Today’s, and tomorrow’s, elderly will live longer than any previous generation. With longer life, however, comes increased numbers of older people who will require medical care and intervention. And that will increase the financial burden to support such care. Medical costs and economic concerns are one reason that as the numbers of Americans aged sixty five or older increase, so to do the numbers that are continuing to work.
Current data shows that nearly fifty million US citizens were aged sixty five or above, and that number is expected to double by 2060. Nearly seven million of today’s elderly need regular personal assistance to function, a number that will likely double by or before 2040. And the gender gap is becoming a serious problem among the most elderly among us.
Women have longer life expectancy than men, and many women find themselves in worse financial shape if they end up living alone. The median elderly woman without a partner is only eighteen thousand dollars a year, which is not enough if expensive medical costs become necessary. As many as ten percent of all elderly seniors are living below the poverty line. Surprisingly, compared to what most people think, less than five percent of seniors live in nursing homes. The figure does rise to nearly ten percent above age 85 though.
The population is aging. But who are our elderly, really? They’re not just retiring to Florida. #HealthStatus
- 1Baby Boomers are huge portion of the population, with 1 outof every 7 people is now over 65.
- 2While we’re living longer, incomes are lower, especially for women and minorities.
- 3Where you live also matters. Poverty amongst the elderly is high in Deep South states, but low in the Sun Belt.
See the original at: https://www.forbes.com/sites/howardgleckman/2018/05/04/a-new-snapshot-of-older-adults-in-the-us/?ss=personalfinance