As individuals transition into their sixties, they often confront the realities of aging, which brings a host of physical, mental, and social challenges coupled with limited financial support. As time passes, health deterioration becomes more pronounced, with increased susceptibility to chronic illnesses and a general decline in cognitive abilities. All these changes gradually start crippling functional capacity, leading to decreased productivity and a more limited lifestyle.
Retirement is a phase when a person stops working and earning, and such people are called Retirees. The concept of Retirement began with German Chancellor Otto von Bismarck in 1889 when he introduced the first social insurance program, which laid the foundation for pension schemes. This program was established to support those who, due to age or disability, could no longer work and needed economic assistance. Initially, the retirement age was set at 70 but later lowered to 65. Bismarck’s model inspired other nations to adopt similar systems, including the US with its Social Security Act of 1935.
The United Nations defines “old age” as around 60-65 years of age, considering this the starting point for senior status. However, in recent times, advances in medicine and technology have contributed to increasing life expectancy, resulting in a rising population of people aged 60+ who are living longer than ever before.
A UN Statista report published in September 2021 corroborates this, indicating a doubling of the global elderly population. In 2019, the elderly population aged 65 accounted for 703 million, expected to escalate to 1.5 billion by 2050. Notably, over a billion of these individuals reside or will reside in low-/middle-income countries.
As per an article published on July 11, 2024, by Population Matters, Life expectancy continues to rise globally, with average life expectancy projected to increase from 73.3 years in 2024 to 77.4 years by 2054. By 2080, the elderly population, those aged 65 or older, is expected to surpass the number of children under 18.
In the United States, the life expectancy for females is 81 years, while for males, it is 76 years (CDC, 2012). As of 2023, there are approximately 573,000 centenarians in the country, nearly quadrupling the estimate of 151,000 centenarians in 2000. Projections indicate that by 2030, the number of centenarians will reach 1 million, with over 80% of these individuals being women (TEDx Talks).
This shift towards an older demographic raises concerns about the sustainability of social support systems, particularly in developing countries, where an increasing number of retirees lack adequate resources to support themselves, highlighting the need for robust strategies to address the growing aging population.
As life expectancy increases, many old people are seeking meaningful ways to spend their post-work years, often exploring new hobbies, second careers, or volunteer opportunities to redefine their sense of purpose. This trend emphasizes the growing desire among the elderly for fulfillment and the societal shift toward valuing active, engaged aging. Nevertheless, this calls for a much deeper analysis of the situation to find practical and sustainable solutions for the elderly retirees.
(Stay tuned for the next article to analyze the subject further…)
References & Resources
https://populationmatters.org/news/2024/07/the-road-to-10-billion-world-population-projections-2024/
https://www.bbc.com/news/world-europe-65279818
https://www.un.org/en/global-issues/ageing
https://www.aa.com.tr/en/life/elderly-to-make-up-22-of-world-population-by-2050/2379462
TEDx Talks. (2021, September 15). The power of vulnerability [Video]. YouTube. https://www.youtube.com/watch?v=xABqKHyg2RY
TEDx Talks. (2020, June 10). The art of being yourself [Video]. YouTube. https://www.youtube.com/watch?v=JfiMVWQCS7Y
