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Your Not Old.

Your Not Old.

Age perception is changing.

joseph Rosenblatt
October 16, 2024

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🏥Money Watch:

Stamp-flation. Its Real.

The United States Postal Service (USPS) has been offering Forever stamps since 2007, allowing people to lock in a rate for First-Class postage regardless of future price hikes. However, these "forever" stamps are facing a wave of future increases. In a recent document submitted to the Postal Regulatory Commission, USPS outlined plans to hike stamp prices five times through 2027.

Why It Matters

This comes after USPS deferred a previously scheduled price increase for January 2024. The next expected hike will occur in July 2025, and it's shaping up to be a record-setting jump. Following that, USPS intends to implement twice-yearly increases in January and July for 2026 and 2027. Though the postal service’s governors must approve each increase, the trend of rising postage prices has been evident in recent years.

The Big Picture

The term "stampflation" has emerged to describe how inflation is impacting stamp prices, which have increased 36% since 2019. In just five years, the cost of a First-Class stamp has risen from 50 cents to 73 cents, with six separate increases during that time. Americans are sending fewer letters through traditional mail, yet postage costs continue to rise as USPS adjusts to its own financial challenges.

Stamp Price Trends

The July 2024 increase of 5 cents tied the record for the largest single hike. This was preceded by smaller hikes in January 2024, July 2023, and January 2023. Historically, between the 1970s and 2000, stamp rates would increase three to four times per decade, but the pace has accelerated significantly in recent years.

What's Being Done

Postmaster General Louis DeJoy, in response to public pressure, announced there would be no price increase for stamps in January 2024, despite prior plans. However, the overall trajectory of rising prices remains intact. Meanwhile, lawmakers are beginning to push back. A new piece of federal legislation, the "USPS SERVES US Act," was introduced by Rep. Jake LaTurner (R-Kansas). This bill aims to limit the frequency and extent of stamp price hikes. Advocacy groups warn that without legislative intervention, the cost of a First-Class stamp could reach $1.19 by 2030.

For now, the fate of future hikes will depend on USPS leadership and the outcome of this legislation. However, it’s clear that as we rely less on traditional mail, the cost of keeping it running continues to rise.

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🎲Three Truths and a Lie. Can you spot the fake fact?

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📚Study of the week:

When Does Old Age Start? Our Perception is Changing

Gif by OneDayAtATime

Perceptions of when "old age" begins have evolved significantly over time. According to a new study, middle-aged and older adults now believe that old age starts much later than previous generations did. Researchers analyzed data from over 14,000 participants in the German Ageing Survey, which includes people born between 1911 and 1974, to explore how these views have shifted.

The Shift in Perception

Participants were asked at what age they would describe someone as "old." The study found that individuals born earlier in the 20th century perceived old age as starting sooner than those born later. For example, 65-year-olds born in 1911 believed old age began at 71, while those born in 1956 said it started at 74. However, this trend of delaying the perceived onset of old age has slowed in recent years, and researchers question whether it will continue in the future.

Age and Life Expectancy

One key factor in this changing perception is life expectancy, which has increased over time. Markus Wettstein, one of the study’s authors, suggests that improvements in health could also play a role. “People of a certain age who were regarded as old in the past may no longer be considered old nowadays,” Wettstein noted.

Interestingly, the study also revealed that a person's age influences their perception of when old age begins. For instance, 64-year-olds estimated that old age starts at 74.7 years, while 74-year-olds thought it began at 76.8 years.

Differences by Gender and Culture

The study highlighted some gender differences as well, with women generally perceiving old age to begin about two years later than men. However, the results can't necessarily be applied to other countries, as cultural factors shape perceptions of aging. Still, the trend of old age being seen as starting later remained strong across different demographics in Germany.

Looking Ahead

As life expectancy continues to rise and health outcomes improve, our understanding of old age may keep evolving. The researchers emphasize the need for further studies to examine why people now view old age as starting later and how this shift could impact health and well-being in later life.

This research suggests that the concept of "old" is becoming more fluid, with many of us redefining aging as we live longer, healthier lives.