Stock Market Corrections and Impact on the Elderly
Aging and the Stock Market
For the most part, relatively few in the aging sector discuss the stock market. However, this aging expert began work right as the recession roared in. From my perch, I made three observations in 2008.
After Effects of the Crash
First, many who might have retired and might volunteer will continue to work to shore up their retirement.
Second, those providing volunteer service in a decade might then need help.
Third, 10,000 Boomers will turn age 65 every day for almost 20 years. In contrast, funding remains flat for the Older Americans Act the initiative providing services for older adults.
The Older Americans Act
While named the Older Americans Act (OAA) the measure affects grandchildren, daughters, and sons. In a word everyone. The OAA provides funding for caregiving, health promotion, disease prevention, and transportation programs to name a few. If you look around your community at programs helping seniors you find they also help their family member. When you dig a little deeper you discover they are made possible by funding from the OAA.
Market Corrections and the Elderly
Given these points and the prediction of market correction services elders and their families will be impacted. If you plan to age in your community now is the time to become involved. Equally important is the understanding elders have a short runway to recoup their losses. Now is the time to develop multi-generational partnerships. In addition, develop the awareness we all age. In fact, Maurice Chevalier said it best “Old age isn’t so bad when you consider the alternative.”
Currently, I am the Director of Program Innovation at Advocates For Aging. My claim to fame? First gerontologist to speak at South by Southwest. Another accomplishment? Freewheeling After Sixty the first book to make it easier for older adults to give up driving. Lastly, this summer I’ll be speaking at the National Association of Area Agencies on Aging on Let’s Talk Sexy: It’s Part of Aging.