Yes, Americans are aging, but their experiences are very different

We all know that the variety of older people is growing rapidly. But we age in very alternative ways. And if we’re to rethink medicine, care and government policy, it’s important to higher understand who older persons are and the way they live.

In his latest Profile of older Americansthe federal Administration on Community Living paints an in depth picture of the lives of U.S. residents age 65 and older. In some ways, this snapshot, which focuses totally on older adults in 2022, tells a story of extremes.

Of course, the headlines are in regards to the continued rapid growth of the older population because the last of the infant boomers reach age 65 and life expectancy amongst seniors continues to rise.

Many older persons are financially secure, live in stable households and are relatively healthy. Others, nonetheless, particularly those of their 70s and 80s, lead far more uncertain lives as they address the deaths of friends and members of the family, declining assets, and increased demands and costs for health care and long-term care.

While the report only hints on the challenges, the truth is that older individuals with lower incomes and fewer education usually tend to face poor health and better costs for medical care and long-term care as they age.

Finance

Key points of the report include:

In 2022, there have been nearly 58 million older adults, 32 million women and 26 million men, representing 17.3% of the population. In 2000, only about 35 million people were 65 years of age or older.

Although it isn’t included on this report, Census Bureau estimates Nearly 25 million Americans are age 75 or older, and greater than 6 million are over 85, the age at which persons are most definitely to need assistance.

While life expectancy within the United States has declined overall in recent times, older adults lived longer in 2022 than within the pandemic yr of 2021. Those turning 65 in 2022 can expect to live one other 18.9 years longer. Women live a median of 20.2 years longer and men 17.5 years longer.

How they live

Where do older adults live? In Florida, in fact, where nearly 22% of residents are 65 or older. But you could be surprised to learn that Maine, Vermont, West Virginia, and the state of Puerto Rico even have high percentages of older adults.

While about 60 percent of those over 65 lived with a spouse or life partner, about 16 million or 28 percent lived alone. About a 3rd of older women lived alonebut of those aged 75 and over, about 42% lived alone.

The median income for older adults was slightly below $30,000. Men earned significantly greater than women – about $37,000 versus $25,000. The median household income was about $73,000. But about 17 percent had an income of lower than $35,000 and 10 percent had an income of $10,000 or less.

Nearly one in five older adults was employed or on the lookout for work in 2023.

In total, about 6 million older adults, or about one in ten lived in povertyAn additional 2.7 million, or almost 5%, were classified as “near poor”.

There were large disparities by race, with about 8% of white seniors living in poverty, compared to just about 18% of black seniors and 17% of Hispanic older adults.

More than three-quarters of households headed by a member of the family aged 75 or older owned their homes, which had a median value of about $268,000. Not surprisingly, the median household income of older homeowners was almost twice that of older renters (about $39,000 versus $20,000).

Your Health

1 / 4 of older adults rated their very own health as fair or poor. Almost all took not less than one prescription drug. The commonest chronic diseases are hypertension, arthritis and high cholesterol. About half of older adults reported having not less than certainly one of these diseases.

About a 3rd reported a disability. One in five reported difficulty walking or climbing stairs, one in seven had hearing problems, 28% reported having fallen up to now yr, and about 8% reported cognitive impairment.

And although 94% of older adults were covered by Medicare and 99% reported having some insurance, older adults still reported spending greater than $7,500 out-of-pocket on health care in 2022, totally on insurance premiums.

Although older adults struggle with their very own health, about 15% also provide take care of spouses and other relatives. Among caregivers, those over 65 were the most definitely to supply day by day care, spending a median of nearly 5 hours on those days providing care.

The overall message of this report, which can’t be repeated often enough, is that older people shouldn’t be seen as a homogenous group. They lead very different lives and have very different needs.