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The Lucky Few—Where Are They Now?

IMG_0633 Where Are They NowThey had the best of all worlds. How will we remember them?

They belong to the generation of people born between 1926 and 1945. The world events that most defined them were the Great Depression of 1929-1939 and World War II. They occupied a unique place in history:

  • They watched their parents struggle through the depression
  • Food and money were scarce
  • They were cautious, self-sufficient and hated any form of waste
  • They were employed for life at the same company
  • They were often promoted through the ranks until their retirement at 65.
  • They didn’t complain, they accepted their annual increases and company benefits, and simply got on with the job

Perhaps the last generation to rely heavily on pension plans and Social Security benefits, they were confident that they would have enough money to live well to at least age 85.

Over the past 30 years, the proportion of the Canadian population made up of those aged 65 years and older has increased from 9% to 14%, a trend also evident in other developed countries.

In 2008, 6% of Canadian seniors were living in low-income situations. This number represented a large decrease from 29% in 1978. Rates have dropped over this time period following the earlier introduction of retirement and financial income supplement programs in Canada.

The Luxembourg Income Study has credited Canada’s pension system as being a major factor in the shift from ranking Canada as a nation with one of the highest occurrences of low-income seniors in the late 1980’s to one of the lowest in the mid-2000’s.

By 1990, When the oldest members of the Lucky Generation turned 65 and retired, they had already set the stage for a comfortable life;

  • They had a great income
  • They were healthy
  • They were in established homes
  • Their marriages were long-term and stable
  • Many had higher education

In a conservative, cautious fashion, because they were nothing if not cautious and conservative, they quietly made plans to enjoy the fruits of their labours.

So what did they do with their money and time?

  • They travelled the world
  • They made a haven for visiting and returning children and grandchildren
  • The golfed and played bridge
  • They kept up their church connections
  • They volunteered in the community

The oldest members of this generation are now 90 and over. They spent money on recreation in their characteristically careful manner, and are now known as the wealthiest generation ever.

Some, (not all) planned for unforeseen financial challenges in the future:

  • The rising cost of healthcare
  • The high cost of long-term care
  • A family member who may need support and medical care
  • Market risk, inflation risk and longevity risk

As their years advance, these seniors become more and more concerned with issues of health and disability. As findings in the American Community Survey, (90+ in the United States: 2006-2008) suggest, living well into one’s 90’s may not necessarily be “a walk in the park”.

A majority of people 90 and over live alone or in nursing homes and report having at least one physical or mental disability. Sadly, old age and disability still go hand-in-hand. Those that remain healthy and cognizant may look back over their years and reflect on their successful lives and many accomplishments.

In The Gift of Years, Joan Chittister observes,

“We leave behind for all the world to see the value system that marks everything we do.
People who never asked us directly what we valued in life never doubt for a moment what it was. They know if we cared for the earth because they watched us as we seeded our flowerbeds-or let the debris from the garage spill over into what could have been a garden. They know what we thought of people of other colors and creeds by the language we used and the lives we connected with. They know the depth of our spiritual life by the way we treated those around us and what we thought of life and what we gave our lives to doing.”

Is the Lucky Generation, having reaped the benefits of the most lucrative times in history, leaving behind a better world? It’s not over ’til it’s over, as Yogi Berra said, and this generation, always lucky, is lucky enough to have a few years left to contribute to the changes in force today.

Diane Dahli and Still the Lucky Few (2015) Unauthorized use and/or duplication of this material without express and written permission from this site’s author is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Diane Dahli and Still the Lucky Few, with appropriate and specific direction to the original content.

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