Page 47 - Investment Advisor - November 2021

real sense of strong purpose, live longer for every $10,000 of annual income, 6. LIVING LONGER MEANS POLICY
than people who don’t. … The people people live longer. NEEDS TO KEEP UP
who say, ‘There’s a reason for me being The ones who are really at risk are Carstensen doesn’t see a downside to
here,’ are [the] ones who do better and those who live “in austere poverty,” living longer. In her discussion with
live longer.” she said. Benz and Ptak, she pointed out that
“what our ancestors did in the 20th cen-
3. EDUCATION HAS MORE IMPACT ON 5. COVID-19 HAS AFFECTED LIFE tury was really reduce premature death
LONGEVITY THAN WEALTH EXPECTANCY … so now people are having a chance to
How does wealth factor into longev- Carstensen acknowledged that COVID- live out their lives,” and have an extra 30
ity? Typically with higher education 19 did reduce life expectancy in the years. “It means more time to chase our
levels, Carstensen said. “People who United States, but “there is some misun- dreams and realize our goals and spend
have high levels of education are more derstanding about that,” she said. “Some [more time] with loved ones.”
likely to have higher incomes,” she people have taken this decline in life Culture also makes a difference to this
said. She added that wealth helps expectancy as somehow meaning that longer life, such as how much money is
those who get sick, “but education we’ve reached the limits of how long we saved, how long we work and when
seems to be a better predictor than can live. And now we’re even seeing it we retire, but programs such as Social
money for staying healthy. But once tick down.” Security and Medicare are also key.
you get sick, as most of us do at some However, she said that most of the But one issue today is that the 20th
point in life, then wealth/income decline in the United States is “being century premise that there will always
predicts better than education, how driven by subpopulations, mostly in be more young people. “That’s our prob-
quickly you will decline.” the Appalachian regions, some south- lem today … [this] mismatch between
ern parts of the country, where we see policies and the demography,” she said.
4. PERHAPS IT SHOULD BE ‘PROSPER high rates of drug use and poverty. And The “rectangularized age distribution”
AND LIVE LONG’ we also see higher rates of homicide needs to be the new base considering our
Wealth has an impact, Carstensen and suicide.” aging population, she said. “There is a
says, but there is conflicting literature She added that ”if we think of [the crisis on the horizon. … If we do nothing,
on “how much money contributes to decline in life expectancy] as just an if we don’t change the way we live, if we
life expectancies.” She told Benz and average, we’re putting in more low num- don’t rethink these policies or practices,
Ptak that some studies show that once bers into that set of numbers that we we’re in trouble. But to say we’re living
one gets beyond the upper class, “you calculate the average, and these are due too long … is putting the emphasis on the
don’t see a lot of increase as you get to preventable kinds of problems and wrong problem. The problem is we aren’t
into the very wealthy.” Others say that consequences.” changing fast enough.”

2021 Statement of Ownership
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or information requested on the form may be subject to criminal sanctions Sheila Hyland, Senior Finance Director. 9/23/21
NOVEMBER 2021 INVESTMENT ADVISOR 45