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Welcome to QuickFACTS, a monthly fact sheet produced by the MetLife 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 fradding@metlife.com or by phone, 203-454-5302.

INFORMATION AB OUT AGING, LONGEVIT Y, AND THE MATURE MARKET

More Companies Retain Retirement-Age Workers For some U.S. companies, age increasingly has its charms. Last year 18% of people 65 and over had full-time or part-time jobs, the AARP Public Policy Institute reported in December—66% more than in 1985. And in another recent AARP study, 69% of the human resource directors interviewed said their companies wanted to retain older workers part-time or as consultants, while 46% said they were seeking to keep their older workers on full-time. The financial impact of the recession has made many employees nearing retirement age more open to such opportunities.

Gary M. Stern“Not Letting Go: Companies Hang On To Their Baby Boomers”FortuneOctober 18, 2011Click for link to article

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Cycling + Games = Healthier BrainsBoth groups of elderly men and women put in time on stationary bicycles, but one group pedaled while playing a virtual reality game and the other did not. The result, as reported in the February issue of the American Journal of Preventive Medicine: After three months, the game-players showed a 23% reduced risk of cognitive impairment compared to the other group. The Union College research leader, Cay Anderson-Hanley, said the study suggested that combining exercise with virtual reality games might improve the brain health of older people. The game called for bikers to compete with other players in navigating a twisty 3-D landscape. Crystal Phend“Cybercycling Gives Seniors a Brain Boost”MedPage TodayJanuary 16, 2012 Click for link to article

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In Canada, More Jobs Go to Older Women Almost all of the employment gains in Canada during and since its recession have been among workers age 55 and older, especially women. According to data from Statistics Canada, since the fall of 2008, the number of older women in the workforce has risen 16.4%—while the ranks of workers 25 to 54 has fallen 0.4%. Most of the women’s gains have been in health care and social services work and in government, precisely the areas that have seen increased employment in recent years. The employment losses have been in male-dominated areas such as manufacturing. Tavia Grant“Older Women Lead Pack in Job Gains”The Globe and MailDecember 11, 2011Click for link to article

To Save Money, Older Patients Cut Medical Spending More than 20% of people 50 and over are reducing their health care spending by switching to generic drugs, cutting back on dosages, or foregoing their pills altogether, according to a study released last month by the Employee Benefit Research Institute. To save money, the study found, more than 19% of respondents said they had either skipped or postponed doctor appointments. Those in poor health were far more likely to make money-saving adjustments to their pill-taking and their doctor appointments than those who were in excellent health.

Sudipto Banerjee“Spending Adjustments Made by Older Americans to Save Money”Employee Benefit Research InstituteJanuary 11, 2012Click for link to study

Women Want to Be Generous to Families and Prepare for an Independent Retirement While women across generations are eager to provide financial support to family members, they also place a strong emphasis on self-reliance, according to a new MetLife Mature Market Institute survey, Women’s Views on Family Financial Obligations. Almost 8 in 10 women surveyed expressed a desire to be able to give more financially to children or grandchildren, but there was even greater agreement on their need to prepare for retirement to avoid depending on family members later in life. That was true of 89% of Boomers (b. 1946–64), 88% of Gen Xers (b. 1965–1976), and 84% of Gen Yers (b. 1977–1990).

Women’s Views on Family Financial Obligations: A MetLife Survey of Intergenerational Findings of Baby Boomers and Generations X and YMetLife Mature Market InstituteFebruary 16, 2012 Click for link to survey

Women’s Views onFamily Financial ObligationsA MetLife Survey of Intergenerational Findings ofBaby Boomers and Generations X and Y

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WEBWatch

WEB Watch MetLife Foundation, a longstanding supporter of Alzheimer’s disease research, has created a Web site, www.saveamemory.org that showcases the memory loss and emotional toll associated with the disease in an interactive experience featuring real stories from people lost to Alzheimer’s disease. Visitors are encouraged to choose a photo, and with one simple click, save the memory. After the visitors save the memory, the person with Alzheimer’s disease will reappear and their story will be shared. This single click will trigger MetLife Foundation to donate $1 for each memory saved, as a running tally of saved memories remains on the site. Resources for learning more about Alzheimer’s are also available by clicking on the “Our Commitment to Alzheimer’s” tab.

Retirees and Their Financial Advisors Retirees are more inclined than younger clients to allow their financial advisors to handle most of their financial decisions, according to a study by LIMRA, an organization that provides research and other services to insurance and financial services companies. Twenty percent of retirees held that view compared to 8% of families with young children. One reason, the study suggested, is that older generations tend to be more trusting of professionals in general. Close to half of the retirees interviewed said they had switched their primary financial advisor at one time or another, primarily because of a change in their life situation (a divorce, for example) or because an advisor had failed to understand their needs. Patrick Leary“Advisor for Life”LIMRA2009

Boomers Signing Up for Community College Classes More and more Boomers are taking courses at community colleges—and many colleges have begun actively recruiting them. About 388,000 people 50 and over were enrolled in the fall of 2009, an increase of more than 12% over 2005, according to October 2011 data from the American Association of Community Colleges. The association is working with 24 of the schools to develop courses that appeal to Boomers, particularly those who want workforce training or retraining. Instructors are urged to make sure the typeface in class materials is not too small and to use microphones when teaching large classes. Matthew Daneman“Boomers Heading Back to Community Colleges”USA TodayDecember 14, 2011Click for link to article

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Fay Radding, M.A., R.N., Senior Gerontologist and Editor 203-454-5302MetLife Mature Market Institute 57 Greens Farms Road, Westport, CT 06880 MatureMarketInstitute@MetLife.comwww.MatureMarketInstitute.com

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Older Singles Prefer Dating Sites to Bars According to a 2011 study by OurTime.com, most unmarried people over 50 years of age see companionship as more important to them now than when they were in their 20s—and they are increasingly looking for that companionship online. In fact a 2010 survey by eHarmony.com found that dating sites like OurTime and eHarmony are Boomers’ favorite way to meet potential mates. Because the sites collect background information on their clients, they are thought to offer better protection against scams, stalkers, and the like than a chance meeting in a bar. Casey Wian“Baby Boomers Looking for Love Online”CNNDecember 8, 2011Click for link to article

International Ageing* The second son of Japan’s Emperor Akhito has suggested that emperors should be permitted to retire, a drastic break with the tradition of a lifelong ruler. Prince Akishino proposed that a mandatory retirement age be chosen, though he acknowledged the difficulty of pinpointing a particular year since aging affects different people differently. Emperor Akhito, 77, has had health problems recently, including a bout of pneumonia that put him in the hospital for more than two weeks. Prince Akishino, 46, is second in line for the throne behind his older brother, Prince Naruhito. The two men, plus Prince Akishino’s 5-year-old son, are the only potential successors under the existing males-only law. Yoree Koh“Prince Voices the Unthinkable: Retirement for Emperors”The Wall Street JournalDecember 1, 2011Click for link to article*British/Australian spelling