Research shows that a crisis is not a typical midlife phenomenon. Certainly, some do have a crisis in midlife, with between 10 and 20 percent reporting one. About the same number experience crises at other points in life, so midlife is hardly special in that regard. Of those who say they have had a midlife crisis, about half say it involves inner turmoil or angst associated with getting older. For the rest, it is tied to events such as divorce, job loss, or health problems, which can occur at any age period.
This report by the Heller School's Institute on Assets and Social Policy and Demos finds 78 percent of all senior households are financially vulnerable when it comes to their ability to meet essential expenses and cover projected costs over their lifetimes. These sobering stats serve as an economic distress signal for older Americans and a wake-up call for younger and middle-aged Americans.