Our society is desperately underprepared for rapidly shifting demographics, making these questions vital. In particular, when should people retire from their careers. High-profile figures such as President Joe Biden and business mogul Warren Buffett have faced scrutiny regarding their ages and capabilities. Thankfully, most entertainers, Mick Jagger and Paul McCartney included, challenge negative stereotypes about aging. They’re still out there, doing it with great intensity and integrity even in their 70s and 80s.
The discussion about age and work has become an especially timely issue. Life expectancy in the United States has shot up over the past few decades. It literally doubled itself from below 70 years in 1960 to almost 80 years at present. This transformation reflects broader societal changes, as the demographic of individuals aged 65 and older has grown from approximately 9% of the total population in 1960 to nearly 18% today. By 2054, projections estimate that 84 million adults aged 65 and older will call the U.S. home. This group soon will comprise the majority of the U.S. population.
President Joe Biden’s current administration has raised much-needed dialogue surrounding competency and mental acuity in positions of leadership, especially at the ripe age of 81. Critics often question his capacity to cut through hazy, treacherous political terrain with the requisite edge. This has led to broader anxieties about similar leaders with declining faculties. Similarly, Donald Trump, at 78, has exhibited behaviors that some view as worrisome, contributing to ongoing debates about age and capability in high-stakes positions.
In sharp opposition, many leaders have repeatedly challenged what society expects from older adults. Tom Cruise, who turns 62 today, isn’t doing too bad physically either, still jumping out of planes for movie stunts. Meanwhile, rock legends like Mick Jagger, at 81, Bruce Springsteen, at 75, and Paul McCartney, at 82, continue to perform regularly, showcasing their enduring vitality.
Cultural queen and all around legend Cher just released her first ever holiday album at the age of 78. That’s proof that age doesn’t need to limit ingenuity or innovation! Now at 74, Richard Branson still runs the Virgin sprawling controlled corporate enterprise. Lou reminds us that it’s not unusual for those over 65 to remain engaged and productive members of their vocational communities.
These examples are indicative of a broader change in societal perceptions of aging. As life expectancy increases and more adults continue to lead active lives, the definitions of competence and capability are changing. The increasing number of individuals over 65 in various sectors raises critical questions about workforce dynamics and the value of experience.
State and federal regulations are starting to catch up to the changing demographics. Due to this, new policies have developed to keep workers engaged in the labor force longer. That’s about to change, though. A recent rulemaking is raising the age for mandatory cash-outs of 401(k) plans. By then, age 75 rather than 70½ will be the new age. This is another indication of a growing awareness of the important contributions older adults can continue to make in the workforce.
I have two acquaintances in their early 60s who each have very different perspectives on extending their working lives. One friend remarked, “Are you kidding?” while another shared a more reflective stance: “I just don’t have the energy. I just want to play a little golf and spend time with my grandkids.” These feelings add to challenges regardless of where you are in life’s odyssey.