Why Turning 65 Isn't What It Used to Be, According to an Expert
With more than 4 million people turning 65 in 2024, an expert in psychology and aging explains why so many of them are thriving like never before.


A record number of Americans are turning 65 in 2024, and many of them are living their best lives. What are they doing right and how can you emulate them in your own life? To understand more, Kiplinger Senior Editor Sandra Block sat down with Ken Dychtwald. Dychtwald is a psychologist, author of 19 books and CEO of Age Wave, a research and consulting firm that focuses on the aging population.
Why Boomers are reimagining retirement
More than 4 million baby boomers will turn 65 in 2024 — the largest number of people in U.S. history to reach this milestone in a single year. How are boomers reinventing aging and retirement?
When Social Security was set in motion in 1935, the life expectancy in the U.S. was only 63. If people were fortunate enough to reach their 65th birthday, they had a couple more years before their batteries wore out. It was not a time to go back to college, or to fall in love again if you were widowed or divorced. You didn’t even need all that much money saved because you were only going to live a little while.
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Flash forward to today, when turning 65 means you have several years before you start thinking of yourself as entering the later parts of your life. There are all kinds of new role models. We see Harrison Ford returning to the role of Indiana Jones at age 81. Oprah Winfrey is still going strong at 70, and if Warren Buffett, who is in his nineties, were available to give me counseling on my investment portfolio, I wouldn’t say, "you’re too old." I’d say, "I’m a lucky guy."
How is turning 65 today different than it was a generation ago?
How do today’s 65-year-olds differ from their parents when they were the same age?
They see that longevity has risen. Their parents might have believed they’d live to be 70 or 75, while most boomers think they’ll live to be 80 to 85 or older. They’re also more used to reinventing themselves than their parents. The boomer generation changed majors in college, relocated for jobs and went through multiple marriages. The idea of trying something new is part of their DNA. They’re battling ageist stereotypes, demanding to remain on the playing field. Their kids are taking notes. They’re growing up with the idea that today’s older men and women don’t want to go off to the sidelines.
Long-term care considerations and outliving your savings
Aren’t many 65-year-olds worried about outliving their savings, particularly given the cost of long-term care?
Eighty-one percent of older people we’ve surveyed say this is the best time of their lives or that the best times are still in front of them. At the same time, when we ask people what they’re most worried about, what rises to top is health and long-term-care costs.
People have begun to realize that we haven’t created a version of longevity where our health spans match our life spans. We spend more money than any country in the world on health care, yet people in 39 countries live longer than we do. We have a large number of people living longer lives, but they’re not necessarily able to work or enjoy themselves. What this demands is that people be more mindful and thoughtful about their financial futures and what they’re going to need when they’re no longer working.
How can retirees achieve a sense of purpose?
Your research shows that having a strong sense of purpose enhances seniors’ sense of well-being and can even reduce the risk of Alzheimer’s. How do you define a sense of purpose, and how can seniors achieve that goal?
For some people, purpose means faith; as people grow older, they’re turning to spiritual and religious ideals. A second bucket into which purpose falls is doing good for others. Studies show that people who volunteer are happier, healthier and live longer, yet only 24% of our retired population volunteer. For the third bucket, people who have spent their lives taking care of kids and pleasing the boss want to do what they like, whether that’s fishing, becoming a teacher or learning how to play guitar.
In the U.S., retiring boomers are going to have 3.9 trillion hours of free time over the next 20 years. The economy may switch from being product-oriented to more experience-oriented. If you’re an investor or in a customer-service industry, here’s a group that has time and money to spend on wonderful experiences.
Note: This item first appeared in Kiplinger's Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.
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Block joined Kiplinger in June 2012 from USA Today, where she was a reporter and personal finance columnist for more than 15 years. Prior to that, she worked for the Akron Beacon-Journal and Dow Jones Newswires. In 1993, she was a Knight-Bagehot fellow in economics and business journalism at the Columbia University Graduate School of Journalism. She has a BA in communications from Bethany College in Bethany, W.Va.
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