{"id":660,"date":"2012-04-10T16:32:24","date_gmt":"2012-04-10T16:32:24","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=660"},"modified":"2012-04-29T21:18:12","modified_gmt":"2012-04-29T21:18:12","slug":"rupert-murdoch-and-you-80-is-the-new-60","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=660","title":{"rendered":"RUPERT MURDOCH AND YOU: 80 IS THE NEW 60"},"content":{"rendered":"

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\nImage by AFP\/Getty Images via @daylife<\/p>\n<\/div>\n

\u201cMurdoch Veterans Portray a Fully Engaged Boss,\u201d according to\u00a0The\u00a0New York Times<\/a><\/em>\u00a0front page headline.<\/p>\n

The New York Times<\/a><\/em>\u00a0writes yesterday: \u201cHe may have come across at the hearing as vague, detached and unfocused \u2014 as an old man who was at times not quite all there\u2026<\/em><\/p>\n

\u201cBut Mr. Murdoch has never been a disengaged boss, especially from his newspapers,\u201d<\/em>\u00a0the paper reports.<\/p>\n

But still\u2026<\/p>\n

Who didn\u2019t tune into the coverage of the\u00a0News Corp<\/a>.\u2019s hacking scandal without noting the contrast between the octogenarian chairman,\u00a0Rupert Murdoch<\/a>, and his thirty-something son, James? As our blogger noted \u00a0here<\/a>, it brought to the light the question of aging in the workplace.<\/p>\n

He\u2019s the\u00a0seventh-oldest CEO of a public company<\/a>\u00a0with a market capitalization of at least $500 million, according to data compiled by Forbes. Among the six men older than he in that position \u2014 and they are all men \u2014 none runs a firm with a cap above $11 billion; News Corp.\u2019s is around $40 billion. \u00a0There are the 24 men age 75 and older who are CEOs of public companies with market capitalizations of at least $500 million.<\/p>\n

There are also those who serve as chairman\u2013Viacom<\/a>\u2018s\u00a0Sumner Redstone<\/a>\u00a0is 88, and\u00a0Si Newhouse<\/a>\u00a0of Advance Communications is 83.<\/p>\n

Losing your mental edge can be reality as you head into your 70s. But not always, and probably not in the case of Murdoch. My colleague\u00a0Carolyn Rosenblatt<\/a>, notes that one should be careful about suggesting \u201cthat age, itself, causes cognitive decline.\u201d<\/p>\n

I, like Rosenblatt, have crossed paths with more than a few 70-plus workers, who are sharp as tacks, as the expression goes, and not to be ignored in the workplace. In fact, their experience and knowledge is priceless in many instances. They can navigate tricky challenges that can fluster a younger colleague.<\/p>\n

So it is important to be careful when equating someone\u2019s age with their mental acuity. Looks can be deceiving.<\/p>\n

Frankly, this works both ways. A young person can often be written off as naive, or an easy pushover in a negotiation. As a twenty-something reporter for Forbes, more than one CEO \u00a0was surprised when my published story would appear, and their rosy tale had been properly put in context. I wasn\u2019t as fresh-faced and innocent as I looked.<\/p>\n

That said, our odds of developing dementia are almost 50% by the time we reach the age of 85, according to the Alzheimer\u2019s Association.\u00a0I know personally, when my dad edged into his 80s, Alzheimer\u2019s\u00a0disease began to rob him of his mental capacity, and he could never have kept working. He died at 88.<\/p>\n

So what does all this mean for those of us, like Murdoch, who might find ourselves working into our 80s?<\/p>\n

I reported\u00a0here<\/a>, that you need to plan to work into your 80s, according to a\u00a0study<\/a>, \u201cRetirement Income Adequacy, The Impact of Deferring Retirement Age,\u201d released by the nonpartisan Employee Benefit Research Institute (EBRI) in June.\u00a0The research also shows that even if a worker delays his or her retirement age into their 80s, there is still a chance the household will be \u201cat risk\u201d of running short of money in retirement.<\/p>\n

The truth is dementia and declining physical health for many people navigating the post-60s decades is a real concern. I \u00a0get it. Most of us will need to bring in some income. But there\u2019s no crystal ball to tell us whether we will not be able to handle it.<\/p>\n

The best advice is hope for the best, prepare for the worst. Yes, you know where this is going. Start by running your numbers. Tap into an online retirement calculator. There are plenty available. True, the numbers are squishy. But \u00a0the findings should spur you to you get a grip on your retirement saving and avoid a shortfall. See our story\u00a0here<\/a>.<\/p>\n

Knuckle down and save as furiously as you can. Invest wisely. Lay the ground work for work in retirement by adding certifications, for example, or new skills you might need. Talk to a financial advisor if you need hand-holding. See our story\u00a0here<\/a>.<\/p>\n

Remember Scarlett O\u2019Hara\u2019s lament in Gone With the Wind. \u201cOh, I can\u2019t think about this now! I\u2019ll go crazy if I do! I\u2019ll think about it tomorrow. But I must think about it. I must think about it. What is there to do?\u201d<\/p>\n

As for Rupert Murdoch\u2019s presentation at the hearing, experts in brain aging caution against deducing too much about Murdoch based on a few prolonged pauses and hazy answers.<\/p>\n

Or as Rosenblatt concludes: \u201cLet\u2019s be careful about the insinuation that \u201cold\u201d and \u201ccognitive decline\u201d must go along together. Specific warning signs for cognitive decline exist. They are, to an extent, measurable with psychometric testing. In the absence of those signs, let\u2019s assume that older means wiser.\u201d<\/p>\n

And being wiser means you know that a penny saved is a penny earned.<\/p>\n

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