Why Turning 65 Isn't What It Used to Be, According to an Expert
With more than 4 million people turning 65 each year from 2024 through 2027, 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 each year between 2024 and 2027, a phenomenon known as Peak 65, 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?
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
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.
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 the 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 the 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.
Related Content
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

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.
-
IRS Names Its First CEO: But He’s Also Still Running Social Security
Tax News Will this new role make it difficult to address emerging issues like budget and staffing cuts and customer service concerns?
-
Ohio Property Tax Shock: Why Your New Assessment Is So High (And What Comes Next)
State Taxes Higher home valuations in Ohio have led to homeowner property tax relief. But is it enough?
-
6 Steps to Protect Your Retirement Savings
Don't let a shaky economy and volatile market derail your retirement. These moves will help ensure your money lasts as long as you do.
-
You're High-Net-Worth: Should Your Retirement Savings Be in a Swiss Bank?
Swiss banks have long been a haven for the wealthy. Here's how to safeguard your retirement account in a Swiss bank — and whether you should.
-
Should You Replace Your Financial Adviser with AI?
Financial Help Many people already ask AI for financial advice. But is it good enough to replace a human financial adviser?
-
The Spendthrift Trap: Here's One Way to Protect Your Legacy From an Irresponsible Heir
A spendthrift clause in an estate plan can protect an inheritance from a financially irresponsible child's debts and poor decisions.
-
Five Things to Consider Now If You Want to Retire in 2026
To retire with confidence in the year ahead, tackle these essential tasks right now.
-
What the Government Shutdown Means to Retirees
Depending upon how long it lasts, a government shutdown can impact your daily life, including seeing family, managing your health, and enjoying your free time.
-
A Comfortable Retirement is About More Than Money
When it comes to a happy retirement, money can’t buy these things.
-
I'm 68 and Health Issues Forced Me to Retire. Should I Claim Social Security or Use My Savings Until I'm 70?
We asked financial planning experts for advice.