A study by research specialist Samantha Bray analyzes “the career impact on 460 working women aged 50 to 60 who began caregiving for an aging parent or parent-in-law,” reports Michelle Travis for Forbes. “Parental caregiving may act as a shock to women’s financial health at a critical career stage,” says Brady. “Parental caregiving often begins at a time in an individual’s career when they are at their maximum earning potential.”
Joseph Coughlin, director of the MIT AgeLab, speaks with Boston Magazine reporter Jaci Conry about research and initiatives underway in the greater Boston area that could make the region a “longevity hub.” Coughlin explains: “Few people are prepared for how long retirement will be. We want them to consider what their social portfolio might entail as they age, along with mobility and seeing their home as a service platform with sensors and devices that can help you age in place.”
WCVB reporter Jessica Brown spotlights how researchers from the MIT AgeLab explored the most effective way to communicate with elderly individuals about driver retirement. The researchers found that “35% of older drivers are more likely to listen to a spouse who asks them to give up the keys,” explains Brown.
In an article for Forbes, Joseph Coughlin, director of the MIT AgeLab, makes the case that people typically “look at retirement as leaving work, but we don't often think ahead of what else we might be leaving behind.” Coughlin emphasizes that retirees should not “forget to review your social portfolio’s retirement readiness and determine if you have saved and invested adequately in the social assets you will need in life after work.”
Writing for Forbes, Joseph Coughlin, director of the MIT AgeLab, explores how many envision retirement as a long vacation, but notes setting realistic expectations is important to avoid surprises. “Instead, longevity planning is about preparing for what, how, where, and with whom to live in older age," Coughlin writes. "We're talking about crafting a plan to produce your best possible life in older age, not just planning and financing a really long summer vacation."
Joesph Coughlin, director of the AgeLab, speaks with Atlantic reporter Charley Locke about how retirement can result in feelings of identity loss and can present cognitive and emotional health challenges. “When people are at the center of their universe through their job, we don’t have a storyline or a place in our society that is attractive enough to say, ‘Maybe I’ve had enough,’” says Coughlin. “You’re showing people the door with no direction.”
Joseph Coughlin, director of the MIT AgeLab, speaks with Forbes’ Jann Freed about the importance of social connections in retirement. We focus on money and financial security, but we should also be considering “the social capital (friends) we will need to remain connected, engaged, to have fun, and to manage the many challenges older age will bring,” says Coughlin.
More than 40% of employer matches go to the richest 20% of workers, according to a new report on retirement savings. Marketplace’s Caleigh Wells interviews finance experts, including Prof. Taha Choukhmane, who says white employees tend to benefit most, “whereas those who are single parents of kids, those who are Black or Hispanic, those who have lower-income parents tend to contribute less and make less in these matching contributions.”
Joseph Coughlin, director of the MIT AgeLab, speaks with PRX’s On Shifting Ground podcast host Ray Suarez about the potential impacts of greater life expectancy. “You are going to see a lot more technology in old age,” says Coughlin. “Not simply to remind you to take your meds or take your blood pressure, but actually to enable you to stay in your home longer, to bring information to you, to make things more convenient.”
Prof. Jonathan Gruber speaks with Marketplace reporter Matt Levin about the potential impact of raising the retirement age in the United States. Gruber suggests a new system where retirement age would vary by income. “People who are sufficiently high income, should be expected to work longer and get less in the system,” says Gruber. “People with physically demanding jobs and low income should be able to retire earlier.”
A celebration in Killian Hall featured recent works composed by Professor Peter Child and honored the musician as he prepares to retire after 37 years of teaching and composing at MIT, writes Boston Musical Intelligencer reporter Mark DeVoto. “All of these very different kinds of music demonstrated the protean spirit of Peter Child, showing him as one of the most interesting and heartily youthful composers anywhere in America today,” writes DeVoto.
Researchers from MIT have found that our current retirement savings system “largely favors higher-income and white employees,” reports Remy Samuels for Plan Sponsor. The researchers concluded that “employer matching and tax benefits are more unequally distributed than wages,” explains Samuels. “While the median Black and Hispanic earners receive 75 cents and 79 cents, respectively, for every dollar of earnings received by the median white earner, median Black and Hispanic earners receive only about 50 cents for every dollar of matching contributions that median white earners receive.”
Researchers from the MIT AgeLab and Transamerica have found that individuals ages 40 to 59 are more likely to struggle with preparing for increased longevity, reports Lorie Konish for CNBC. “The research finds while 74% of people in their 50s say it is extremely or very important to save enough money to eventually stop working, just 57% said they expect to be able to retire,” writes Konish. “Moreover, half of people in midlife are struggling to get by financially, more than other age groups studied.”
Joseph Coughlin, director of the MIT AgeLab, speaks with CNBC reporter Greg Iacurci about the importance of longevity planning, which entails creating a more complete framework for retirement that includes aspects such as transportation, social life and small tasks that could become difficult in old age. “Leisure is a story we wrote for retirement when it was short,” said Coughlin.” “Life is the new story we need to write when it becomes so much longer.”
Joseph Coughlin, director of the MIT AgeLab, writes for Forbes about how a person’s zip code can impact their retirement planning. “Most of us think where we’ll live in retirement is answered by where we live now,” writes Coughlin. “That is, we choose to age in place and stay put. However, as we age, our needs, desires, health conditions, social connections, and more will change. This can often create a disconnect between what works now and what will work later on.”