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As the baby boomer generation approaches retirement and life expectancy continues to increase, the U. S. finds itself in the midst of a demographic revolution. The senior population is twice what it was in 1960 and is expected to double again over the next thirty years.
By the middle of the 21 st century, seniors will outnumber children and youth for the first time. Furthermore, the trend is true worldwide. Few other changes are likely to exert as great an influence on society in the coming decades. Aging populations will have a pivotal impact on the economic, social, and political components of our society. A combination of declining birth rates and increasing longevity is resulting in a boom in the over 60 population.
Almost 13 percent of the U. S. , about one in every eight, is over the age of 65. When the baby boom generation begins turning 65 years old in about thirteen years, there will be a rapid increase with 20 % of our population being over 65 years old. The most rapidly growing group of all are the oldest old, those people 85 years and older. By the year 2010, this group will grow by 56 % as compared with 13 % of the population aged 65 to 84. Globally, there are currently 600 million persons 60 years or older (10 percent of the worlds population).
By 2050, the U. N. estimates that the number of older persons will triple to approximately two billon or 22 % of the worlds population. Along with an aging population, fertility rates have declined from 2. 8 children per woman to 1. 6 children per woman since 1950. The worlds average mortality rate has declined from 20 to 10 deaths annually per 1000 people, contributing to a rise in average life expectancy from 44 to 66 years. In the U.
S. , the statistics are more striking: in 1876 life expectancy was 40 years old and the median age was 21. Today, the life expectancy of men is 76 years old and for women it is 85 years old. The median age now is almost 40 the same as life expectancy at the turn of the century! One hundred years ago there was no empty nest syndrome and very little need to provide care for elders because throughout recorded history only 10 % of people lived to 65 years old.
Now 80 % of middle-aged couples have at least one living parent. It makes one wonder what the next 100 years might hold. Economically, these statistics translate into enormous strains on the federal budget. According to investment banker and Council on Foreign Relations Chairman, Peter Peterson, government retirement and health care benefit costs are projected to soar in the next few decades. Americas pension and health-benefit spending cost 10. 5 % of the gross domestic product (GDP) in 1995; it is projected to jump to 17 % by 2030. Retirement will drive up the costs of three important U.
S. government programs: Social Security (which provides income to retired and disabled workers, their spouses and others), Medicare (which helps pay the costs of medical care for elderly and disabled people), and Medicaid (which helps finance medical care for certain low income people, including the elderly. In 2008, the oldest members of the baby boomers will turn 62 and become eligible to claim early retirement benefits under Social Security. That date will end a periods of relatively favorable demographics that began with the retirement of the generation born during the Great Depression and WWII, whose relatively small numbers are now providing a respite to Social Security and other entitlement programs for the elderly. The retirement of the baby boomers will also significantly slow the growth of the labor force. With more retirees and little growth in the number of workers, the ratio of retired people to workers will increase significantly in coming decades.
According to the Social Security Administration, in 1955 approximately 9 workers were paying social security taxes to provide benefits to each recipient; in 1995 the ratios was 3. 3 workers to each beneficiary; by 2040, it is predicted the ratio will be 2 to 1 or worse. Furthermore, these fewer numbers of workers will be supporting more retirees for much longer periods than ever before. By 2013, Social Security benefit payments will exceed taxes collected to pay for the program, according to the Bipartisan Commission on Entitlement and Tax Reforms 1994 study. By 2029, the trust fund will be used up, leaving 8. 3 trillion in unfunded benefit obligations to future retirees! Left unchecked, the Social Security problem will deepen federal budget deficits as the government scrambles to meet its obligations through borrowing. The private sector will be competing more with the government for an already weak national savings pool.
Further depletion of savings could drive up real interest rates, stifling private investment, productivity, growth, and domestic prosperity. The growth of Medicare and Medicaid stem not only from the rising number of people eligible for benefits, but also from an increase in spending per beneficiary. In fact, the growth in per-enrollee costs is the main reason that federal spending for Medicare and Medicaid, now about three quarters that for Social Security, is projected to overtake Social Security spending within ten years. Lack of cost control and a philosophy of maximum use of drugs, technologies, and procedures all contribute to these uniquely high and rising health care costs. It is obvious that the U. S, budget policy will be greatly impacted by the impending retirement of the baby boomers.
Fortunately, the economic picture is not all doom and gloom as America grays. In fact, many industries look at seniors as a market waiting to be tapped. Older adults are healthier and wealthier than at any time in history. Senior citizens are seeking and active and meaningful lifestyle in retirement.
Recognizing that older people are not as acquisitive, nor caught up in identifying who they are with what they have, we are beginning to see a shift in advertising and products. Home safety devices, in home electronic shopping, magazines, and health care products are just a sample. The opportunities and choices available for the active retiree are immense. Health clubs that cater largely to the under 35 group, are becoming more aware of the senior market, according to Terence Moffatt, editor-in-chief of Club Industry, a fitness trade magazine. He points out that by 2010 the number of 55 - 74 year olds will outnumber 25 - 34 year olds by 18 million.
All you have to do is look at the demographics, says Moffatt. Theres this whole wave coming at you and either you learn to swim in it or you get swept away. Other industries are also embracing seniors and recognizing their potential as consumers. Instead of SUVs, motor homes may be a common site on our highways as many seniors enjoy their golden years as members of an RV club.
Adult education classes are proliferating and targeting seniors. In particular, the computer age has reached out to touch seniors. Senior Net, a national nonprofit group based in San Francisco, focuses on bringing the Internet to people aged 50 and over. And everyone is familiar with senior discounts, senior menus, parking places, etc. These perks could get mighty expensive as more and more people become seniors!
Socially, the graying of America poses its own set of unique problems. The elderly are vulnerable to chronic illness, disability, and social isolation. Policy makers expect demand for housing, health care and social programs will strain the services network. Contrary to popular myth, most elderly do no pack up and move to Florida or Arizona upon retirement age.
Most stay in the town, if not the house, where they raised their families and worked, according to William Frey, a demographics analyst with the Milken Institute in Santa Monica, Ca. It is what sociologists call aging in place and it has raised concerns of what suburbs will do when most of their population is over 65. The yuppie elderly, as Frey calls them, will retire and still have their cars, their spouses, their health, and their private pension plans. But as they age, they will need an array of social public services that are not available in the suburbs where they live. In many suburbs, by 2015, it is probable that the non-working elderly will be in the majority.
The money needed to pay for the services a growing senior population will demand, will likely come from money that is now devoted to public education. This in turn could lead to even fewer numbers of young moving to these areas where the perception is one of an old fogy neighborhood with inferior schools. In neighborhoods where there is a diversity of ages, the young often assist the elderly with tasks such as lawn mowing, snow shoveling, etc. With a mainly older population, who will help with these traditionally young able-bodied tasks? Furthermore, even if funding is found for services, getting them to the suburban and rural elderly wont be easy. Another growing socio-economic concern for the graying of America is the problem posed by the chronically ill more specifically by those who care for them.
A survey found that the nations employers believe elder care has already eclipsed childcare as the primary concern of their employees. Currently 5 million Americans provide care in their homes for a person with Alzheimer s-and they do it with little help. As a result, the system is at enormous risk from the physical, emotional, and financial strain of care giving. At home care givers represent a $ 196 billion annual subsidy of the U. S.
health care system. If the family care giving system falls apart, we can neither assure the future of Medicare, nor control the costs of Medicaid. To add to the frustration, the caregiver is frequently a senior himself or herself, coping with his or her own health issues. This situation can only worsen as more baby boomers move into the age of highest risk of developing chronic illnesses such as Alzheimer s. Just as the economic picture is not entirely bleak, so too socially, the graying of America is not necessarily a future to dread.
Even though aging has been typically equated with being poor and sick, the reality is that only 15 % of elders live at or below the poverty line. The majority of people over 65 live in their own homes and are healthy and active. The areas that offer economic prosperity for industries and opportunities for seniors, also offer opportunities for socialization. Seniors are joining fitness groups, starting their own businesses, and taking classes. Even those who perhaps cant physically participate are finding a new way to reconnect with society the Internet. Says Senior Net spokeswoman Stacy Dieter, Learning to use this resource is like finding an opening to the world.
Its a way of staying in touch with the rest of society without ever leaving their bedroom. Foreign travel is on the rise for seniors thanks to programs like Elderhostel, an affordable international travel-and-learn program for seniors. Many retirees are also seeking more meaningful pursuit, willing to donate their time, talents, and expertise in many areas. A desire to make life better for the coming generations remains a powerful, soulful quest of the flower-power generation, says Joyce Cohen, a board member of the International Society for Retirement Planning of Huntington, Cn. In the context of Americas considerable unmet needs, seniors represent our best hope theyre numerous, educated, vigorous, and most importantly, available, to make a major commitment. Studies show they are answering the call.
According to Marc Freedman, president of the nonprofit Civic Ventures, an organization based in Washington D. C. , that promotes senior volunteerism, since 1960, the percentage of elder adults volunteering has risen from 11 percent to 40 percent. Another potentially positive outlook for the economy is the fact that surveys report that as many as 80 % of boomers indicated they plan to work at least part time after retirement and these surveys were conducted prior to the recent change in social security benefits, which may now be collected in full at retirement age even if one continues working. This could be a big boom to the predicted worker shortage. Also part time, older workers dont need the benefits, dont get called home for sick kids, are more mature, and approach their jobs with the sort of patience and perspective that employees are looking for. Working part time also allows retirees to stay active while maintaining their lifestyles, feel productive and interact with other win-win situation for all.
On the political scene, the older adult will comprise the largest voting block, and even more importantly, they are the ones who consistently exercise their right to vote. Many of the issues that are expected to decide the next election are issues important toolbar Americans. Of the top six issues, five are those that are involved directly with mature voters health care, Social Security, law enforcement and crime, moral values, and Medicare/Medicaid. Even the 6 th issue, education, is becoming an issue for older people as more of them are working into what were once considered the retirement years and changes in the economy are demanding different skills from workers. It seems logical that political will be playing to the elder crowd in an effort to capture their vote. This potentially gives the seniors a lot of power to control legislation by whom they support.
Many suggestions have been offered to forestall the negative implications of the graying of America and much controversy exists about the realities vs. predictions. Robert J. Meyer, a former chief actuary for the Social Security Administration, regards the panic as the work of doomsayers and false prophets. He believes simple long-trm changes would easily answer the questions. He suggests raising the retirement age to 70 by 2037 and raising all employee and employer Social Security taxes by. 9 % over 15 years.
An increasing influential number of economists and pension experts, including all 13 members of President Clintons Advisory Council on Social Security, are urging that some or all of the trust fund be invested in the stock market. They assure pensioners that private investment will give them greater contro over their retirement security. Others fear privatization is far too risky. The Alzheimers Association lobbies for a $ 1000 federal tax credit for persons with serious disabilities or their family caregivers, along with assistance from states and communities to expand respite and adult day care services. Some political see just three options: 1) raise payroll taxes of current and / or future workers, 2) decrease benefits of current and / or future beneficiaries, and 3) increase the level of our national debt to continue funding the system. The AARP (American Association of Retired People) with its sheer numbers is a force in resisting any cuts in benefits.
The Century Foundation is trying to see the roadblocks ahead and prepare seniors; it presents its advice in the book Life in Older America. Seniors are being tapped for service and encouraged to stay in the work force. It is apparent that there are many obstacles on the horizon for Americas graying population. For the first time in its history, America is moving away from being a youth-oriented society. The impact of this aging population will be felt on all components of our society. Preparation sooner rather than later is essential.
The face of aging is changing. Seniors in this new millennium will be healthy, active, creative, and involved with their families and communities well into their eighth decade. Preparing for aging is no longer equated with preparing to die rather with preparing to live. As the baby boomer generation approaches retirement and life expectancy continues to increase, the U. S.
finds itself in the midst of a demographic revolution. The senior population is twice what it was in 1960 and is expected to double again over the next thirty years. By the middle of the 21 st century, seniors will outnumber children and youth for the first time. Furthermore, the trend is true worldwide. Few other changes are likely to exert as great an influence on society in the coming decades.
Aging populations will have a pivotal impact on the economic, social, and political components of our society. A combination of declining birth rates and increasing longevity is resulting in a boom in the over 60 population. Almost 13 percent of the U. S. , about one in every eight, is over the age of 65.
When the baby boom generation begins turning 65 years old in about thirteen years, there will be a rapid increase with 20 % of our population being over 65 years old. The most rapidly growing group of all are the oldest old, those people 85 years and older. By the year 2010, this group will grow by 56 % as compared with 13 % of the population aged 65 to 84. Globally, there are currently 600 million persons 60 years or older (10 percent of the worlds population). By 2050, the U.
N. estimates that the number of older persons will triple to approximately two billon or 22 % of the worlds population. Along with an aging population, fertility rates have declined from 2. 8 children per woman to 1. 6 children per woman since 1950. The worlds average mortality rate has declined from 20 to 10 deaths annually per 1000 people, contributing to a rise in average life expectancy from 44 to 66 years. In the U. S. , the statistics are more striking: in 1876 life expectancy was 40 years old and the median age was 21.
Today, the life expectancy of men is 76 years old and for women it is 85 years old. The median age now is almost 40 the same as life expectancy at the turn of the century! One hundred years ago there was no empty nest syndrome and very little need to provide care for elders because throughout recorded history only 10 % of people lived to 65 years old. Now 80 % of middle-aged couples have at least one living parent. It makes one wonder what the next 100 years might hold. Economically, these statistics translate into enormous strains on the federal budget.
According to investment banker and Council on Foreign Relations Chairman, Peter Peterson, government retirement and health care benefit costs are projected to soar in the next few decades. Americas pension and health-benefit spending cost 10. 5 % of the gross domestic product (GDP) in 1995; it is projected to jump to 17 % by 2030. Retirement will drive up the costs of three important U. S. government programs: Social Security (which provides income to retired and disabled workers, their spouses and others), Medicare (which helps pay the costs of medical care for elderly and disabled people), and Medicaid (which helps finance medical care for certain low income people, including the elderly. In 2008, the oldest members of the baby boomers will turn 62 and become eligible to claim early retirement benefits under Social Security.
That date will end a periods of relatively favorable demographics that began with the retirement of the generation born during the Great Depression and WWII, whose relatively small numbers are now providing a respite to Social Security and other entitlement programs for the elderly. The retirement of the baby boomers will also significantly slow the growth of the labor force. With more retirees and little growth in the number of workers, the ratio of retired people to workers will increase significantly in coming decades. According to the Social Security Administration, in 1955 approximately 9 workers were paying social security taxes to provide benefits to each recipient; in 1995 the ratios was 3. 3 workers to each beneficiary; by 2040, it is predicted the ratio will be 2 to 1 or worse. Furthermore, these fewer numbers of workers will be supporting more retirees for much longer periods than ever before. By 2013, Social Security benefit payments will exceed taxes collected to pay for the program, according to the Bipartisan Commission on Entitlement and Tax Reforms 1994 study.
By 2029, the trust fund will be used up, leaving 8. 3 trillion in unfunded benefit obligations to future retirees! Left unchecked, the Social Security problem will deepen federal budget deficits as the government scrambles to meet its obligations through borrowing. The private sector will be competing more with the government for an already weak national savings pool. Further depletion of savings could drive up real interest rates, stifling private investment, productivity, growth, and domestic prosperity. The growth of Medicare and Medicaid stem not only from the rising number of people eligible for benefits, but also from an increase in spending per beneficiary. In fact, the growth in per-enrollee costs is the main reason that federal spending for Medicare and Medicaid, now about three quarters that for Social Security, is projected to overtake Social Security spending within ten years.
Lack of cost control and a philosophy of maximum use of drugs, technologies, and procedures all contribute to these uniquely high and rising health care costs. It is obvious that the U. S, budget policy will be greatly impacted by the impending retirement of the baby boomers. Fortunately, the economic picture is not all doom and gloom as America grays. In fact, many industries look at seniors as a market waiting to be tapped. Older adults are healthier and wealthier than at any time in history.
Senior citizens are seeking and active and meaningful lifestyle in retirement. Recognizing that older people are not as acquisitive, nor caught up in identifying who they are with what they have, we are beginning to see a shift in advertising and products. Home safety devices, in home electronic shopping, magazines, and health care products are just a sample. The opportunities and choices available for the active retiree are immense. Health clubs that cater largely to the under 35 group, are becoming more aware of the senior market, according to Terence Moffatt, editor-in-chief of Club Industry, a fitness trade magazine. He points out that by 2010 the number of 55 - 74 year olds will outnumber 25 - 34 year olds by 18 million.
All you have to do is look at the demographics, says Moffatt. Theres this whole wave coming at you and either you learn to swim in it or you get swept away. Other industries are also embracing seniors and recognizing their potential as consumers. Instead of SUVs, motor homes may be a common site on our highways as many seniors enjoy their golden years as members of an RV club. Adult education classes are proliferating and targeting seniors.
In particular, the computer age has reached out to touch seniors. Senior Net, a national nonprofit group based in San Francisco, focuses on bringing the Internet to people aged 50 and over. And everyone is familiar with senior discounts, senior menus, parking places, etc. These perks could get mighty expensive as more and more people become seniors! Socially, the graying of America poses its own set of unique problems. The elderly are vulnerable to chronic illness, disability, and social isolation.
Policy makers expect demand for housing, health care and social programs will strain the services network. Contrary to popular myth, most elderly do no pack up and move to Florida or Arizona upon retirement age. Most stay in the town, if not the house, where they raised their families and worked, according to William Frey, a demographics analyst with the Milken Institute in Santa Monica, Ca. It is what sociologists call aging in place and it has raised concerns of what suburbs will do when most of their population is over 65. The yuppie elderly, as Frey calls them, will retire and still have their cars, their spouses, their health, and their private pension plans. But as they age, they will need an array of social public services that are not available in the suburbs where they live.
In many suburbs, by 2015, it is probable that the non-working elderly will be in the majority. The money needed to pay for the services a growing senior population will demand, will likely come from money that is now devoted to public education. This in turn could lead to even fewer numbers of young moving to these areas where the perception is one of an old fogy neighborhood with inferior schools. In neighborhoods where there is a diversity of ages, the young often assist the elderly with tasks such as lawn mowing, snow shoveling, etc. With a mainly older population, who will help with these traditionally young able-bodied tasks? Furthermore, even if funding is found for services, getting them to the suburban and rural elderly wont be easy.
Another growing socio-economic concern for the graying of America is the problem posed by the chronically ill more specifically by those who care for them. A survey found that the nations employers believe elder care has already eclipsed childcare as the primary concern of their employees. Currently 5 million Americans provide care in their homes for a person with Alzheimer s-and they do it with little help. As a result, the system is at enormous risk from the physical, emotional, and financial strain of care giving. At home care givers represent a $ 196 billion annual subsidy of the U.
S. health care system. If the family care giving system falls apart, we can neither assure the future of Medicare, nor control the costs of Medicaid. To add to the frustration, the caregiver is frequently a senior himself or herself, coping with his or her own health issues. This situation can only worsen as more baby boomers move into the age of highest risk of developing chronic illnesses such as Alzheimer s. Just as the economic picture is not entirely bleak, so too socially, the graying of America is not necessarily a future to dread.
Even though aging has been typically equated with being poor and sick, the reality is that only 15 % of elders live at or below the poverty line. The majority of people over 65 live in their own homes and are healthy and active. The areas that offer economic prosperity for industries and opportunities for seniors, also offer opportunities for socialization. Seniors are joining fitness groups, starting their own businesses, and taking classes.
Even those who perhaps cant physically participate are finding a new way to reconnect with society the Internet. Says Senior Net spokeswoman Stacy Dieter, Learning to use this resource is like finding an opening to the world. Its a way of staying in touch with the rest of society without ever leaving their bedroom. Foreign travel is on the rise for seniors thanks to programs like Elderhostel, an affordable international travel-and-learn program for seniors. Many retirees are also seeking more meaningful pursuit, willing to donate their time, talents, and expertise in many areas. A desire to make life better for the coming generations remains a powerful, soulful quest of the flower-power generation, says Joyce Cohen, a board member of the International Society for Retirement Planning of Huntington, Cn.
In the context of Americas considerable unmet needs, seniors represent our best hope theyre numerous, educated, vigorous, and most importantly, available, to make a major commitment. Studies show they are answering the call. According to Marc Freedman, president of the nonprofit Civic Ventures, an organization based in Washington D. C. , that promotes senior volunteerism, since 1960, the percentage of elder adults volunteering has risen from 11 percent to 40 percent. Another potentially positive outlook for the economy is the fact that surveys report that as many as 80 % of boomers indicated they plan to work at least part time after retirement and these surveys were conducted prior to the recent change in social security benefits, which may now be collected in full at retirement age even if one continues working. This could be a big boom to the predicted worker shortage.
Also part time, older workers dont need the benefits, dont get called home for sick kids, are more mature, and approach their jobs with the sort of patience and perspective that employees are looking for. Working part time also allows retirees to stay active while maintaining their lifestyles, feel productive and interact with other win-win situation for all. On the political scene, the older adult will comprise the largest voting block, and even more importantly, they are the ones who consistently exercise their right to vote. Many of the issues that are expected to decide the next election are issues important toolbar Americans. Of the top six issues, five are those that are involved directly with mature voters health care, Social Security, law enforcement and crime, moral values, and Medicare/Medicaid. Even the 6 th issue, education, is becoming an issue for older people as more of them are working into what were once considered the retirement years and changes in the economy are demanding different skills from workers.
It seems logical that political will be playing to the elder crowd in an effort to capture their vote. This potentially gives the seniors a lot of power to control legislation by whom they support. Many suggestions have been offered to forestall the negative implications of the graying of America and much controversy exists about the realities vs. predictions. Robert J. Meyer, a former chief actuary for the Social Security Administration, regards the panic as the work of doomsayers and false prophets.
He believes simple long-trm changes would easily answer the questions. He suggests raising the retirement age to 70 by 2037 and raising all employee and employer Social Security taxes by. 9 % over 15 years. An increasing influential number of economists and pension experts, including all 13 members of President Clintons Advisory Council on Social Security, are urging that some or all of the trust fund be invested in the stock market. They assure pensioners that private investment will give them greater contro over their retirement security. Others fear privatization is far too risky. The Alzheimers Association lobbies for a $ 1000 federal tax credit for persons with serious disabilities or their family caregivers, along with assistance from states and communities to expand respite and adult day care services.
Some political see just three options: 1) raise payroll taxes of current and / or future workers, 2) decrease benefits of current and / or future beneficiaries, and 3) increase the level of our national debt to continue funding the system. The AARP (American Association of Retired People) with its sheer numbers is a force in resisting any cuts in benefits. The Century Foundation is trying to see the roadblocks ahead and prepare seniors; it presents its advice in the book Life in Older America. Seniors are being tapped for service and encouraged to stay in the work force. It is apparent that there are many obstacles on the horizon for Americas graying population. For the first time in its history, America is moving away from being a youth-oriented society.
The impact of this aging population will be felt on all components of our society. Preparation sooner rather than later is essential. The face of aging is changing. Seniors in this new millennium will be healthy, active, creative, and involved with their families and communities well into their eighth decade. Preparing for aging is no longer equated with preparing to die rather with preparing to live. As the baby boomer generation approaches retirement and life expectancy continues to increase, the U.
S. finds itself in the midst of a demographic revolution. The senior population is twice what it was in 1960 and is expected to double again over the next thirty years. By the middle of the 21 st century, seniors will outnumber children and youth for the first time. Furthermore, the trend is true worldwide. Few other changes are likely to exert as great an influence on society in the coming decades.
Aging populations will have a pivotal impact on the economic, social, and political components of our society. A combination of declining birth rates and increasing longevity is resulting in a boom in the over 60 population. Almost 13 percent of the U. S. , about one in every eight, is over the age of 65. When the baby boom generation begins turning 65 years old in about thirteen years, there will be a rapid increase with 20 % of our population being over 65 years old. The most rapidly growing group of all are the oldest old, those people 85 years and older.
By the year 2010, this group will grow by 56 % as compared with 13 % of the population aged 65 to 84. Globally, there are currently 600 million persons 60 years or older (10 percent of the worlds population). By 2050, the U. N. estimates that the number of older persons will triple to approximately two billon or 22 % of the worlds population. Along with an aging population, fertility rates have declined from 2. 8 children per woman to 1. 6 children per woman since 1950.
The worlds average mortality rate has declined from 20 to 10 deaths annually per 1000 people, contributing to a rise in average life expectancy from 44 to 66 years. In the U. S. , the statistics are more striking: in 1876 life expectancy was 40 years old and the median age was 21. Today, the life expectancy of men is 76 years old and for women it is 85 years old. The median age now is almost 40 the same as life expectancy at the turn of the century! One hundred years ago there was no empty nest syndrome and very little need to provide care for elders because throughout recorded history only 10 % of people lived to 65 years old.
Now 80 % of middle-aged couples have at least one living parent. It makes one wonder what the next 100 years might hold. Economically, these statistics translate into enormous strains on the federal budget. According to investment banker and Council on Foreign Relations Chairman, Peter Peterson, government retirement and health care benefit costs are projected to soar in the next few decades. Americas pension and health-benefit spending cost 10. 5 % of the gross domestic product (GDP) in 1995; it is projected to jump to 17 % by 2030. Retirement will drive up the costs of three important U.
S. government programs: Social Security (which provides income to retired and disabled workers, their spouses and others), Medicare (which helps pay the costs of medical care for elderly and disabled people), and Medicaid (which helps finance medical care for certain low income people, including the elderly. In 2008, the oldest members of the baby boomers will turn 62 and become eligible to claim early retirement benefits under Social Security. That date will end a periods of relatively favorable demographics that began with the retirement of the generation born during the Great Depression and WWII, whose relatively small numbers are now providing a respite to Social Security and other entitlement programs for the elderly.
The retirement of the baby boomers will also significantly slow the growth of the labor force. With more retirees and little growth in the number of workers, the ratio of retired people to workers will increase significantly in coming decades. According to the Social Security Administration, in 1955 approximately 9 workers were paying social security taxes to provide benefits to each recipient; in 1995 the ratios was 3. 3 workers to each beneficiary; by 2040, it is predicted the ratio will be 2 to 1 or worse. Furthermore, these fewer numbers of workers will be supporting more retirees for much longer periods than ever before.
By 2013, Social Security benefit payments will exceed taxes collected to pay for the program, according to the Bipartisan Commission on Entitlement and Tax Reforms 1994 study. By 2029, the trust fund will be used up, leaving 8. 3 trillion in unfunded benefit obligations to future retirees! Left unchecked, the Social Security problem will deepen federal budget deficits as the government scrambles to meet its obligations through borrowing. The private sector will be competing more with the government for an already weak national savings pool. Further depletion of savings could drive up real interest rates, stifling private investment, productivity, growth, and domestic prosperity.
The growth of Medicare and Medicaid stem not only from the rising number of people eligible for benefits, but also from an increase in spending per beneficiary. In fact, the growth in per-enrollee costs is the main reason that federal spending for Medicare and Medicaid, now about three quarters that for Social Security, is projected to overtake Social Security spending within ten years. Lack of cost control and a philosophy of maximum use of drugs, technologies, and procedures all contribute to these uniquely high and rising health care costs. It is obvious that the U. S, budget policy will be greatly impacted by the impending retirement of the baby boomers. Fortunately, the economic picture is not all doom and gloom as America grays.
In fact, many industries look at seniors as a market waiting to be tapped. Older adults are healthier and wealthier than at any time in history. Senior citizens are seeking and active and meaningful lifestyle in retirement. Recognizing that older people are not as acquisitive, nor caught up in identifying who they are with what they have, we are beginning to see a shift in advertising and products. Home safety devices, in home electronic shopping, magazines, and health care products are just a sample. The opportunities and choices available for the active retiree are immense.
Health clubs that cater largely to the under 35 group, are becoming more aware of the senior market, according to Terence Moffatt, editor-in-chief of Club Industry, a fitness trade magazine. He points out that by 2010 the number of 55 - 74 year olds will outnumber 25 - 34 year olds by 18 million. All you have to do is look at the demographics, says Moffatt. Theres this whole wave coming at you and either you learn to swim in it or you get swept away. Other industries are also embracing seniors and recognizing their potential as consumers. Instead of SUVs, motor homes may be a common site on our highways as many seniors enjoy their golden years as members of an RV club.
Adult education classes are proliferating and targeting seniors. In particular, the computer age has reached out to touch seniors. Senior Net, a national nonprofit group based in San Francisco, focuses on bringing the Internet to people aged 50 and over. And everyone is familiar with senior discounts, senior menus, parking places, etc. These perks could get mighty expensive as more and more people become seniors! Socially, the graying of America poses its own set of unique problems.
The elderly are vulnerable to chronic illness, disability, and social isolation. Policy makers expect demand for housing, health care and social programs will strain the services network. Contrary to popular myth, most elderly do no pack up and move to Florida or Arizona upon retirement age. Most stay in the town, if not the house, where they raised their families and worked, according to William Frey, a demographics analyst with the Milken Institute in Santa Monica, Ca. It is what sociologists call aging in place and it has raised concerns of what suburbs will do when most of their population is over 65. The yuppie elderly, as Frey calls them, will retire and still have their cars, their spouses, their health, and their private pension plans.
But as they age, they will need an array of social public services that are not available in the suburbs where they live. In many suburbs, by 2015, it is probable that the non-working elderly will be in the majority. The money needed to pay for the services a growing senior population will demand, will likely come from money that is now devoted to public education. This in turn could lead to even fewer numbers of young moving to these areas where the perception is one of an old fogy neighborhood with inferior schools. In neighborhoods where there is a diversity of ages, the young often assist the elderly with tasks such as lawn mowing, snow shoveling, etc. With a mainly older population, who will help with these traditionally young able-bodied tasks?
Furthermore, even if funding is found for services, getting them to the suburban and rural elderly wont be easy. Another growing socio-economic concern for the graying of America is the problem posed by the chronically ill more specifically by those who care for them. A survey found that the nations employers believe elder care has already eclipsed childcare as the primary concern of their employees. Currently 5 million Americans provide care in their homes for a person with Alzheimer s-and they do it with little help. As a result, the system is at enormous risk from the physical, emotional, and financial strain of care giving. At home care givers represent a $ 196 billion annual subsidy of the U.
S. health care system. If the family care giving system falls apart, we can neither assure the future of Medicare, nor control the costs of Medicaid. To add to the frustration, the caregiver is frequently a senior himself or herself, coping with his or her own health issues. This situation can only worsen as more baby boomers move into the age of highest risk of developing chronic illnesses such as Alzheimer s. Just as the economic picture is not entirely bleak, so too socially, the graying of America is not necessarily a future to dread.
Even though aging has been typically equated with being poor and sick, the reality is that only 15 % of elders live at or below the poverty line. The majority of people over 65 live in their own homes and are healthy and active. The areas that offer economic prosperity for industries and opportunities for seniors, also offer opportunities for socialization. Seniors are joining fitness groups, starting their own businesses, and taking classes. Even those who perhaps cant physically participate are finding a new way to reconnect with society the Internet.
Says Senior Net spokeswoman Stacy Dieter, Learning to use this resource is like finding an opening to the world. Its a way of staying in touch with the rest of society without ever leaving their bedroom. Foreign travel is on the rise for seniors thanks to programs like Elderhostel, an affordable international travel-and-learn program for seniors. Many retirees are also seeking more meaningful pursuit, willing to donate their time, talents, and expertise in many areas.
A desire to make life better for the coming generations remains a powerful, soulful quest of the flower-power generation, says Joyce Cohen, a board member of the International Society for Retirement Planning of Huntington, Cn. In the context of Americas considerable unmet needs, seniors represent our best hope theyre numerous, educated, vigorous, and most importantly, available, to make a major commitment. Studies show they are answering the call. According to Marc Freedman, president of the nonprofit Civic Ventures, an organization based in Washington D. C. , that promotes senior volunteerism, since 1960, the percentage of elder adults volunteering has risen from 11 percent to 40 percent. Another potentially positive outlook for the economy is the fact that surveys report that as many as 80 % of boomers indicated they plan to work at least part time after retirement and these surveys were conducted prior to the recent change in social security benefits, which may now be collected in full at retirement age even if one continues working.
This could be a big boom to the predicted worker shortage. Also part time, older workers dont need the benefits, dont get called home for sick kids, are more mature, and approach their jobs with the sort of patience and perspective that employees are looking for. Working part time also allows retirees to stay active while maintaining their lifestyles, feel productive and interact with other win-win situation for all. On the political scene, the older adult will comprise the largest voting block, and even more importantly, they are the ones who consistently exercise their right to vote. Many of the issues that are expected to decide the next election are issues important toolbar Americans. Of the top six issues, five are those that are involved directly with mature voters health care, Social Security, law enforcement and crime, moral values, and Medicare/Medicaid.
Even the 6 th issue, education, is becoming an issue for older people as more of them are working into what were once considered the retirement years and changes in the economy are demanding different skills from workers. It seems logical that political will be playing to the elder crowd in an effort to capture their vote. This potentially gives the seniors a lot of power to control legislation by whom they support. Many suggestions have been offered to forestall the negative implications of the graying of America and much controversy exists about the realities vs. predictions. Robert J.
Meyer, a former chief actuary for the Social Security Administration, regards the panic as the work of doomsayers and false prophets. He believes simple long-trm changes would easily answer the questions. He suggests raising the retirement age to 70 by 2037 and raising all employee and employer Social Security taxes by. 9 % over 15 years. An increasing influential number of economists and pension experts, including all 13 members of President Clintons Advisory Council on Social Security, are urging that some or all of the trust fund be invested in the stock market.
They assure pensioners that private investment will give them greater contro over their retirement security. Others fear privatization is far too risky. The Alzheimers Association lobbies for a $ 1000 federal tax credit for persons with serious disabilities or their family caregivers, along with assistance from states and communities to expand respite and adult day care services. Some political see just three options: 1) raise payroll taxes of current and / or future workers, 2) decrease benefits of current and / or future beneficiaries, and 3) increase the level of our national debt to continue funding the system. The AARP (American Association of Retired People) with its sheer numbers is a force in resisting any cuts in benefits. The Century Foundation is trying to see the roadblocks ahead and prepare seniors; it presents its advice in the book Life in Older America.
Seniors are being tapped for service and encouraged to stay in the work force. It is apparent that there are many obstacles on the horizon for Americas graying population. For the first time in its history, America is moving away from being a youth-oriented society. The impact of this aging population will be felt on all components of our society. Preparation sooner rather than later is essential. The face of aging is changing.
Seniors in this new millennium will be healthy, active, creative, and involved with their families and communities well into their eighth decade. Preparing for aging is no longer equated with preparing to die rather with preparing to live. As the baby boomer generation approaches retirement and life expectancy continues to increase, the U. S.
finds itself in the midst of a demographic revolution. The senior population is twice what it was in 1960 and is expected to double again over the next thirty years. By the middle of the 21 st century, seniors will outnumber children and youth for the first time. Furthermore, the trend is true worldwide.
Few other changes are likely to exert as great an influence on society in the coming decades. Aging populations will have a pivotal impact on the economic, social, and political components of our society. A combination of declining birth rates and increasing longevity is resulting in a boom in the over 60 population. Almost 13 percent of the U. S. , about one in every eight, is over the age of 65. When the baby boom generation begins turning 65 years old in about thirteen years, there will be a rapid increase with 20 % of our population being over 65 years old.
The most rapidly growing group of all are the oldest old, those people 85 years and older. By the year 2010, this group will grow by 56 % as compared with 13 % of the population aged 65 to 84. Globally, there are currently 600 million persons 60 years or older (10 percent of the worlds population). By 2050, the U.
N. estimates that the number of older persons will triple to approximately two billon or 22 % of the worlds population. Along with an aging population, fertility rates have declined from 2. 8 children per woman to 1. 6 children per woman since 1950. The worlds average mortality rate has declined from 20 to 10 deaths annually per 1000 people, contributing to a rise in average life expectancy from 44 to 66 years. In the U.
S. , the statistics are more striking: in 1876 life expectancy was 40 years old and the median age was 21. Today, the life expectancy of men is 76 years old and for women it is 85 years old. The median age now is almost 40 the same as life expectancy at the turn of the century! One hundred years ago there was no empty nest syndrome and very little need to provide care for elders because throughout recorded history only 10 % of people lived to 65 years old. Now 80 % of middle-aged couples have at least one living parent.
It makes one wonder what the next 100 years might hold. Economically, these statistics translate into enormous strains on the federal budget. According to investment banker and Council on Foreign Relations Chairman, Peter Peterson, government retirement and health care benefit costs are projected to soar in the next few decades. Americas pension and health-benefit spending cost 10. 5 % of the gross domestic product (GDP) in 1995; it is projected to jump to 17 % by 2030.
Retirement will drive up the costs of three important U. S. government programs: Social Security (which provides income to retired and disabled workers, their spouses and others), Medicare (which helps pay the costs of medical care for elderly and disabled people), and Medicaid (which helps finance medical care for certain low income people, including the elderly. In 2008, the oldest members of the baby boomers will turn 62 and become eligible to claim early retirement benefits under Social Security. That date will end a periods of relatively favorable demographics that began with the retirement of the generation born during the Great Depression and WWII, whose relatively small numbers are now providing a respite to Social Security and other entitlement programs for the elderly.
The retirement of the baby boomers will also significantly slow the growth of the labor force. With more retirees and little growth in the number of workers, the ratio of retired people to workers will increase significantly in coming decades. According to the Social Security Administration, in 1955 approximately 9 workers were paying social security taxes to provide benefits to each recipient; in 1995 the ratios was 3. 3 workers to each beneficiary; by 2040, it is predicted the ratio will be 2 to 1 or worse. Furthermore, these fewer numbers of workers will be supporting more retirees for much longer periods than ever before. By 2013, Social Security benefit payments will exceed taxes collected to pay for the program, according to the Bipartisan Commission on Entitlement and Tax Reforms 1994 study. By 2029, the trust fund will be used up, leaving 8. 3 trillion in unfunded benefit obligations to future retirees!
Left unchecked, the Social Security problem will deepen federal budget deficits as the government scrambles to meet its obligations through borrowing. The private sector will be competing more with the government for an already weak national savings pool. Further depletion of savings could drive up real interest rates, stifling private investment, productivity, growth, and domestic prosperity. The growth of Medicare and Medicaid stem not only from the rising number of people eligible for benefits, but also from an increase in spending per beneficiary.
In fact, the growth in per-enrollee costs is the main reason that federal spending for Medicare and Medicaid, now about three quarters that for Social Security, is projected to overtake Social Security spending within ten years. Lack of cost control and a philosophy of maximum use of drugs, technologies, and procedures all contribute to these uniquely high and rising health care costs. It is obvious that the U. S, budget policy will be greatly impacted by the impending retirement of the baby boomers. Fortunately, the economic picture is not all doom and gloom as America grays.
In fact, many industries look at seniors as a market waiting to be tapped. Older adults are healthier and wealthier than at any time in history. Senior citizens are seeking and active and meaningful lifestyle in retirement. Recognizing that older people are not as acquisitive, nor caught up in identifying who they are with what they have, we are beginning to see a shift in advertising and products. Home safety devices, in home electronic shopping, magazines, and health care products are just a sample. The opportunities and choices available for the active retiree are immense.
Health clubs that cater largely to the under 35 group, are becoming more aware of the senior market, according to Terence Moffatt, editor-in-chief of Club Industry, a fitness trade magazine. He points out that by 2010 the number of 55 - 74 year olds will outnumber 25 - 34 year olds by 18 million. All you have to do is look at the demographics, says Moffatt. Theres this whole wave coming at you and either you learn to swim in it or you get swept away. Other industries are also embracing seniors and recognizing their potential as consumers. Instead of SUVs, motor homes may be a common site on our highways as many seniors enjoy their golden years as members of an RV club.
Adult education classes are proliferating and targeting seniors. In particular, the computer age has reached out to touch seniors. Senior Net, a national nonprofit group based in San Francisco, focuses on bringing the Internet to people aged 50 and over. And everyone is familiar with senior discounts, senior menus, parking places, etc. These perks could get mighty expensive as more and more people become seniors! Socially, the graying of America poses its own set of unique problems.
The elderly are vulnerable to chronic illness, disability, and social isolation. Policy makers expect demand for housing, health care and social programs will strain the services network. Contrary to popular myth, most elderly do no pack up and move to Florida or Arizona upon retirement age. Most stay in the town, if not the house, where they raised their families and worked, according to William Frey, a demographics analyst with the Milken Institute in Santa Monica, Ca. It is what sociologists call aging in place and it has raised concerns of what suburbs will do when most of their population is over 65. The yuppie elderly, as Frey calls them, will retire and still have their cars, their spouses, their health, and their private pension plans.
But as they age, they will need an array of social public services that are not available in the suburbs where they live. In many suburbs, by 2015, it is probable that the non-working elderly will be in the majority. The money needed to pay for the services a growing senior population will demand, will likely come from money that is now devoted to public education. This in turn could lead to even fewer numbers of young moving to these areas where the perception is one of an old fogy neighborhood with inferior schools. In neighborhoods where there is a diversity of ages, the young often assist the elderly with tasks such as lawn mowing, snow shoveling, etc. With a mainly older population, who will help with these traditionally young able-bodied tasks?
Furthermore, even if funding is found for services, getting them to the suburban and rural elderly wont be easy. Another growing socio-economic concern for the graying of America is the problem posed by the chronically ill more specifically by those who care for them. A survey found that the nations employers believe elder care has already eclipsed childcare as the primary concern of their employees. Currently 5 million Americans provide care in their homes for a person with Alzheimer s-and they do it with little help. As a result, the system is at enormous risk from the physical, emotional, and financial strain of care giving.
At home care givers represent a $ 196 billion annual subsidy of the U. S. health care system. If the family care giving system falls apart, we can neither assure the future of Medicare, nor control the costs of Medicaid. To add to the frustration, the caregiver is frequently a senior himself or herself, coping with his or her own health issues.
This situation can only worsen as more baby boomers move into the age of highest risk of developing chronic illnesses such as Alzheimer s. Just as the economic picture is not entirely bleak, so too socially, the graying of America is not necessarily a future to dread. Even though aging has been typically equated with being poor and sick, the reality is that only 15 % of elders live at or below the poverty line. The majority of people over 65 live in their own homes and are healthy and active.
The areas that offer economic prosperity for industries and opportunities for seniors, also offer opportunities for socialization. Seniors are joining fitness groups, starting their own businesses, and taking classes. Even those who perhaps cant physically participate are finding a new way to reconnect with society the Internet. Says Senior Net spokeswoman Stacy Dieter, Learning to use this resource is like finding an opening to the world. Its a way of staying in touch with the rest of society without ever leaving their bedroom. Foreign travel is on the rise for seniors thanks to programs like Elderhostel, an affordable international travel-and-learn program for seniors.
Many retirees are also seeking more meaningful pursuit, willing to donate their time, talents, and expertise in many areas. A desire to make life better for the coming generations remains a powerful, soulful quest of the flower-power generation, says Joyce Cohen, a board member of the International Society for Retirement Planning of Huntington, Cn. In the context of Americas considerable unmet needs, seniors represent our best hope theyre numerous, educated, vigorous, and most importantly, available, to make a major commitment. Studies show they are answering the call. According to Marc Freedman, president of the nonprofit Civic Ventures, an organization based in Washington D. C. , that promotes senior volunteerism, since 1960, the percentage of elder adults volunteering has risen from 11 percent to 40 percent.
Another potentially positive outlook for the economy is the fact that surveys report that as many as 80 % of boomers indicated they plan to work at least part time after retirement and these surveys were conducted prior to the recent change in social security benefits, which may now be collected in full at retirement age even if one continues working. This could be a big boom to the predicted worker shortage. Also part time, older workers dont need the benefits, dont get called home for sick kids, are more mature, and approach their jobs with the sort of patience and perspective that employees are looking for. Working part time also allows retirees to stay active while maintaining their lifestyles, feel productive and interact with other win-win situation for all. On the political scene, the older adult will comprise the largest voting block, and even more importantly, they are the ones who consistently exercise their right to vote.
Many of the issues that are expected to decide the next election are issues important toolbar Americans. Of the top six issues, five are those that are involved directly with mature voters health care, Social Security, law enforcement and crime, moral values, and Medicare/Medicaid. Even the 6 th issue, education, is becoming an issue for older people as more of them are working into what were once considered the retirement years and changes in the economy are demanding different skills from workers. It seems logical that political will be playing to the elder crowd in an effort to capture their vote. This potentially gives the seniors a lot of power to control legislation by whom they support. Many suggestions have been offered to forestall the negative implications of the graying of America and much controversy exists about the realities vs.
predictions. Robert J. Meyer, a former chief actuary for the Social Security Administration, regards the panic as the work of doomsayers and false prophets. He believes simple long-trm changes would easily answer the questions. He suggests raising the retirement age to 70 by 2037 and raising all employee and employer Social Security taxes by. 9 % over 15 years. An increasing influential number of economists and pension experts, including all 13 members of President Clintons Advisory Council on Social Security, are urging that some or all of the trust fund be invested in the stock market.
They assure pensioners that private investment will give them greater contro over their retirement security. Others fear privatization is far too risky. The Alzheimers Association lobbies for a $ 1000 federal tax credit for persons with serious disabilities or their family caregivers, along with assistance from states and communities to expand respite and adult day care services. Some political see just three options: 1) raise payroll taxes of current and / or future workers, 2) decrease benefits of current and / or future beneficiaries, and 3) increase the level of our national debt to continue funding the system. The AARP (American Association of Retired People) with its sheer numbers is a force in resisting any cuts in benefits. The Century Foundation is trying to see the roadblocks ahead and prepare seniors; it presents its advice in the book Life in Older America.
Seniors are being tapped for service and encouraged to stay in the work force. It is apparent that there are many obstacles on the horizon for Americas graying population. For the first time in its history, America is moving away from being a youth-oriented society. The impact of this aging population will be felt on all components of our society.
Preparation sooner rather than later is essential. The face of aging is changing. Seniors in this new millennium will be healthy, active, creative, and involved with their families and communities well into their eighth decade. Preparing for aging is no longer equated with preparing to die rather with preparing to live. As the baby boomer general
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Research essay sample on Greatly Impacted Chronically Ill
