July 2011
QuickFACTS
®
“Four score and seven years ago our
fathers brought forth on this continent
a new nation, conceived in liberty,
and dedicated to the proposition that
all men are created equal.”
Abraham Lincoln,
the Gettysburg Address, 1863
I N F OR M AT ION A B OU T AG I N G , L ON G EV I T Y, A N D T H E M AT U R E M A R K E T
Welcome to QuickFACTS, a monthly fact sheet produced by MetLife’s Mature Market Institute. Our focus is the emerging mature market.
We compile recent news and developments on workplace, retirement, caregiving, and longevity issues that impact our business and our
customers. Ideas and comments for the editor are welcome by e-mail at [email protected] or by phone, 203-454-5302.
The New (or Rather, Old) Virtual You
Stanford University researchers are banking on a new way to get young people to save for
retirement: Show them an age-morphed photo, or avatar, of what they might look like in
the future. The idea is that if they can visualize themselves, via virtual-reality technology,
at retirement age, it becomes more real, and will spur them to save more now so they’ll
be comfortable later. Financial planners might eventually use this type of technology.
Jason Zweig
“Meet ‘Future You.’ Like What You See?”
The Wall Street Journal
March 26, 2011
Click for link to article
Financial Concerns for Working Caregivers
STUDY
The MetLife Study of Caregiving Costs to Caregivers
The MetLife Study of
Caregiving Costs to
Working Caregivers
Double Jeopardy for Baby Boomers Caring for Their Parents
June 2011
®
Mature Market
I N S T I T U T E
Women forfeit, on average, $324,000 and men, $284,000 in lost wages, pension,
and Social Security benefits, or nearly $3 trillion, to care for Mom or Dad,
reports a MetLife Mature Market Institute study produced with the National
Alliance for Caregiving and New York Medical College’s Center for Long Term
Care Research and Policy. The MetLife Study of Caregiving Costs to Working
Caregivers: Double Jeopardy for Baby Boomers Caring for Their Parents shows
employees 50+ providing eldercare are more likely to have fair or poor health.
The study underscores the need for employers to provide better support to
these workers, including retirement planning, stress management, and work
accommodations such as flex-time and family leave.
“Caregiving Costs Americans $3 Trillion in Lost Wages, Pension, and Social Security
Benefits”
MetLife Mature Market Institute
June 14, 2011
Click for link to article
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METROPOLITAN LIFE INSURANCE COMPANY, 200 PARK AVENUE, NEW YORK, NY 10166
July 2011
International Ageing*
With 11% of South Koreans ages 65+, the Seoul city government has come up with a way to keep them
entertained and engaged: Open a movie theatre where those ages 55+ can spend the day watching films,
savoring free breakfast pastries, patronizing the café, kicking back in the book-lined lounge, or listening to
music. Gymnastic lessons, lectures, and even free health check-ups from physicians are also featured. The
concept is a hit. The theatre, which opened last fall, attracts 500 moviegoers during the week, and 800 on
weekends. The municipality expects it will open similar venues in other parts of Seoul.
Kim Hyeh-won
“Local Theatre Provides All-Around Comfort for Elderly”
Yonhap News
June 8, 2011
Click for link to article
*British/Australian spelling
We’re Saving Again
First, the bad news: More than half of all U.S. workers aren’t confident about their
retirement, with 56% reporting they’ve saved less than $25,000, according to the
Employee Benefit Research Institute 2011 Retirement Confidence Survey. And, while
more employees are opting for automatic enrollment in pension plans, many are
saving just 3%, when plan sponsors recommend at least 10%, according to a Defined
Contribution Institutional Investment Association survey. But there’s good news, too:
Employees are socking away more in their 401(k)s than in previous years and, postrecession, more companies are reinstating their 401(k) participation plans.
Christine Dugas
“401(k) Savings Are on the Rise”
USA Today
May 13, 2011
Click for link to article
Tracking Boomers’ Next Steps
In 2009, Americans ages 47+ parted with $3.5 trillion for consumer goods and services vs. $2.3 trillion for
Generation X and the Millennials combined, reports a Bureau of Labor Statistics survey. Little surprise,
then, that entrepreneurs are developing businesses to cater to older Boomers’ interests and ambitions.
With 40% of Boomers noting in an AARP report they planned to “work until they
drop,” businesses are springing up to anticipate their needs, from travel to health
to education, and coaching them on starting second, or even third, careers.
Julie Halpert
“Cashing In on Boomers’ New Bucket Lists”
The Fiscal Times
June 17, 2011
Click for link to article
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METROPOLITAN LIFE INSURANCE COMPANY, 200 PARK AVENUE, NEW YORK, NY 10166
July 2011
Web Watch
WEB
Watch
Alzheimer’s caregivers have special challenges, interests, and needs.
Among them is connecting with others in similar straits to get the latest
information from experts and those in the trenches. That’s why the
Alzheimer’s Foundation of America recently launched Care Crossroads
(www.carecrossroads.org), an interactive caregiver community Web site.
Besides videos and resources, it lets users connect with social workers and
other experts via Skype and live chat, or brainstorm and commiserate with
fellow caregivers via discussion boards and online support groups.
But Isn’t the Recession Over?
Because of the recession of 2007-2009 and the reduction in wage growth, an individual
age 25-34 in 2008 will have $3,000 or 4.9% less in annual per capital household income
at age 70, while those 55-64 in 2008 will be 4.1% shorter down the road, mostly due to
lower Social Security benefits, projects the Center for Retirement Research at Boston
College. The study used a dynamic microsimulation model from The Urban Institute
to measure the impact of the latest recession on future retirement income.
Barbara A. Butrica, Richard W. Johnson, and Karen E. Smith
“The Potential Impact of the Great Recession on Future Retirement Incomes”
Center for Retirement Research at Boston College
May 2011
Click for link to article
$
Job Description: Female, 50+,
and Grandma-ish
At a time when older female workers are having trouble finding work, a new
job opportunity has come along. A Los Angeles company, aptly named Rent-aGrandma, is employing, at around $13/hour, or $500/week, women age 50+ to
baby and even pet sit by the day or long-term. Families with little, if any, access
to grandparents, and prefer someone seasoned to a texting teen, are buying
the concept. So are “granny” applicants and entrepreneurs. The first franchise
will open in Texas, and Rent-A-Grandma founder plans to have 25 franchises
nationwide by the end of the year.
Laura Reparably
“Company Rents ‘Grandmothers’ to Homes”
ABC News
June 13, 2011
Click for link to video
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METROPOLITAN LIFE INSURANCE COMPANY, 200 PARK AVENUE, NEW YORK, NY 10166
July 2011
Eyeing A Solution
Women who ate one or more servings of fish a week had a 42% less chance
of contracting the age-related eye disease macular degeneration (A.M.D.)
than females who had less than a serving a month, reports the Archives of
Ophthalmology. The most benefit came from canned tuna and dark-meat
fish such as mackerel, salmon, sardines, swordfish, and bluefish. Findings
grew out of a 10-year Harvard Women’s Health Study that tracked nearly
40,000 women in midlife. Researchers reason that the omega-3 fatty acids
found in fish have an anti-inflammatory effect helpful for preventing A.M.D.
Roni Caryn Rabin
“Diet: Eating Fish Found to Ward Off Eye Disease”
The New York Times
March 17, 2011
Click for link to article
Plie, Please, Says 93-Year-Old
Ballet Teacher
Suited up in toe shoes, Therrell Camille Smith demonstrates dance positions.
At her Washington, D.C. dance school for children, where a vintage record
player churns out music, the 93-year-old ballet instructor has raised the bar
for late-in-life work and engagement. She has taught thousands of students
and her current gig is at several D.C. public schools. The arts are important
for kids, Smith believes, “because it stimulates your imagination, and you
just have greater dreams.”
Rebecca Sheir
“At 93, D.C. Ballet Teacher Is Still Dancing”
National Public Radio
June 7, 2011
Click for link to article
Fay Radding, M.A., R.N., Senior Gerontologist and Editor
203-454-5302
MetLife Mature Market Institute
57 Greens Farms Road, Westport, CT 06880
[email protected]
www.MatureMarketInstitute.com
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METROPOLITAN LIFE INSURANCE COMPANY, 200 PARK AVENUE, NEW YORK, NY 10166