Young Retirees, Older Retirees, and the Ancient Ones

In interacting with a fairly broad range of my fellow retirees, I am struck by the differences in the way they live and the adaptations they have made as they have aged. It appears that healthy retirees can be broadly grouped into: Younger Retirees, Older Retirees, and the Ancient Ones. The main dividing line seems to be health and it drives virtually everything from where they live to their activity levels. Most of the information that is published as retirement planning seems targeted at the younger retirees and their wallets with the assumption that where/how they choose to live is somehow fixed for the remainder of their lives. What is generally neglected is the fact that a lot of these folks will continue to move and make other adjustments as they age.

Broadly speaking, the younger retirees live a lot like someone in their late 40’s or 50’s. You can find them hiking on the Appalachian Trail, pumping iron at the gym, holding part-time jobs that they love and doing volunteer work. They may be taking a few medications, but overall they are vigorous bunch with active sex lives and very few real aches and pains. These people don’t need any help with maintaining their homes or with their daily routines. This stage can last into the late 80’s, but can be bypassed very quickly by the mere act of becoming obese.

Healthy older retires start making adjustments such as not driving at night and getting lawn/yard service and perhaps cleaning service for their homes. Some move into communities that provide these services. It is at this stage where they may start to become vulnerable to people who will take advantage of them. In my father’s case, I avoided getting into his finances until he was 84. When I did, I discovered that several people he had trusted had taken severe advantage of him starting around when he was 79. He lives in Texas and always refused to move closer where either my brothers or I could keep a closer watch on him. We got him moved into a better living situation (in Texas), but he lost at least $80K that can’t be recovered. This causes me to reconsider my own living situation here on the East Coast when my adult children are both on the West Coast. The wife and I may have to pack up and move closer when we get into our late 70’s. This stage of retirement continues to be enjoyable and I know a lot of them, who continue to play Golf, go the Gym, go dancing and whatnot. This stage of retirement can be quickly bypassed by getting obese and especially if one gets diabetes.

Healthy Ancient Retirees clearly need watching over and if you have family members in their late 80’s, 90’s and beyond, you need to check on them quite often. In my father’s case, I took away his car keys and got him moved into a home where someone is around most of the time. He really didn’t object that much. Another thing that happens is that a lot of people in this age group don’t pay attention to the paperwork that will make it easier to settle their affairs. My Dad had hand written a new will that would have given me enormous difficulty in trying to execute it. I got him into a Lawyer and made him do it right. I have a 96 year old friend whose children have done the best job of balancing his desires with ensuring his safety and protection. They moved him into a retirement home where he has his own apartment and eats in a common dining room. They handle his financial affairs, pay all of his bills, and of course took away his car keys. He still attends the senior men’s meetings, and accesses what cash he needs using an ATM card. Overall, his living situation is excellent for a man of his age and good health.

My main point is that retirement is not something that remains fixed after you leave the workplace. The second point is: be nice to your children.