The concept of old age is subjective and can vary depending on factors such as location and cultural beliefs. Traditionally, old age has been defined as starting around 65 years old, but with increasing life expectancy, people are spending more years in old age. In the past, a smaller percentage of the population reached old age, but as life expectancy has increased, it has become more common. Researchers suggest that instead of using a fixed age threshold, old age should be defined based on the number of years left to live. This shift in perspective can have implications for retirement planning and one’s sense of identity. Ultimately, the definition of old age should be flexible and adaptable to changes in life expectancy.
| Signal | Change | 10y horizon | Driving force |
|---|---|---|---|
| Redefining Old Age | Old age based on years left | Old age comes later | Increase in life expectancy |
| to live instead of fixed age | instead of fixed age | ||
| threshold | |||
| Keep the definition of old age | More years spent in old age | Longer period of being old | Increase in life expectancy |
| static | |||
| Life expectancy increases | Average years in old age stays | Same number of years in old age | Increase in life expectancy |
| the same | |||
| Old age classification based on | Classification based on life | Guidance for saving income and | Increase in life expectancy |
| years left to live | expectancy | retirement | |
| Old age classification based on | Classification based on life | Provides age identity shift | Increase in life expectancy |
| life expectancy | expectancy | ||