Current statistics show that around 9.5 million seniors in the U.S. live in some kind of care facility. In 2023, the annual revenue for senior living was $94.2 billion, and experts predict that it will be growing in the coming years. Just in 2016, the annual revenue was $78.2 billion but investments in retirement housing are making it a growing industry.

However, only a very small percentage of people who are over 65 live in assisted care facilities – only 4.5%, which is about 1.5 million. So, the fear some of us might have of ending up in a retirement home near the end of our lives isn't that valid. 

Contrary to what we might see in the media, aging is a privilege. Certainly, I should be so lucky to make it to 105 like Joan here with such wit and grace. Unfortunately, because of ageism, we tend to overlook elderly folks and their experiences. They don't get the same representation younger generations do, be it on social media or even in movies and television.

What exactly is ageism? It's the notion that those who are younger are somehow superior to those who are older. Experts say that ageism is a social construct and gets perpetuated because of stereotypes. Marketers try to sell us products that conceal the signs of aging: makeup, hair dyes, cosmetic procedures, etc. Even our jobs try to tell us that we're no longer valuable after we hit retirement age.

But people who are at the end of their lives actually report being very happy. Experts refer to this phenomenon as the U-curve of Happiness. Apparently, most people say they're the least happy in their middle age, and that's around the time they're 40. Margit Cox Henderson, Ph.D. explains that middle age can be stressful for many people. There are performance demands, caregiving stressors, and anxious comparisons with peers.

The older we get, the more we turn from social competition to social connection. "As the end of life nears, priorities shift towards savoring life, love, and this present moment together," Henderson writes. "This gratitude for what matters most is easier to experience when life’s fleeting nature is salient."

So, people actually don't get sad or depressed because they're old. That might come from how others treat them. "It is not the passage of time that makes getting older so much harder than it has to be. It is ageism," writer and activist Ashton Applewhite claimed in her TED talk titled "Let's End Ageism."

We often think of elders as more experienced and wiser, and almost expect life advice from them. But is that always true? Dr. Ursula Staudinger, director of the Columbia Aging Center, says there are two types of wisdom: general and personal. General is where you might be wise enough to give good advice to others. Personal wisdom is the ability to reflect on your own experiences, failures, and wins.

Staudinger claims that older people can have more general wisdom but that younger people are more personally wise. She says that as we enter our twilight years, we try to rationalize and come to terms with the good and the bad choices that we've made. This positive type of thinking affects one's objectivity, making the elderly less wise about their personal lives.

However, there's some real truth in the saying that we should listen to our elders. In 2011, researchers from the University of Texas and Texas A&M University found that older people make decisions that are more likely to be rewarding to them in the long term. In some cases, the participants would take longer to make the decision than their younger counterparts, yet they chose options which gave them long-term benefits.

One of the study authors, professor pf psychology Todd Maddox explained: "'Broadly, these results suggest that younger adults may behave more impulsively, favouring immediate gains, while older adults are better at considering the long-term ramifications of their actions." 

So, what do you think about the advice these Retirement Homies doled out here? Whose advice did you like the best? Let us know by upvoting your favorites and commenting below. Also, share the best piece of advice you've ever received from another elderly Panda. Maybe it'll resonate with someone else too!