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Old Age: Blessings, Curses

USA Today, 7/21/09

Abstract:

Living to an old age these days isn't what it used to be. The death of the world's oldest man this weekend — British World War I veteran Henry Allingham was 113 — only underscored a new reality. If 50 is the new 40, then 100 is the new 90. In fact, the world's population of centenarians, once almost nonexistent, is projected to reach nearly 6 million by 2050, according to a new study by the U.S. Census Bureau.

The world's oldest person, Gertrude Baines, 115, of Los Angeles, is one of 75,000 centenarians in the USA. The U.S. number is expected to rise to more than 600,000 by midcentury.

Great news? Yes and no. For energetic baby boomers crossing the line into retirement, the prospect of years more to enjoy life holds potential delights. AARP's magazine for over-50s regularly highlights the amazing potential and feats — skydiving, anyone? — filling the ever-extending retirement years of many. Golfer Tom Watson, who turns 60 in September, thrilled the AARP set by coming within inches of winning the British Open on Sunday. Victory would have made Watson by far the oldest man to have won one of golf's major tournaments.

But longer lifespans are not an unalloyed blessing. They carry significant social and financial costs, most notably the question of how to pay for Social Security and Medicare benefits that were based on shorter life expectancies. One solution might not be popular but is logical: gradually raising the retirement age for able-bodied workers.

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