies and activities.

Focus on self

  • After years of focusing on others, 69% of respondents to the Harris Poll and Ameritrade survey stated that aging provides them with an opportunity to focus on themselves.
  • This number increases to 72% for female respondents as opposed to 66% for male respondents.
  • In a TIAA Transition to Retirement survey, 96% of respondents said that in retirement, they want the "flexibility to do what they want" in retirement.
  • The TIAA survey also indicated that 92% of respondents think relaxation is critical for a successful retirement.
  • Of the respondents to the Provision Living survey, 14.3% of respondents said they want to spend the majority of their retirement relaxing.
  • One of the main reasons why people are looking forward to focusing on themselves as they grow old is because "so much of our lives is spent doing the things we have to do — going to school, learning a trade or skill, earning a living, raising children and caring for the elderly or infirm," that when people get older and retire, their responsibilities lesson and they have the time to put themselves first.
  • Once people have "little-to-no guardian responsibilities," they are able to "embrace retirement as a new phase of life with unlimited possibilities."

Spend time with friends and Family

  • Fifty-eight percent of retired respondents to the Harris Poll and Ameritrade survey indicated that spending time with friends and family was a top priority for them as they aged.
  • This number increases to 68% for women compared to just 55% for men.
  • A 2019 Ipsos survey indicated that 41% of people aged 50-64 say that "having more time to spend with friends/family is the best thing about growing old."
  • A huge 93% of TIAA survey respondents indicated that spending time with family was important for a successful retirement.
  • In a TransAmerica Center for Retirement Studies survey, 61% of retirees spend more time with their family and friends than they did when before they retired.
  • Of the respondents to the Provision Living survey, 20.8% said they wanted to spend the majority of their retirement with family; another 6.5% said they wanted to spend the majority of their retirement with friends.
  • The TIAA survey also found that 25% of respondents who had yet to retire had already made plans with friends or family for after they retire.
  • One of the main reasons why people look forward to spending more time with friends and family when they get older is because, "during the work years, a lot of time that could be spent with family gets limited to vacations and stolen moments."
  • Retirees who do not have to work during the week can now see friends during the week instead of having to wait for the weekend.
  • Retirement also "gives people the opportunity to renew family ties and spend quality time with grandchildren."

Travel

  • Of the respondents to the Harris Poll and Ameritrade survey, 57% planned to travel abroad in their older years.
  • Of female baby boomer (ages 53-72) respondents, 45% plan to travel abroad compared to 29% of women from the greatest generation (ages 73+).
  • In a TIAA retirement survey, 80% of people stated that having the time to travel was important to a successful retirement.
  • Thirty-nine percent of respondents to the TransAmerica Center for Retirement Studies survey, said they spend more time traveling than they did before they retired.
  • Of the respondents to the Provision Living survey, 34.9% said they want to spend the majority of their retirement traveling.
  • The TIAA survey also found that 36% of people planning to retire have already researched travel destinations.
  • The main reason why people look forward to traveling when they retire is because they no longer "have to worry about the limits of vacation time." They can take extended vacations or even live in a foreign country for a period of time without the threat of losing a job.

Research Strategy

To find things people look forward to about growing old, we consulted formal surveys conducted by a variety of well-established organizations and companies such as Harris Poll, Ameritrade, Ipsos, the TransAmerica Center for Retirement Studies, TIAA, and more. We discovered that most surveys examine what people look forward to when they retire as a proxy for what they look forward to about growing old. This is likely because typically, retirement is associated with the latter stages of life. Therefore, we used this proxy as well to provide data-supported insights into what people look forward to about growing old. Although we were not required to provide the "top" things people look forward to, we did provide the most commonly-cited things from respondents across all surveys as a way to cull our findings. This is because the things people look forward to about growing old are as varied as people themselves.
Part
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Part
03

In Your 60's and 70's - Biggest Challenges

Seven of the biggest challenges for people in their 60s and 70s are physical health issues, mental health issues, financial issues, mistreatment and abuse, social isolation, functional decline, and caregiving.

Physical Health issues

  • The biological impacts of aging results in more physical health issues among older people than in younger people. The body wears out as a result of extended and repetitive use.
  • Some common healthcare problems include osteoporosis, arthritis, and obesity.

Mental Health issues

  • Health-related problems are not all physical. Many senior citizens suffer from different mental health challenges.
  • Alzheimer’s disease affects around 10% of people who are over 65 years old and it is the 6th highest cause of death in the US.

Financial Issues

  • The excessive costs of healthcare in addition to any debt which was accumulated can make some seniors have financial difficulties.
  • People that usually live "longer, and traditional models of work and retirement" can not keep pace. If older people "become poor, they are more likely than younger people to remain poor due to having fewer job opportunities."

Mistreatment and Abuse

  • Since older individuals usually depend on others to provide them with care and support, this often leads to mistreatment and abuse.

Social Isolation

  • Senior citizens usually have fewer opportunities to engage socially with others than younger people. Ageism and social norms that are outdated have led to isolated and neglected older people

Functional Decline

  • The body changes as it ages, and this can negatively impact daily activities. One-third of individuals who are over 65 years old require to be assisted with at least one activity in their daily live.
  • The extension of "active life expectancy" is a great challenge for the elderly.

Caregiving

  • Both formal and informal caregivers are facing more complex conditions in older adults. Caregiving is stressful and can lead to caregiver burnout.
  • Nursing homes are expensive and usually have a reputation for offering substandard care.

Research strategy

After an extensive search, we found seven of the biggest challenges for people in their 60s and 70s from several US sources. Each challenge was selected because it was mentioned in at least three sources.

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Part
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Being Sixty - What is Relatable?

Eight things that only people in their 60's would relate to are (1) the debut of color television, (2) watching the rise of Elvis Presley, (3) fervently watching the widely popular television show I Love Lucy, (4) seeing/playing with the first-ever Barbie dolls and Tinkertoys, (5) reading Peanuts comics in print form, (6) watching the debut of Kermit The Frog on television, (7) the grand opening of Disneyland, and (8) watching the debut of the Wizard of Oz.

findings

  • Only people in their 60's would relate to the debut of color television. We included this because this was a novel invention that entirely transformed entertainment.
  • Watching the rise of Elvis Presley, both as a musician and on television, is something only people in their 60's would relate to. We included this because Elvis became an iconic figure and rose to fame during the 50's.
  • Only people in their 60's would relate to fervently watching the widely popular television show I Love Lucy. We included this because the show was among the most-popular of that time.
  • Seeing/playing with the first-ever Barbie dolls and Tinkertoys is something only people in their 60's would relate to. We included this because these toys were novel and would later become iconic toys.
  • Only people in their 60's would relate to reading Peanuts comics (which was the debut of Charlie Brown) in print form only. The comics were described as having "more of a cute, toddler-like appearance until around 1957." We included this because Peanuts/Charlie Brown would later become a classic television show that endures to date.
  • Watching the debut of Kermit The Frog on television, which first aired on the live TV puppet show "Sam and Friends," is something only people in their 60's would relate to. We included this because Kermit the Frog would later become an iconic character and still is to date.
  • Only people in their 60's would relate to the grand opening of Disneyland. We included this because Disneyland is an American classic that debuted during this time period.
  • Watching the debut of the Wizard of Oz on television is something only people in their 60's would relate to. We included this because the Wizard of Oz became an entertainment classic among movies, costumes, and plays alike.

your research team applied the following strategy:

We identified things that only people in their 60's would relate to by looking for novel, important, or historic happenings that occurred during the 1950s. We focused on happenings in the 1950s because many people who are currently in their 60s were born in the 1950s. The types of sources we used in collecting this information were mainly lists of such happening during the 1950s that were published by outlets such as Good Housekeeping. We included the happenings we found from Good Housekeeping in this Google Doc because the links to the examples didn't work properly, as they are part of a slideshow within the source. Together, this research process provided us with eight things that only people in their 60's would relate to.

Part
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Part
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When Are You "Old"?

A person's self-consideration of age is based on both objective and subjective factors. By official guidelines, people would start referring to themselves as "old" at any age between 62 and 67. Whereas, according to the subjective perception of age, people would start to consider themselves "old" at around 77 to 83 years of age.

OFFICIAL AGE AS PERCIEVED BY THE GOVERNMENT AND THE PUBLIC

  • According to Medicare, a senior old person is 65 years old.
  • According to Social Security, a senior is one who starts to receive senior social benefits at the age of 62.
  • Social Security researches show that over the years, the perception of old changes and the age for being considered as old increases. Today, women are considered old at the age of 73, whereas men are considered old at the age of 76.
  • The retirement age which is commonly used as a transition age to being old is 67.
  • The American Association of Retired Persons (AARP) send retirement package offers as early as 50.
  • Some food chains and service providers (Arby's, McDonald's, etc.) would consider one to be old even at an age as low as 55.

SUBJECTIVE AGE AND DEMOGRAPHIC PERCEPTION

  • People found reporting feeling about 20 percent younger than their current age.
  • Previous researches show that sixty percent of adults aged 65 and over said they feel younger than their actual age, 32 percent said they feel their exact age, and 3 percent said they feel older than their age.
  • Also, the perception of age differs among the genders, women said that a person becomes old at age 70, whereas men said that the magic number is closer to 66 years of age.
  • Subjective age, as found to be considered "old", is strongly correlated to the development of illnesses and effect the general perception of one's age.
  • A new study by the U.S. Trust has found that perceptions of the onset of old age vary widely among different generations. Millennials, say that a person is old when they turn 59. On the other hand, Gen Xers say that old age begins at 65. When it comes to boomers and the silent generation, both agree that a person is not really old until they hit the age of 73.
  • According to the subjective report of age, being old can be any time a person feels incompetent or inferior in some area in life, feel pain, discomfort, feeling sick, burdensome, forgetful, and lonely.

Research Strategy:

After conducting thorough research on the publicly available sources, including magazines, official government websites, surveys and researches, demographic data and professional insights, we were able to identify main key points in people's lives when they begin to consider themselves as "old". We found that a person's self-consideration of age is based on both objective and subjective factors.

On the objective part, the age at which a person is perceived as old by the official and public standards would be the age of retirement or when adopting the senior citizen status between the ages of 62-67. As to the subjective factors, we found that researches showed that the subjective perception of one's age is around 20% less than his actual age. As external events such as illnesses and physical issues are not quantitative, we had to triangulate the publicly perceived age of an old person with the subjective age calculation. Based on the data, we assumed that a person will feel old when his subjective age will equal the general age considered to be old. Thus, we assumed that 62-67 is 80% of the subjective age of a person who feels old.
  • For the minimum subjective age, the calculation would be the minimum objective age (62) / 0.8 (equivalent percentage) = 77 (minimum subjective age, rounded to the point).
  • The same calculation for the top range maximum subjective age would apply. Therefore, the maximum objective age (67) / 0.8 (equivalent percentage) = 83 (maximum subjective age, rounded to the point).

Thus, the subjective age that people will refer to themselves as "old" will be around 77-83 years of age.


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Part
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Brands That Market Towards People Over 60

People in their 60s and 70s currently make up a large portion of the United States senior population. Since seniors are considered to still be a growing market, several business sectors are expected to see rapid growth over the coming years such as non-medical in-home care firms, home service firms, travel companion firms, senior transportation services, care technology providers, and nutrition brands. In consideration of these sectors, seven of the top brands that market to people of this age group are Nurse Next Door, Comfort Keepers, FirstLight, Touching Hearts at Home, Caring Senior Service, Visiting Angels, and Quaker.

Senior Market in the United States (1)

  • According to Forbes, people who are in their 60s and early 70s are the Baby Boomer generation and are found to make up a large portion of the country’s senior population.
  • Studies have shown that by the end of this year (2019), the global spending power of this generation will reach $15 trillion. It has also been revealed that by 2035, there will be more people aged over 65 than youngsters aged below 17.
  • These statistics indicate that the Baby Boomer generation will continue to grow and will increase market opportunities in various industries. Some sectors that market toward people in their 60s and 70s include non-medical in-home care; home services such as housecleaning, handyman services, and lawn care; care technology; monitoring services; travel companion services, senior transportation services, pre and post-operative assistance services and nutrition/fitness products.


Top Brands that market to people in their 60s and 70s

Nurse Next Door

  • According to a survey conducted by AgingInPlace, Nurse Next Door is considered to be one of the best personal care providers in the United States. Nurse Next Door is a non-medical in-home care service firm that caters specifically to seniors. This company provides seniors with full range intensive home care services that include providing companionship, meal preparation, housekeeping, home nursing care, caregiving relief, personal care, transportation, around-the-clock care, and end-of-life care.
  • The company has received high consumer ratings compared to other firms operating in the non-medical in-home care services sector commending its caregivers for their reliability, professionalism, competence, and compassion.
  • The company has been chosen as one of the “Top Brands” for seniors due to its high employee satisfaction record, high consumer ratings and positive online reviews, its “Happier Aging” program designed to cater to seniors’ mental well-being, and its wide range of services for people in their 60s and 70s.

Visiting Angels

  • This company is popular in the home care industry due to its “beyond the home” approach. Visiting Angels begins its work by providing post-operative care to clients in the hospital. This is where the company’s caregivers learn about the care that’s required for the client by communicating with the medical team.
  • This process continues after the client is taken home. The company’s caregivers then educate the client’s family about the best recovery and care options to begin the healing process at home. The company’s Ready-Set-Go Home program is focused on post-hospitalization care and lays focus on the many social aspects of senior engagement.
  • Visiting Angels has been chosen as a “Top Brand” that caters to people over 60 because it is a well-reviewed companion and personal care service firm in the country. The company provides tailored programs to suit their client’s needs and offers continuity services throughout the various stages of aging.

Comfort Keepers

  • According to a survey conducted by AgingInPlace, Comfort Keepers has been chosen as the best transportation service for the elderly. This particular company’s services stand out from the other transportation providers mainly due to their partnership with the transportation ride-sharing company, Lyft.
  • Comfort Keepers offers seniors the “convenience of ridesharing with a human touch”. The company’s caregivers act as a middleman in helping clients reach their destinations. The company provides a wide range of services that include in-home care, respite care, specialized care, transitioning home services, private duty nursing, and mental health and well-being services.
  • Comfort Keepers has been chosen as a “Top Brand” due to its wide range of services and the quality service provider that focuses on transportation for the elderly. The company is known as one of the country’s leading firms that provides quality in-home care for seniors. Comfort Keepers has also won the NBRI Circle of Excellence Award and the World-Class Franchise 2009-2018 Award.

FirstLight

  • The survey conducted by AgingInPlace ranked FirstLight as the best travel companion service provider. Most home care firms provide transportation service for medical appointments and errands, however, sometimes the elderly are found to travel long distances for various reasons such as to visit relatives or friends and to attend functions or events.
  • FirstLight offers senior clients with trained travel companions who will handle security procedures, check-ins, take care of personal care needs, luggage transport, making connections, and provide essential companionship.
  • Apart from its unique travel companion program, FirstLight also provides a wide range of home care services that include companion care, personal care, dementia care, respite care, and healthy brain services that specifically cater to senior citizens.
  • FirstLight has been chosen as a “Top Brand” for its specialized post-operative care provisions for seniors along with its unique in-home medical alert system and travel companion program. The company has won the Provider of Choice, Leadership Excellence, and Employer of Choice awards from HomeCare Pulse in 2016.

Touching Hearts at home

  • The survey conducted by AgingInPlace has declared Touching Hearts at Home as the best monitoring service provider. This company provides non-medical care services for seniors and for those people with disabilities and medical conditions. Apart from the full range of home care services, Touching Hearts offers monitoring services to cater to those seniors who require sporadic help.
  • The company’s caregivers will check-in with the client, whose loved ones live far away, on regular intervals to address safety hazards, supervise maintenance, and generally keeping an eye on the client’s condition. The caregivers are trained to provide quality services and ensure that every client is offered the best care.
  • Touching Hearts at Home has been chosen as a “Top Brand” for its specialized care provided to seniors and its high consumer ratings on online forums. The company has also won various awards such as the Best of Home Care Award 2018 by HomeCare Pulse, was ranked #437 in the top 500 entrepreneur franchise list in 2019, and was named one of the top 100 franchises by Franchise Gator in 2019.

Caring Senior Service

  • Caring Senior Service is considered to be one of the best care technology providers in the country. Caring Senior Service is one company that incorporates technology into its design of providing home care services to American seniors. The company is well-known for its Tendio software product that allows the families and loved ones of the clients to monitor their care remotely.
  • Tendio enables clients’ families to stay connected in an organized fashion with their elderly family members. Through this product, families can review the plan of care, review care schedules, review notes recorded by the company’s caregivers, and interact directly with caregivers by using the messaging options within the product. The company also provides its clients with a mobile tablet for easy access to its software (Tendio).
  • Caring Senior Service has been chosen as a “Top Brand” due to its unique and innovative home care technology product offering, specifically designed to keep track of the care provided to the seniors. The company also provides a wide range of home care services that range from light housekeeping to providing medication reminders. Caring Senior Service is one of the recipients of the Best of Home Care Award in 2018.


Quaker

  • The United States food conglomerate, Quaker Oats Company, is a brand whose target audience is Baby Boomers. While Quaker Oats is a breakfast option that people from all generations/ages opt for, people in their 60s and 70s specifically enjoy this simple and healthy meal to begin their day.
  • In terms of popularity, Quaker Oats has obtained the most number of positive reviews and options from Baby Boomers. According to YouGov, 86% of American seniors prefer Quaker Oats products as compared to 73% of American millennials.
  • Quaker Oats has been chosen as a “Top Brand” that markets to people in their 60s and 70s due to its significant marketing influence on their target audience (senior demographic) and the approval rating provided by Baby Boomers (86%). The brand is found to be the eighth most popular food brand and the ninth most famous food and snack brand in the United States.

Additional Insight

  • According to Business Insider, based on consumer preference, community impact, trust, and favorability, the top 10 most loved brands by American seniors (Baby Boomers) in 2019 are UPS, Home Depot, USPS, Lowe’s, FedEx, Amazon, Hershey, AAA, Tide, and Cheerios.


Research Strategy

Your research team began by looking into industry-specific market research websites such as Pew Research Center, Gartner, Market Research, and ResearchGate; to obtain reports of customer surveys, independent studies, and market reports that provide insight into the top brands that market to people in their 60s and 70s. An exhaustive search through these channels provided various lists of companies/brands that cater to senior citizens along with various products that are popular among the elderly in the United States. Your research team found that most of the brands/products that are popular amongst the senior demographic are marketed toward the other generations as well. Among the various brands, only Quaker Oats was found on multiple lists and has Baby Boomers as its target audience.
The search was then extended to include media websites such as Forbes, Huffington Post, PRNewswire, and Business Insider to identify reports that highlight some of the best companies/brands that cater to people in their 60s and 70s. Numerous reports found through these channels indicated that most of the companies focusing specifically on seniors operate in the healthcare industry. A further search provided a list, published by AgingInPlace, of the best companies operating in the home care industry for the elderly. Each company on the list was then individually researched to determine if it is one of the “top brands” that market to people in the 60s and 70s. The metrics used to identify if the brands/companies/providers are “top” include prestigious awards won over the years, a wide range of services and offerings, quality care, high consumer ratings, a large number of positive reviews, and innovative products targeted toward the elderly. Please note that each company on the list target themselves the most to people over 60. Thus, seven top companies that market to people over 60 have been identified and presented.


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Part
07

People Still Working In Their 60's And Their Hobbies: United States

Based on our calculations using the most recent available data, 30% of the US population aged above 60 years were still working in 2018. Please note that, for lack of more specific statistics, this percentage may include people in their 70s and 80s. Their top hobbies include volunteering, sports, and do-it-yourself (DIY).

People Still Working In Their 60s

  • According to the US Bureau of Labor Statistics, there were 20,437,000 civilians aged between 60-64 years with 57.1% (11,675,000) still in the US labor force as of 2018.
  • Also, there were 51,283,000 civilians aged 65 years and above with 19.6% (10,032,000) still in the US labor force in 2018.
  • This means that there were 20,437,000 + 51,283,000 = 71,720,000 civilians aged 60 years and above in the US, of which 11,675,000 + 10,032,000 = 21,707,000 are in the labor force.
  • Therefore, with the assumption that most of the US population, aged 60 and above, and still in the labor force is working, the percentage of people in the US that are still working in their 60s is 30% ([21,707,000/71,720,000] * 100).

TOP THREE HOBBIES

1. VOLUNTEERING:

  • This generation is accused of being greedy or self-involved. Hence, people in this age bracket are always looking for a way to give back to the community, making new friends, and making people smile.
  • They always look for ways to show their generosity; they get the opportunity to volunteer through their local church, religious group, and starting their charitable initiatives.
  • Boomers look to remain in their home with their families nearby. Through different volunteering acts, they build a close relationship with their families and their local communities.

SPORTS AND EXERCISE:

  • People in this age bracket look to outdoor sporting activities such as golfing, fishing, and boating, in a bid to stay fit as they focus on feeling healthy and young, while also combating obesity and other health-related problems.
  • Being credited for the so-called "Fitness Revolution," and as they age, they've maintained that dedication to exercise through groups fitness activities, participating in marathons, and regular visits to the gym.
  • According to a survey report, over 60% of Boomers are likely to take on extreme sports.
  • They tend to want more adventure in their lives; hence, some of them take on sky-diving, paragliding, rafting, and other competitive sports. However, despite being risk takers, Boomers prioritize safety.

DO-IT-YOURSELF (DIY):

  • Boomers are innovative and independent; hence, they are always looking for activities around the house that they can do on their own.
  • They do these activities as a way of keeping hand-eye coordination sharp.
  • "Gardening, canning, and crafting handmade products such as clothing and furniture are a few thrifty activities boomers do well. Ultimately, staying physically and mentally active and carrying on family traditions matter."

RESEARCH STRATEGY

In our attempt to determine the percentage of people in the United States that are still working in their 60s, we found a 2018 breakdown of the US labor workforce, through which we were able to derive the percentage of this population that are still working.

Next, we searched through reputable blog posts, survey reports, and articles, for information on the interests and hobbies specific to the working-class population that are above 60 years. While we could not find any pre-compiled data via sources such as Academia, HuffPost, and Research Gate, we attempted to triangulate useful information on this. First, we determined that the population over 60 years are classified as Baby Boomers—although this generation also includes people currently aged 55-59. In the course of our research, we also found that the majority of Baby Boomers (85%) plan to work into their 70s (and even 80s), implying that a substantial part of this generation is expected to remain in the workforce in their 60s. Therefore, we proceeded to search for the hobbies and interests of Baby Boomers in general, which was readily available. We also identified their top three hobbies, based on their mentions across at least three different sources.

Part
08
of ten
Part
08

Perceptions Of Life At 60

Recent surveys of how Americans envision retirement suggest that Americans perceive life in their 60s to be filled with travel, family time, leisure, and relaxation. They see a life where traveling, spending time with family and friends, and living an active lifestyle are the main goals. Most Americans are concerned about their health when they get older, and a considerable percentage of Americans intend to work in retirement for financial and healthy aging reasons.

WHERE THEY WILL LIVE

  • Based on Provision Living's survey of 2,000 Americans in 2018, Americans hope to retire at age 60 on average, and nearly 79% of Americans envision moving to their dream city when they retire, with Miami, San Diego, Denver, New York, Orlando, Honolulu, Los Angeles, Portland, San Francisco, and Seattle as their top choices. Around 21% of Americans, on the other hand, envision moving to another country, with Italy as the top destination.
  • The same survey reveals that Americans envision themselves living in a one-story ranch house in an uncrowded coastal community when they retire.

WHAT THEIR ACTIVITIES WILL BE

  • Based on PGIM Investments's survey of 1,514 adults aged 21 or older in the United States in 2018, Americans aim for relaxation, family time, travel, and leisure activities in retirement. They want to engage in a new activity such as volunteering (39%), starting a new business (11%), starting a new career (7%), and going back to school (6%).
  • Provision Living's survey also shows that when they retire, 53% of Americans will work part-time, and 68% will volunteer. When it comes to gig economy jobs, 27% will consider dog walking, and 12% will consider ridesharing.
  • According to the 18th Annual Transamerica Retirement Survey of Workers, American workers who intend to work in retirement plan so for financial and healthy aging reasons. Financial reasons include additional income (57%), doubts about social security benefits (41%), insufficient savings (38%), health benefits (31%), insufficient employer retirement benefits (16%), and uncertainties about financial performance and financial markets (15%). Healthy aging reasons include the desire to be active (54%), to keep brain alert (43%), to lead a purposeful life (37%), to enjoy life (37%), and to maintain social connections (25%).

HOW they will spend their time

  • Provision Living's survey reveals that Americans visualize spending their time in retirement in the following manner: travel (34.9%), family (20.8%), leisure/relaxation (14.3%), hobbies (9.6%), creativity (8.3%), friends (6.5%), business (3.4%), and reflection (2.2%).
  • The survey also indicates that, on a day-to-day basis, Americans visualize their ideal retirement day as follows: sleeping (7-8 hours), watching/streaming television (1-2 hours), dining out (1-2 hours), socializing (2-3 hours), leisure (3-4 hours), and hobbies (2-3 hours).
  • The 18th Annual Transamerica Retirement Survey of Workers, which polled 6,372 workers aged 18 or older in the United States in 2017, shows that when asked how they wish to spend their retirement, American workers dream of traveling (70%), spending time with family and friends (57%), pursuing hobbies (50%), volunteering (26%), pursuing an encore or repeat career (13%), starting a business (13%), continuing work in the same field (11%), and others (5%).

WHAT THEIR LIFESTYLE WILL BE

  • The 18th Annual Transamerica Retirement Survey of Workers reveals that American workers, in general, dream of an active retirement.
  • Ipsos's survey of 1,400 Americans also shows that the top goals of Americans when they retire are to travel (52%), spend time with family (41%), and live an active lifestyle (39%).
  • Based on MIT AgeLab's survey of 900 adults in the United States, Americans associate retirement with the following words: relax, travel, happy, retirement, fun, family, success, money, freedom, and fulfilled. They also associate retirement with images of family, hobbies, travel, and exercise.

WHAT THEIR CONCERNS WILL BE

  • The 18th Annual Transamerica Retirement Survey of Workers reveals that when it comes to retirement, American workers' biggest fears are as follows: outliving savings and investments (52%), losing social security benefits (48%), having poor health (44%), not being able to provide for family (42%), poor access to affordable and adequate healthcare (38%), cognitive decline (35%), not spending time meaningfully (21%), feeling isolated (20%), and being laid-off (18%).
  • Though Natixis's survey of 1,000 American workers shows that 67% of American workers with access to employer-sponsored retirement savings believe that, so long as they spend their money wisely, they will have saved enough money for retirement to live comfortably, Natixis reports that the basic assumptions of these American workers are flawed.
  • The 18th Annual Transamerica Retirement Survey of Workers also indicates that 73% of American workers are very concerned or somewhat concerned about their health when they get older. To ensure long-term health, American workers are eating healthfully (56%), exercising regularly (54%), keeping a positive outlook (53%), seeking medical attention when necessary (53%), avoiding harmful substances (50%), getting enough rest (49%), getting routine health screenings (48%), managing stress (44%), making smart lifestyle decisions (25%), and practicing meditation and mindfulness (20%).
  • According to Ipsos's survey, the top concerns of Americans for retirement are outliving their assets (53%), maintaining lifestyle (46%), and funding healthcare (37%).


Part
09
of ten
Part
09

Physically Active In Your 60's and 70's - Actuality Versus Perceptions

About 28% to 34% of Americans in their 60s and 70s are physically active. Unfortunately, no study or research has been done on the percentage of young adults that say they want to be physically active when they are in their 60s and 70s. However, 75% of US adults mentioned that staying in shape is very important to them while more than half of Gen Xers would like to live a long and healthy life past the age of 90.

PHYSICALLY ACTIVE SENIORS

  • In a 2018 study of over 20,000 Americans, 31.4% of baby boomers reported being physically active at a high caloric level. About 24.8% of baby boomers mentioned engaging in low or medium calorie burning activities, and 33.7% reported being physically inactive.
  • The 2018 Physical Participation study found that due to their age, baby boomers tend to engage in minimal calorie burning activities that have low impact on their bodies. Some of these activities include golf and walking.
  • Baby boomers are more interested in fitness and outdoor sports such as shooting and camping than team, water, and winter sports.
  • According to Forbes, 71% of baby boomers define health and wellness as "feeling good about themselves." Up to 67% believe that health and wellness is all about being physically fit while 66% are convinced that it means leading a balanced lifestyle.
  • Based on The United States of Aging Survey, 52% of senior aged 60 to 69 are physically active at least four days in a week while 25% are active one to three days per week, and 11% are active a few days in a month. Another 11% report that they are never physically active.
  • The U.S. Department of Health & Human Services reported that 28% to 34% of older Americans aged 65 to 74 are physically active.

ADDITIONAL FINDINGS

  • Although America's average life expectancy is 78.8 years, over 50% of Gen Xers (39 to 54 years) in the US want to live a long and healthy life past the age of 90.
  • Millennials are reportedly more physically fit than previous generations at the same age. Experts believe that more millennials are depressed and use being active as a coping mechanism.
  • Healthy living for millennials begins to decline as they reach age 27.
  • Currently, only 23% of US adults get the amount of exercises that is recommended by the Centers for Disease Control.
  • While 75% of US adults claim that staying in shape is very important to them while only 31% of these adults exercise regularly.

RESEARCH STRATEGY

We began our research by looking for directly available information on the percentage of people are actually physically active in their 60s and 70s and the percentage of Americans that say they want to be physically active when they are in their 60s and 70s. We searched for this information in various news sites such Forbes and Business Insider, among others. These websites provided the number of Americans who are physically actively but they did not categorize this figure by age group.

Next, we turned to health government platforms including the U.S. Department of Health and Human Services. This website offered similar data found in the news websites but categorized this information by seniors and adults. Since no specific age range was found here, we decided to examine studies done by associations related to health and physical activity like the Physical Activity Council. These sources provided a breakdown of physical activity participation in the US by generation. We also found that more websites provided data on baby boomers that on Americans in their 60s and 70s. Further research revealed that baby boomers are defined as those born between 1946 to 1964 (ages 55 to 73 as of 2019). This means that Americans in their 60s and 70s fall under the baby boomer generation. As such, we proceeded with the request using the term "baby boomers."

Despite the aforementioned strategies, we were unable to determine the number or percentage of Americans that want to be physically active when they are in their 60s and 70s. We attempted searching for the number of millennials or gen xers that would like to be physically active as they age but no research or survey has been done on this. We also tried looking for any statistics on the number of young adults that are physically active and how this is expected to change in a few decades but this approach was also not futile. As such, we have provided the available information on the percentage of baby boomers who are currently physically active.
Part
10
of ten
Part
10

Aging and Retiring Now, Versus A Decade Or Two Decades Ago

People aged 55-65 that are commonly referred to as baby boomers and that are approaching retirement age have a greater life expectancy, are better educated, more economically secure, and adopt less healthy lifestyle than older generations and people that are already retired. Below, you will find more details.

Characteristics of those aged 55-65 (baby boomers) compared to Older Generations.

  • Retiring baby boomers have a greater life expectancy after 65 years than retired seniors.
  • Retiring baby boomers are also more economically and racially diverse than ever before. Although most of the retiring baby boomers will be economically secure, almost one in ten will live in poverty.
  • The number of baby boomers that will reach 65 years and above is the most ever yet and the number that will need personal living assistance at 85+ will be more than double the current number in the US.
  • Retiring Baby Boomers are freer with social conventions than the older generation, with "44% of Baby Boomers were fine with sex outside marriage, 37% approved of casual sex, 29% approved of legalizing marijuana." They are also more comfortable online and on social media than previous generations.
  • Retiring baby boomers are more prone to physical and mental health problem than the older generations.
  • The religious attendance among retiring baby boomers is less compared to the older generations that are already retired.
  • Retiring adults adopt less healthy lifestyles (in terms of not drinking too much, not smoking, and not being obese or overweight) than older generations and are worse in perceived health when compared to older people that are already retired.
  • Baby boomers that will soon be retiring will most likely travel more than older generations that are already retired. This is partly explained by the fact that they are more adventurous, better educated, and more affluent than older generations, and even those with disability or health problem still want to travel.
  • Researchers Kathy Black and Kathryn Hyer found that baby boomers approaching retirement have different preferences in terms of "housing, outdoor spaces, employment, and participation in varied social activities." However, the research is pay-walled so can't be explored further to determine the actual differences.
  • Psychological research has shown that baby boomers approaching retirement age "feel younger" than their actual age and as such tend to explore further than older generations at the same age. They are also retiring later than older generations, with 85% saying they plan to work into their 70s.

YOUR RESEARCH TEAM APPLIED THE FOLLOWING STRATEGY

To find data on the unique characteristics of people aged 55-65 and how they differ from people aged 65-80 years, our research team relied on data from generational studies and market research aimed at the target population after we determined that the data was unavailable precompiled.

The age group 55-65 are generally referred to as baby boomers and our researchers analyzed studies that compared their various characteristics to older generations generally referred to as the Silent Generation and the Greatest Generation. We analyzed a dozen of such studies and have extracted relevant data and findings showing the unique characteristics and differences between baby boomers approaching retirement and those that are older that are already retired.
Sources
Sources

From Part 05
Quotes
  • "In my experience, people usually “feel old” when they are in some kind of pain or discomfort (think: warming up at the gym). Or, it may be when they feel inferior or incompetent (think: watching a child nimbly troubleshoot a smartphone). Generally, it seems to point to feeling sick, burdensome, curmudgeonly, decrepit, demoralized, forgetful, feeble, or even lonely."
Quotes
  • "By age 30, around 70% of people feel younger than they really are. And this discrepancy only grows over time. As Nosek and Lindner put it in their paper, “Subjective ageing appears to occur on Mars, where one Earth decade equals only 5.3 Martian years.”"
Quotes
  • "People know that they are aging, but they are evaluating themselves and their lives and reporting feeling about 20 percent younger than their current age.”"
  • "In her dementia research, Levy evaluated 4,765 older people — average age, 72 — who were free of dementia at the start of the study and followed them for four years. The participants answered a series of questions about their beliefs about aging. “We found [that] those who expressed more-positive age beliefs at baseline were less likely to develop dementia . . . than those who expressed more-negative age beliefs,” Levy said."
Quotes
  • "A new study by U.S. Trust has found that perceptions of the onset of old age vary widely among different generations. Millennials, for example, say that you are old once you turn 59. Gen Xers, on the other hand, hold a slightly more generous view, saying that old age begins at 65. When it comes to boomers and the silent generation, both agree that you’re not really old until you hit age 73."
Quotes
  • "By these measures, women today transition out of middle age around 65, a number that has increased from the late 40s in the 1920s. "Old" for women today is about 73, which increased from the late 50s in the 1920s. And "very old" today is about 80, an increase from about 67 in the 1920s."
  • "And finally, if your chance of dying within the next year is 4 percent or higher, you might be considered "very old" or "elderly." The above chart shows that this threshold for men increased from about 65 in the 1920s to 76 today."
Quotes
  • "Dr. Scherbov says for Americans, it’s roughly 70 to 71 for men and 73 to 74 for women, though, as he has written, “your true age is not just the number of years you have lived.”"
Quotes
  • "The age of a senior citizen varies according to the source. For example, according to Medicare, a senior is 65 years old or older. However, Social Security benefits are eligible for seniors starting at 62, even though the Social Security Office reports that 67 is the age of retirement. Yet if you are 55 and you visit an Arby’s or McDonald’s you can get a senior discount. By the way, Burger King requires you to be at least 60. "
  • "As such, being a senior citizen may be based on your age, but it is not a specific age. In general, however, once you turn 55 you start to enter the senior age demographic. By the time you are 65 you reach the most common age for retirement from your job. However, an increasing number of senior citizens are working after 65, so retirement can no longer be a key factor in becoming a senior. It can be safe to say that after 65 you are designated a senior, regardless of your working status."