The Profile of Older Americans
We all hear people say “our population is aging.” And while we instinctively know that is true, not all of us understand what that actually means. A mountain of data exists to help but getting your arms around all that data can be challenging. Fortunately, there are organizations out there to help.
The Administration for Community Living (ACL) recently published its annual summary of critical statistics related to the older population in the United States. The Profile of Older Americans, based primarily upon data from the U.S. Census Bureau, illustrates the shifting demographics of Americans age 65 and older. It includes key topic areas such as income, living arrangements, education, health, and caregiving needs. The report highlights how our senior population is growing, aging and living.
For example, according to the Profile, the population age 65 and over increased from 37.8 million in 2007 to 50.9 million in 2017 (a 34% increase). That figure is projected to reach 94.7 million in 2060. More than one in every seven, or 15.6%, of the population is an older American. Older women outnumber older men by 25%. And while about 28% of seniors live alone, almost 45% of women age 75 and over live alone.
When it comes to health, about half of seniors view themselves as very healthy. However, the reality is that approximately 90% of seniors have one or more chronic conditions. These conditions include hypertension (67%), arthritis (55%), heart disease (29%), physician-diagnosed diabetes (22%), cancer (19%), and stroke (8%). Even if not disabled, 46% of people age 75 and over reported having difficulties in physical functioning. The good news is that 99% of seniors have some sort of financial assistance to assist them with their healthcare costs. For almost 95% of seniors, that includes some type of government assistance, in the form of Medicare, Medicaid, or military benefits like VA pension benefits. 35% of seniors report some type of disability with ambulation (moving around) being the most common.
ACL’s Profile underscores what we routinely tell our clients: the need for planning for your senior years is more important than ever. From basic estate planning to government benefits eligibility, we at Haiman Hogue can help you and your loved ones put a plan in place that is designed to take care of you while you are alive and provide for your family when you pass. Give us a call at 469-893-5337 or visit our website at www.haimanhogue.com to learn more or schedule a time to consult with one of our attorneys.
Author: Jeff Crouch