Why we picked 2030 as our mission target year
/For several years, we’ve been saying that our mission is to “make 90 the new 50 by 2030.”
Our commitment to 2030 is not arbitrary. It marks a demographic turning point for the United States because it’s the year when all baby boomers will be over 65. That means one out of five Americans will be retirement age. And, because of that aging population, it is the year that immigration will overtake new births as the leading driver of U.S. population growth.
The U.S. Census estimates the nation’s population will exceed 355 million by 2030. About 77.1 million will be 65 and over; 75.7 million will be under 18.
The trend is not unique to the United States. The United Nations reports that virtually every country in the world is experiencing growth in the number and proportion of older persons in their population.
Some people worry that this trend means fewer people will be in the work force, but it’s interesting to note that the number of older workers is rising. By 2030, 9.5% of the civilian labor force is projected to be older than 65 – and labor participation rates of older Americans will continue to increase.
The consulting firm Mercer recently published a study that shows just 16% of employees – down from 25% three years ago – intend to stop working completely at retirement age. A massive 84% plan to keep working, in some cases reducing hours, phasing into retirement or just playing it by ear.
Why? The BLS offers these reasons: Older people are healthier and have a longer life expectancy. They are better educated, which increases their likelihood of staying in the labor force. And changes to Social Security benefits and employee retirement plans, along with the need to save more for retirement, create incentives to keep working.
We offer another reason: Working contributes to a sense of accomplishment and belonging. People work because it makes them feel connected – to responsibilities, people and society in general.
Methuselah Foundation recognizes the importance of feeling like you belong as people age. That’s why one of the seven strategies that guide Foundation investments, planning and policies focuses specifically on this problem.
“Lust for life” addresses the need to restore the sensory organs, sight, taste, smell, touch and hearing, while eliminating the aches and pains associated with advancing age. Among the aged, depression, loss of purpose and social isolation are serious problems. Losing athletic competence often results in fear of injury, limited independence and loneliness. Social isolation and physical disability lead to feelings of uselessness and hopelessness. Loss of acuity of the senses endangers the elderly and limits their ability to savor the little things in life that add up to happiness.
We came up with our seven strategies because there is no single solution that will lengthen the healthy human lifespan. It will take a combination of things to help us reach our goal of making 90 the new 50 by 2030.
And, as a practical matter, it will be helpful to society to make sure that people who age remain engaged for as long as possible – in life, in work and with loved ones.
Join us to bring this dream to life. Donate to Methuselah Foundation.