Life Altering Events in the Lives of Older Adults- What are the chances?

We would likely all agree that senior adults have a higher risk of experiencing a life altering event than a younger adult. These events might be losing a spouse, facing a health crisis or new diagnosis, or even making a major move. For a younger senior, under the age of 70, these experiences are spaced out with many years in-between. However, statistics reveal that this seems to change after the age of 70. At this point, the frequency seems to pick up with most seniors facing life altering events every three to five years.

So what are the chances seniors will endure various life altering events?  

Health Crisis: 1 in 3 adults over the age of 65 have a major health crisis each year. 80% of older adults have at least one chronic condition with 77% having two or more.

Falls:  About 1 in 4 Americans, over the age of 65, will fall each year.

Loss of Spouse:  By age 75, nearly half of women and about 15% of men are widowed.

Downsize:  1 in 5 seniors downsize after 75.

Quit Driving:  1 in 5 seniors stop driving due to vision, cognitive decline, or physical limitations by their late 70's.

Cognitive Decline:  The risk of dementia doubles every 5 years after age 65; nearly 1 in 3 over age 85 have dementia.

Financial Hardship: Up to 30% of adults 65 and over worry about running out of money in retirement.

However, if you broaden the definition of life changing events to include other factors like losing a friend, changing a medication, enduring major home repair, or even a change in social opportunities, the frequency becomes even more startling. When factoring in these life events, experts estimate seniors are facing major change nearly every six months.

Certainly, the way older adults experience these occurrences is largely based on their health, support systems, and living environment. Therefore, older adults should proactively evaluate how they are presently equipped to face any of these life altering events.

Many have found a great deal of calm in an otherwise tumultuous time in their life by becoming a resident of a Continuing Care Retirement Community (CCRC). While placing themselves in this setting doesn't necessarily slow the frequency of life events, it just fortifies them when it happens. For example, those facing a dementia diagnosis are comforted by the on-campus care neighborhoods to see them through their journey with memory loss. If a fall or surgery slows you down, the onsite therapy team and fully equipped gym are great partners to get you back to your previous routines. If one social club comes to an end, there are a half dozen more options to keep you connected and engaged. Things like home repair and transportation are now marked off the lists of worries altogether. Most impactfully, if you must face the loss of a spouse, you are literally surrounded by a group of peers, many who are walking the same path, each eager to walk with you.

Perhaps one of the lesser-known perks of making a move like this is the concern over future finances. Many non-profit groups offer a benevolent care program to care for their residents if they should run out of money. Naturally, this requires a financial approval process upon admission, but paperwork hassle is well worth the exchange. The peace-of-mind this type of program can bring to the mind of an older adult is not found anywhere else.

Ellen Goodman once wrote, "Age is an accumulation of life and loss." The truth is, life altering events will come for all of us, the real quesiton is, will you be ready when they do?