Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
ThinkAdvisor

Retirement Planning > Retirement Investing

10 statistics about older Americans that might surprise you

X
Your article was successfully shared with the contacts you provided.

Some say we are in a “retirement crisis.” Recent Federal Reserve data shows that many are ill-prepared to face retirement. But our youth-oriented culture gives minimal face time to older Americans, much less their concerns.

Here are 10 recent statistics from the U.S. Census about the population group we will all, if we’re lucky, join.

Age 65 and older in 2013: 44.7 million

The number of people who were 65 and older in the United States on July 1, 2013. This group accounted for 14.1 percent of the total population. Source: U.S. Census Bureau, Population Estimates

Age 65 and older in 2060: 98.2 million

Projected population. People in this age group would comprise nearly one in four U.S. residents at that time. Of this number, 19.7 million would be 85 or older. Source: U.S. Census Bureau, Population Projections, Table 3

See also:

Advisors can talk, but will boomers listen?

10 takeaways from the 2015 Retirement Conference

older

Year that older people will outnumber younger: 2033

For the first time, the population 65 and older would outnumber people younger than 18 in the U.S. Source: U.S. Census Bureau, Population Projections

Median income of age 65 and over households in 2013: $35,611

This is up 3.7 percent from the previous year. Source: U.S. Census Bureau, Income, Poverty, and Health Insurance Coverage in the United States: 2013, Table 1

See also: One solution to make retirement funds last for life

Percent of age 65 and older people living in poverty in 2013: 9.5%

4.2 million elderly lived in poverty in 2013. Source: U.S. Census Bureau, Income, Poverty, and Health Insurance Coverage in the United States:  2013, Table 3

Revenue generated by businesses providing services for the elderly and people with disabilities in 2012: $34.4 billion

There were 25,899 businesses that employed 911,331 workers. In 2007, there were 20,433 such establishments, employing 621,545 people and producing $25.3 billion in revenues. Senior citizens centers are among the establishments in this industry. Source: 2012 and 2007 Economic Census Industry Series (NAICS 624120).

See also: Elder financial fraud and immediate annuities

Number of full-time, year-round workers 65 and older with earnings in 2013: 4.9 million

This number is up from 1.5 million in 1993.  Source: U.S. Census Bureau, Current Population Survey, Historical Income Tables: People, Table P-32

Percent of people age 65 and older who live in homes with computers: 71%

This was in 2013. Additionally, 62.4 percent accessed the Internet through a high-speed Internet connection. Source: U.S. Census Bureau, Computer and Internet Use, Table 2

See also: Retire? At 65? Disability insurers get the joke

Percent of people age 65 and older who own their homes: 79.5%

This is as of fourth quarter 2014. Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, Table 7

Number of people age 100 and older: 53,364

This is according to the 2010 Census. Source: U.S. Census Bureau, Centenarians: 2010

See also:

How much does your client value their mental stability & why planning helps

Longevity credits: The time to act is now


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.