Getting old looks worse when you’re poor

(CN) — Whether Americans look forward to getting old or worry about it, whether they engage in hobbies or continue to work as they age, and whether they feel mentally or physically strong all hinge on one common factor: income.

According to a survey published by the Pew Research Center on Thursday, income is perhaps the most pivotal factor in shaping Americans’ experiences as they age.

Driven by a drop in birth rates and an increase in life span, nearly a fifth of the U.S. population is currently older than 65, up from just 12% two decades ago. To understand how the nation views aging, Pew researchers contacted 8,750 adults from the American Trends Panel in September, about two-thirds of whom were older than 65.

“Overall, income is central to the aging experience,” researchers explained in the report. “From how well they think they’re aging to how they rate their physical and mental health and financial security, older adults with upper incomes are doing better than those with middle or lower incomes.”

In assessing wealth, Pew researchers compared reported income to local cost of living and national price averages.

People with higher incomes tend to report they are aging better than people with lower incomes. According to researchers, 61% of people in the highest income level reported aging well, compared to only 39% of low-income earners.

In fact, nearly half of Americas, 45%, don’t think they will have enough money to last through retirement, or to retire at all. More than a quarter of Americans ages 65 to 69 are worried they will not have enough money to retire or will run out of funds, a sentiment echoed by 18% of adults in their 70s and 13% of survey respondents older than 80.

Pew researchers acknowledged that their survey only reached people who are healthy enough to respond, potentially leaving those who are unwell underreported.

Nearly three-quarters of Americans in higher income brackets report having great mental health, and nearly half report the same for their physical health. Comparatively, only 45% of low-income earners report having excellent mental health and 26% report being in good physical health.

“Older adults in the upper income tier are also more likely to rate their physical and mental health highly, to spend time pursuing hobbies and socializing with friends extremely or very often, and to be an active in a civic group or interest club,” researchers said in the report.

Americans’ top concerns about aging include declining health, finances and being lonely.

When it comes to growing older, Americans most look forward to having more time — more time to spend with family and friends, for activities and travel, and generally being free from work. Higher income earners are more likely to enjoy hobbies and travel compared to low income earners, who are more likely to continue working.

Pew researchers found 13% of Americans older than 65 are still working. Included in this are the 31% of Americans working in their later 60s, 13% of people in their 70s and 3% of those who are in their 80s.

Given all there is to look forward to and dread, three-quarters of Americans say they want to live to be 80, while only 29% want to live to be 100 years old. Most Americans “say they want to live to be 91 years old,” according to researchers in the report. The average American lifespan is currently 78 years.

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