Older Americans over 60 are among the happiest people in the world, coming in 10th on Gallup’s worldwide happiness rankings — the younger, meanwhile, rank 62nd, just behind the Dominican Republic.
This all comes down to connecting with others; Americans age 60 and over are less lonely and feel more socially connected than their younger peers.
They’re also doing great financially.
Researchers have long pointed out that old age is generally a lot better than you may think. Psychological well-being plays out over a lifetime in a U-curve, according to a widely cited study from 2008.
It typically starts high in youth, plummets during the stresses of middle age and then picks back up after around age 55.
The U.S. is losing its U shape. Younger Americans aren’t doing well right now. Rates of anxiety and depression and suicide have significantly increased.
Countries where quality of life is improving — particularly in Eastern and Central Europe — are the reverse of the U.S. The young are happier than the old.
The oldest Americans reported having more social support, and were less lonely than the young — even though they had fewer social connections.
How can that be? Ilana Ron-Levey, a managing director at Gallup, compared the situation to the feeling of social disconnection you might get at a party.
Older folks were more likely to answer “yes” when Gallup asked if they have a friend they can call on in a time of need.
Then there’s the money. Financially, Boomers are crushing it.
Americans over 70 hold 30% of the country’s wealth — a record high share — but make up just 11% of the population, Bloomberg reported recently.
Nearly 80% of adults age 65 and over own their homes. That means they were better protected from inflation — not dealing with rising rents.
Of course, retirees also get a form of universal basic income, via Social Security, which is adjusted for inflation.
This was the first time Gallup looked at happiness by age, and it covered a particularly turbulent period — 2021 -2023, with many young Americans still emerging from the isolation of the pandemic when most weren’t able to go to school in-person.
“Everyone’s going to be watching closely to see how this evolves,” says Ron-Levey.
Economic inactivity among older people remains sadly ‘stubbornly high’
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