Baby Boomers Envision Their Retirement: An AARP Segmentation Analysis

Back in 2004 as the early boomers were reaching their late 50’s the American Association of Retired Persons (AARP) commissioned a report to see what boomers saw for themselves in retirement. As a result of that report, five well-defined groups of Baby Boomers emerged based on how they did the report. Because the sample was randomly selected and represents the population of Baby Boomers across the United States, the AARP decided they could reasonably assert that the five segments represent natural groups in the population as a whole.

A detailed portrait of each of the five segments is in the report (If interested do as search for Baby Boomers Envision Their Retirement: An AARP Segmentation Analysis). I thought it would be interesting to see what these segments were, and I am trying to find out if there is any research on what actually happened when by 2014 all of the early boomers retired. The following is a brief description of the five segments that comprise the Baby Boomer generation includes:

The Strugglers (9%) — Of the five Baby Boomer segments, the Strugglers are the lowest income group, with a median household income of nearly $30,000 below that of the average Baby Boomer. This group is disproportionately comprised of females (64%) rather than males (36%). The Strugglers are saving virtually no money for retirement because they simply have no money to save. The Strugglers, it seems, are not even in a position to prepare for retirement. Compared to other groups, they report having given relatively little thought to retirement (where they will live, what they will live on). A majority say they look ahead to their later years with very little sense of optimism.

The Anxious (23%) — The Anxious are best characterized by their sense of apprehension when they look ahead to their later years. Although they fall below the average Baby Boomer’s household income level (by approximately $10,000), with their limited means, they currently strive to put some money aside for retirement. But the Anxious do not expect to be rewarded with financial well-being when they retire. Indeed, many do not expect to be able to stop working. In addition to their anxieties about their retirement finances, the Anxious also express great concern about their health care coverage during their retirement years.

The Enthusiasts (13%) — Unlike the Strugglers and the Anxious, who fear not having enough money in retirement and look toward their later years with very little optimism, the Enthusiasts could hardly be more eager to reach their retirement years. A defining characteristic of this group is that Enthusiasts—without exception—do not plan to work at all during retirement. Indeed, they envision having plenty of money and plenty of time for recreation. For them, retirement promises to be a time free of the rigors of working.

The Self Reliant (30%) — The Self Reliant segment—which boasts the highest income and educational level of any group in the segmentation—has the resources to save and is aggressively putting money into retirement-oriented investments. However, in contrast to the Enthusiasts, the Self Reliants want to continue working at least part-time after they retire. Indeed, the contrast with the Enthusiasts could not be more striking: whereas all of the Enthusiasts expect to stop working, only 1% of the Self Reliant expect to not work at all. But what motivates the Self Reliant to continue working is not the pay, but rather the interest and enjoyment that work provides.

Today’s Traditionalists (25%) — In describing this group, who make up one-quarter of the Boomer population, the word traditional comes to mind. This segment, in many of their attitudes toward Social Security and Medicare, seems to have a stronger sense of confidence and less of an attitude of uncertainty than the other segments displayed toward these programs. But this group is not totally traditional: Today’s Traditionalists plan both to work and to rely on Social Security and Medicare during retirement.

Figure 2. Selected Top Characteristics Of The Five Baby Boomer Segments

The Strugglers

·        Not putting money into any of the savings vehicles asked about in the survey.

·        Not satisfied with the amount putting away for retirement.

·        Find it hard to save for retirement with so many other needs right now.

The Anxious

·        Not optimistic about retirement.

·        Not satisfied with amount putting aside for retirement.

·        Greatly concerned about health care coverage during retirement.

The Enthusiasts

·        Plan to not work at all when retired.

·        Optimistic about retirement years.

·        Can’t wait to retire.

The Self Reliant

·        Currently putting money into a wide array of savings vehicles, and fairly sure they can count on these as sources of retirement income.

·        Satisfied with amount currently putting away for retirement.

·        Plan to work part-time mainly for interest or enjoyment sake.

Today’s Traditionalists

·        Confident Social Security will still be available when they retire.

·        Confident Medicare will still be available when they retire.

·        Plan to work during retirement.

Medical Myths of Ageing Smoking, Sex, and the take away

Medical News Today is an interesting newsletter that comes out with all sorts of fascinating material In the latest installment of our Medical Myths series, they tackle myths associated with ageing. Because ageing is inevitable and, for some people, frightening, it is no surprise that myths abound.

The article was written by Tim Newman on September 7, 2020, and fact checked by Anna Guildford, Ph.D.

In our Medical Myths series, we approach medical misinformation head-on. Using expert insight and peer-reviewed research to wrestle fact from fiction, MNT brings clarity to the myth-riddled world of health journalism.

6. There’s no point giving up smoking now

Whether this is a genuine myth or merely an excuse, some older adults say that there is no point in giving up smoking at “their age.” This is not true. As the NHS clearly explain:

“No matter how long you have smoked for and no matter how many cigarettes you smoke a day, your health will start to improve as soon as you quit. Some health benefits are immediate, some are longer-term, but what matters is that it’s never too late.”

7. Sex is rare or impossible as you age

Some people believe that older adults lose their ability to enjoy sex and that their sexual organs become unfit for purpose. This, thankfully, is a myth.

It is true that the risk of erectile dysfunction (ED) and vaginal dryness increases as people age, but for most individuals, these are not insurmountable problems.

Sildenafil (Viagra) and lubricants or hormone creams can work wonders in many cases. Before taking Viagra, though, it is essential to speak with a doctor, as it is not suitable for everyone.

An article in the International Journal of Clinical PracticeTrusted Source indicates that around 0.4% of men aged 18–29 experience ED, compared with 11.5% of men aged 60–69. However, flipping that statistic on its head makes it much less daunting — almost 9 out of 10 men in their 60s do not have ED.

Intercourse between older people may be less fast and furious, but that is not necessarily a bad thing. As one author writes, “Growing old does not necessarily discontinue a healthy sexual life, but it does call for redefining its expression.”

There are certain benefits, too. For instance, a male’s penis often becomes less sensitive, helping them maintain an erection longer.

It is true that as some people grow older, they do not have the same sexual desire or drive as when they were young, but this is by no means the case for everyone.

To end this section on a high, below is a quote from a survey study that involved 158 older adults. Although the participants reported that they were having less sex than a decade earlier, the authors write:

“A remarkably robust sex life was evidenced by both the men and the women, even until advanced old age.”

The take home.

Overall, most of the myths surrounding age seem to center on inevitability. People believe that it is inevitable that they will gradually crumble into dust as their lives become increasingly unbearable, boring, passionless, and painful.

Although certain aspects of health might decline with age, none of the above is inevitable for everyone. As we have discovered, a positive psychological outlook on aging can benefit the physical aspects of aging.

Medical Myths about Ageing 5

 Medical News Today is an interesting newsletter that comes out with all sorts of fascinating material In the latest installment of our Medical Myths series, they tackle myths associated with ageing. Because ageing is inevitable and, for some people, frightening, it is no surprise that myths abound.

The article was written by Tim Newman on September 7, 2020, and fact checked by Anna Guildford, Ph.D.

In our Medical Myths series, we approach medical misinformation head-on. Using expert insight and peer-reviewed research to wrestle fact from fiction, MNT brings clarity to the myth-riddled world of health journalism.

5. As you age, your brain slows

The term cognitive decline refers to a gradual decrease in mental functioning with age, but before we tackle the facts of the matter, we dismiss a couple of associated myths:

Dementia is inevitable as you age

According to the WHO, the risk of developing dementia increases with age, but it does not affect all older adults. Worldwide, an estimated 5–8% of people over 60 have dementia. That means that 92%–95% of people aged 60 or older do not have dementia.

In the United States, an estimated 13.9%Trusted Source of people over 71 have dementia, meaning that 86.1% of people over 71 do not have dementia.

Cognitive decline leads to dementia

Contrary to popular opinion, cognitive decline does not necessarily signal the start of dementia.

People who go on to develop dementia tend to experience cognitive decline first. However, not everyone who experiences cognitive decline will develop dementia.

One older study estimated that 22.2% of people in the U.S. aged 71 or older experience cognitive decline. Of these, each year, 11.7%–20% develop dementia.

Cognitive decline is inevitable.

As the above statistics show, cognitive decline is not inevitable, regardless of the long-held myth that older adults experience a mental slowing down. And, importantly, there are ways to reduce the risk.

In 2015, the Alzheimer’s Association evaluated the evidence of modifiable risk factors for both dementia and cognitive decline. Their report, presented to the World Dementia Council, explains that “there is sufficient evidence to support the link between several modifiable risk factors and a reduced risk for cognitive decline.”

They identified that maintaining regular physical activity and managing classic cardiovascular risk factors, such as diabetes, obesity, smoking, and high blood pressure were strongly associated with a reduced risk of cognitive decline.

They also found good evidence that a healthful diet and lifelong learning or cognitive training also reduce the risk of cognitive decline.

Medical Myths about ageing 4

 Medical News Today is an interesting newsletter that comes out with all sorts of fascinating material In the latest installment of our Medical Myths series, they tackle myths associated with ageing. Because ageing is inevitable and, for some people, frightening, it is no surprise that myths abound.

The article was written by Tim Newman on September 7, 2020, and Fact checked by Anna Guildford, Ph.D.

In our Medical Myths series, we approach medical misinformation head-on. Using expert insight and peer-reviewed research to wrestle fact from fiction, MNT brings clarity to the myth-riddled world of health journalism.

4. Only women get osteoporosis

Osteoporosis is a condition where bones gradually become weaker. Some people believe that it only affects women. This is not true; it can affect either sex and people of any age. However, osteoporosis is indeed much more common in older people, white people, and females.

 According to an overview article the International Osteoporosis Foundation estimates that globally, around 1 in 3 women over 50 have osteoporosis, and about 1 in 5 men will experience a bone fracture related to osteoporosis in their lifetime.

 Another related myth is that osteoporosis is inevitable for women as they age. As the figures above attest, two-thirds of women over 50 do not have osteoporosis. To minimize risks, the National Institute on Aging advise people to eat foods rich in calcium and vitamin D and exercise regularly.