Mental illness and seniors

 One in five seniors experiences some form of mental illness. When mental health issues aren't addressed, it not only hurts the individual but also places a huge burden on the healthcare system and the economy.

We are more likely to face challenges like losing a loved one, a drop in income, or feeling less purposeful after retirement. Despite our contributions, many of us face ageism, which can seriously impact our mental health. Nearly 60 years after workplace age discrimination was banned, two out of three workers aged 45 to 74 say they’ve experienced it at work, according to AARP. Plus, a study in the Journal of the American Medical Association found that over 90% of people between 50 and 80 have faced some level of ageism.

Social isolation and loneliness, which affect about a quarter of us, are major risks for mental health problems later in life. Another risk is elder abuse, which can be physical, verbal, psychological, sexual, or financial, and includes neglect. One in six of our age group experiences abuse, often by their own caregivers, which can lead to depression and anxiety.

Many of us also care for spouses with chronic health conditions like dementia. This caregiving can be overwhelming and affect the carer’s mental health. Some of us are more prone to depression and anxiety due to poor living conditions, health issues, or lack of access to support and services, especially those in challenging situations like humanitarian settings or living with chronic illnesses.

Promoting and preventing mental health issues for our age group is about supporting healthy aging. This means creating environments that help us stay well and do what matters to us, even with some loss of ability. Key strategies include:

·         Reducing financial insecurity and income inequality.

·         Ensuring safe and accessible housing, public buildings, and transport.

·         Providing social support for older adults and their caregivers.

·         Encouraging healthy habits like eating well, staying active, avoiding tobacco, and reducing alcohol use.

·         Offering health and social programs for vulnerable groups, such as those living alone, in remote areas, or with chronic health conditions.

For all of us, but especially our age group, staying socially connected is crucial to reducing isolation and loneliness. Meaningful social activities can boost mental health, life satisfaction, and quality of life while reducing depression. Examples include befriending programs, community groups, social skills training, creative arts groups, education services, and volunteering.

Protecting against ageism and abuse is also vital. Important steps include anti-discrimination policies, educational programs, and activities that bring different generations together. Support for caregivers, like respite care, advice, education, financial help, and psychological support, can help maintain healthy and respectful caregiving relationships.

It's essential to recognize and treat mental health conditions promptly. This involves community-based care that focuses on both long-term care for those with mental health issues and support for caregivers. A mix of mental health interventions, along with help for health, personal care, and social needs, is usually best.

Dementia is a significant concern since it affects mental health and requires quality care. Addressing elder abuse is critical too, with promising interventions like mandatory reporting, self-help groups, helplines, emergency shelters, psychological help for abusers, and training for healthcare providers.

By focusing on these areas, society can support the mental health and well-being of all by helping all ages live fulfilling, connected lives.

 

Actionable steps to help plan for retirement

 As Baby Boomers transition into retirement, ensuring financial security and maintaining good physical and mental health becomes paramount in the face of potential uncertainties. From market fluctuations to healthcare expenses and longevity risks, navigating these challenges requires proactive planning and strategic decision-making.

Before diving into specific strategies, Baby Boomers must grasp the various risks they may encounter in retirement. These risks include not having a reason to wake up in the morning, market volatility, price increases, loss of support groups including friends and family, health issues and the need for long-term care. By recognizing and addressing these risks, Boomers can better prepare themselves for the financial challenges ahead. Here are ten actionable steps for Baby Boomers to protect themselves and secure a successful retirement. Here are 10 actionable steps for Baby Boomers to ensure a successful retirement:

Set Clear Retirement Goals

•             Identify what you want to achieve in retirement, such as travel, hobbies, volunteering, or spending time with family. Write down these goals and create a vision board to keep them in focus.

•                    Develop a retirement plan that includes both short-term and long-term goals. Regularly review and adjust your plan as needed.

•                    Create a Comprehensive Financial Plan

•                    Take stock of your income, expenses, assets, and debts to understand your financial situation.

•                    Use a retirement calculator to create a budget that accounts for your retirement expenses, including housing, food, healthcare, and allows for discretionary spending like entertainment. Consider setting up an emergency fund to cover unexpected costs.

•                    Work with a financial advisor to assess your current financial situation and project future expenses and income. Include potential health care costs and inflation in your calculations.

Step 2: Maximize Your Retirement Savings

•                    Delay claiming government benefits such as Social Security for as long as possible to receive higher monthly payments.

•                    Use online calculators or consult with a financial advisor to determine the optimal time to start receiving Social Security benefits based on your financial needs and health status.

•                    Contribute to tax-advantaged retirement accounts.

•                    Take advantage of catch-up contributions if you're 50 or older.

•                    Spread your investments across different asset classes, such as stocks, bonds, and real estate.

•                    Consider working with a financial advisor to create a diversified investment portfolio. For example, allocate 60% of your portfolio to stocks, 30% to bonds, and 10% to real estate investment trusts (REITs).

Step 3: Plan for Healthcare Expenses

•                    Research and understand your healthcare options, including Medicare, Medicaid, and private insurance.

•                    Research and compare different insurance plans to find one that suits your needs, then purchase supplemental health insurance or long-term care insurance to cover expenses not included in government health care program. Research Medicare Advantage plans and consider purchasing a long-term care insurance policy to cover potential long-term care expenses.

•                    Consider setting aside funds specifically for health care costs or consider long-term care insurance to cover potential long-term care expenses.

Step 4: Create a Support Network

•                    Build and Cultivate relationships with friends, family, and community members to maintain social connections.

•                    Participate in social groups or support networks tailored for retirees.

•                    Join a book club or volunteer at a local animal shelter to stay connected and engaged.

•                    Reach out to old friends, make new connections, and regularly engage with your support network. Use social media or community centers to stay connected.

Step 5: Consider Part-Time Work or Consulting

•                    Use your professional skills and experience to take on part-time work, consulting, or freelance opportunities. This can provide additional income and a sense of purpose.

•                    Update your resume, create a LinkedIn profile, and explore job opportunities that align with your skills and interests. Network with former colleagues and industry contacts.

Step 6: Downsize and Simplify Your Lifestyle

•                    Move to a smaller home or a more affordable location to reduce living expenses and maintenance costs. Declutter your home and sell or donate items you no longer need.

•                    Assess your current living situation and make a plan to downsize if necessary. Research affordable and convenient living options, such as retirement communities or smaller homes.

Step 7: Stay Active and Healthy

•                    Prioritize physical and mental health by exercising regularly and eating a balanced diet.

•                    Join local clubs, take up new hobbies, volunteer, or participate in community activities to stay engaged and connected.

•                    Create a weekly schedule that includes regular physical exercise, social activities, and mental stimulation such as meditation or yoga. Commit to lifelong learning through classes, workshops, or online courses.

•                    Consider working with a healthcare professional to develop a personalized wellness plan.

•             Step 8: Plan for Long-Term Care

•                    Research long-term care options, including assisted living facilities and home care services.

•                    Consider purchasing long-term care insurance to cover potential long-term care expenses.

•                    Research local long-term care facilities and consider purchasing a long-term care insurance policy to cover potential long-term care expenses.

Step 9: Review and Update Your Plan

•                    Regularly review your retirement plan to ensure it remains aligned with your goals and financial situation, Ensure your will, power of attorney, and other legal documents are up to date. Discuss your estate plan with your family to avoid future conflicts.

•                    Meet with an estate planning attorney to review and update your documents. Communicate your wishes clearly to your beneficiaries and designate a trusted executor. Update your plan as needed to reflect changes in your income, expenses, and financial situation, review  your retirement plan annually to ensure it remains aligned with your goals and financial situation, and update your plan as needed.

Step 10: Seek Professional Guidance

•                    Consider working with a financial advisor or retirement planner to create a personalized retirement plan.

•                    Seek guidance from a healthcare professional to develop a personalized wellness plan.

By taking these proactive steps, Baby Boomers can address potential risks and create a secure, fulfilling retirement. Regularly reviewing and adjusting their plans will help them navigate the uncertainties of retirement and enjoy this new phase of life with confidence.

 

life without continual acts of self-revision would be boring

Happy July 1st to all of us in Canada. We celebrate the birth of our country and how it has changed to be a more caring place. As a country, we have and continue to reinvent ourselves as we welcome new arrivals that add to our country's tapestry and find that exciting. As you enter retirement, consider the exciting possibility of reinventing yourself. What would life be without continual acts of self-revision? Embracing change can be the key to a fulfilling and dynamic retirement.

Our self-perceptions and aspirations, the narratives we craft about who we are and who we aspire to be, often anchor us to a fixed idea of ourselves. This “tyranny of completion” can be limiting. We tend to see ourselves as finished products but we are ever-evolving drafts, surprised by life's unexpected plot twists. We often cling to familiar thoughts and feelings, finding comfort in certainty, even when it narrows our understanding of our desires.

Retirement offers a unique opportunity to break free from these confines. While we may not always know what we want, being open to new experiences can lead to profound personal growth. This uncertainty can be daunting, but it also has the potential to enrich our lives in unimaginable ways.

If we can embrace the process of self-discovery and remain open to change, we can step into a more expansive and authentic life. Let retirement be a time of exploration and reinvention, where each new chapter brings growth, joy, and fulfillment.

Revamp Your Personal Identity in Retirement: A Guide for Seniors

I was recently asked to write an answer to a question about how an executive could rebrand themselves to stay current. I did not accept the offer, but it got me thinking. Retirement is an opportunity to redefine who we are and how we present ourselves. Establishing a new vision of yourself can be both exciting and empowering. Here are practical steps to help you create a fresh and fulfilling personal identity in your retirement years:

Conduct a Personal Audit

Review your current identities, activities, social media profiles, and online presence. Identify what's working and what's not, and list areas for improvement. Example: Sarah, a retired teacher, realizes her Facebook profile doesn’t reflect her current interests in gardening and volunteering. She updates her profile with new photos and posts about her hobbies and community involvement.

Define Your Unique Value Proposition

Outline your unique strengths, skills, and passions. What makes you stand out? What value do you offer to your community and family? Use this to craft a compelling personal statement. Example: John, a retired engineer, discovers that his passion for mentoring young professionals is unique. He starts volunteering at a local youth center, highlighting his expertise in problem-solving and project management.

Understand Your New Audience

Identify who you are trying to connect with in this new phase of life. What are their interests and needs? Knowing this helps tailor your activities and interactions. Example: Emily, a retired financial advisor, finds that many of her peers are interested in managing their retirement savings. She starts a blog offering financial tips for fellow retirees.

Re-evaluate Your Activities and Hobbies

Assess your current activities for relevance and enjoyment. Are you engaging in pursuits that resonate with your new identity? Consider exploring new hobbies or revamping old ones. Example: Michael, a retired writer, finds his long-form articles are not engaging his new audience of retirees. He starts writing shorter, more relatable stories and shares them in a local community newsletter.

Enhance Your Online Presence

Ensure your online profiles are updated and reflect your current interests and activities. Use keywords that highlight your new pursuits and passions. Example: David, a retired broadcaster, updates his LinkedIn profile to showcase his new role as a podcast host focusing on senior lifestyles. He also creates a personal blog to share his experiences and insights.

Engage with Your Community

Build relationships by participating in local events, responding to comments on social media, and sharing experiences. This fosters trust, credibility, and a sense of belonging. Example: Chris, a retired musician, engages with his community by performing at local events and sharing his performances on social media. He responds to comments and connects with fellow musicians and fans.

Seek Feedback and Iterate

Ask for feedback from friends, family, and community members. Use this feedback to refine your personal identity, adjusting as needed to better align with your new life phase. Example: Olivia, a retired coach, asks her peers for feedback on her new wellness workshops. She uses their suggestions to improve her sessions and better meet the needs of her attendees.

Stay Authentic and Consistent

Be true to yourself and your values. Authenticity is key to building trust and maintaining relationships. Ensure consistency in your actions and communications. Example: Chris, the retired musician, remains true to his artistic vision, ensuring his performances and online presence reflect his genuine passion for music.

Monitor and Measure Progress

Track your engagement and satisfaction with your new activities. Use this information to make data-driven decisions and refine your approach. Example: Alex, a retired social media manager, uses tools to monitor engagement with his posts about travel and photography. He adjusts his content based on what resonates most with his audience.

Stay Up-to-date and Adaptable

The world continues to change, and so should you. Stay informed about new trends and opportunities to keep your identity vibrant and relevant. Example: Samantha, a retired digital marketer, attends workshops on digital storytelling. She adapts her online presence and community involvement to include these new skills, keeping her brand fresh and engaging.

By following these steps, you'll be well on your way to revitalizing your personal identity in retirement. Focus on your unique value, engage with your community, and remain adaptable to the changes and opportunities that come your way.