The United States of Aging Survey National Findings 3

Community Resources and Support

Many seniors are concerned that community resources will be spread thin as boomers continue to age. While more than half (56 percent) of all seniors surveyed report that they are satisfied with the resources and services their community offers now, almost one quarter (23 percent) have little or no confidence that these resources will be available over the next five to 10 years.

Half of older Americans believe that their community aids their ability to lead a happy and healthy life. Nearly as many – 42 percent – feel their community has no bearing on their health or happiness.

Among respondents aged 65 to 69, 28 percent report little to no confidence that their community will have the resources and services they need to live an independent lifestyle in the next five to 10 years.

Additionally, 40 percent of older Americans say that they do not visit the senior and community centers in their region enough to have an opinion about the quality of the programming and events available.

When it comes to getting around their neighbourhood, responses are mixed. The majority of respondents (83 percent) feel safe when they walk in their community, but more than a third (34 percent) do not believe that high-quality transportation services are currently available.

Health and Wellness

Older Americans are optimistic about their health and say they are healthier than ever.

More than three in four seniors aged 60 to 69 expect their quality of life to stay the same or get better over the next five to 10 years.

Nearly two-quarters of respondents (65 percent) say the past year of their life has been normal or better than normal.

More than eight in 10 agree with the statement, I have a strong sense of purpose and passion about my life and my future.

A large majority of older Americans give themselves high marks when it comes to maintaining their physical and mental health.

Ninety-two percent report that they manage their stress levels well.

Eighty-four percent say they are confident that they will be able to do what is needed to maintain their health over the next five to 10 years.

Eighty percent of older Americans are confident in their ability to manage their health conditions on their own, reducing their need to see a doctor.

More than half of respondents (52 percent) exercise or are physically active at least four days per week. A quarter is active one to three days a week, 11 percent are active only a few days per month, and another 11 percent are never physically active.

The vast majority of respondents – 94 percent – are confident of their ability to find a primary care physician in their community, while 60 percent believe they would be able to see a geriatric care physician.

More than nine in 10 seniors (92 percent) report that they communicate well with their doctors regarding their health questions and concerns.

The survey ended on a lighter note: When asked to choose the best word or phrase to describe people their age, a quarter of respondents selected ―senior citizens. Other leading choices were seniors‖ (18 percent), retirees (15 percent) and older Americans‖ (11 percent).

The United States of Aging Survey National Findings 2

Ageing in Place

Older Americans are striving to age in place, despite physical and economic difficulties in some cases.

Nine in 10 seniors intend to continue living in their current homes over the next five to 10 years.

Leading reasons for wanting to stay in their current homes include liking where they currently live (85 percent), having family and friends nearby (66 percent) and not wanting to deal with the hassle of moving (50 percent).

Finances also play a role in this decision: 26 percent of seniors planning to age in place say they cannot afford the cost of moving their belongings, and more than one in five (23 percent) believe their home would not sell in the current market.

The vast majority of all age groups report high levels of confidence that they will be able to stay in their homes without having to make any significant home modifications (85 percent of respondents aged 60 to 64; 82 percent of respondents aged 65 to 69; 86 percent of respondents aged 70 or older).

Nearly one in five baby boomers aged 60 to 64 (18 percent) believe the housing options available to them are unaffordable.

Community Resources and Support

Many seniors are concerned that community resources will be spread thin as boomers continue to age. While more than half (56 percent) of all seniors surveyed report that they are satisfied with the resources and services their community offers now, almost one quarter (23 percent) have little or no confidence that these resources will be available over the next five to 10 years.

Half of older Americans believe that their community aids their ability to lead a happy and healthy life. Nearly as many – 42 percent – feel their community has no bearing on their health or happiness.

Among respondents aged 65 to 69, 28 percent report little to no confidence that their community will have the resources and services they need to live an independent lifestyle in the next five to 10 years.

Additionally, 40 percent of older Americans say that they do not visit the senior and community centers in their region enough to have an opinion about the quality of the programming and events available.

When it comes to getting around their neighbourhood, responses are mixed. The majority of respondents (83 percent) feel safe when they walk in their community, but more than a third (34 percent) do not believe that high-quality transportation services are currently available.

The United States of Aging Survey National Findings 1

Financial Security

While many American seniors are on good financial ground today, they have mixed feelings about their future prospects.

The majority of older Americans (64 percent) report that it is very or somewhat easy to pay their monthly living expenses now, but almost one in four (24 percent) are not confident that their income will be sufficient to continue to meet their monthly expenses over the next five to 10 years. When it comes to retirement savings, almost one quarter (23 percent) of seniors are either not confident in, or do not have, a financial plan for their retirement years.

If an accident or unexpected medical issue was to occur, 71 percent of older Americans believe they would be able to pay associated expenses.

Two-thirds (66 percent) of Americans aged 65 and older depend on Medicare. Of the respondents aged 60 to 64, one in four are not confident that they will be able to afford the costs associated with Medicare, such as deductibles, premiums and copays, in future years.

Additionally, close to one-third (29 percent) of respondents report they are not confident that they know about all of the government benefits for which they are eligible.

Of the one in five seniors who are still employed either full or part-time, 69 percent report that they are working for economic reasons, but productivity (76 percent) and enjoyment (70 percent) also, rank high in their list of reasons to stay in the workforce.

Despite this desire to continue working, only 28 percent of respondents believe that their community offers enough job opportunities for older Americans.

Caregiving

Seniors are not only receiving long-term care – they are providing it, too. Half of older Americans report having someone they consider to be a caregiver in their lives – and close to one-third (28 percent) of seniors say they serve as a caregiver for someone else.

Nearly nine in 10 (87 percent) older Americans who have a caregiver say they are receiving care from a family member. More than half of those caregivers (52 percent) live at home with their care recipient.

Among those seniors who do not currently have a caregiver, 39 percent believe it is likely that they will need one of their children or grandchildren to serve as their caregiver in the future.

Forty-five percent of respondents who serve as a caregiver for someone else report that they would benefit from additional services to support them, such as respite care.

While 61 percent of these caregivers are aware that there is a service in their community that they could call to request assistance with everyday needs, only 15 percent report having utilized such services. An additional 22 percent of seniors are unsure if such services exist in their communities

Save yourself from Retirement Poverty! 2

Don’t count on working. The average age for retirement in Canada and the US is under 65. So, plan to leave work early, because many of us will retire before we expect to and before we are ready. Nearly four in ten people retire due to poor health, caring for a family member, or job loss. If we retire due to poor health or becoming a caregiver or a job loss, we will not find it easy to go back to work.

Deal with inflation. Getting good advice is important because inflation can destroy your best-laid plans. Use the rule of 72 when thinking about inflation. The rule works this way: If inflation is 6% (the average) then if you divide 72 by 6 you get 12. That means in 12 years your income will buy 50% less than today.  Inflation is a fact of life that we deal with through pay increases when we were working. After retirement, it is up to us to manage our own assets or secure guaranteed income. However, few of us have the skills to manage income to keep up with inflation.

Face facts about long-term care.  The research I have looked at tells me that many of us will live long and happy life’s but for many of us, we will need on average 2 to 4 years of long-term care. This is a fact of life that many of us underestimate. Relatively few of us either own long-term care insurance or can afford to self-insure a long-term care situation.

Provide for a surviving spouse. If you are in a relationship, the reality is that one of you will live longer than the other. For mixed-sex relationships, women will live longer than men. For same-sex partners, health and family history will determine who lives longer. The fact is we fail to plan for the eventual death of one spouse before the other. When one person dies, there is a drop in income for the survivor. Provide for your spouse or they will end up living in poverty.

Make your money last for a lifetime. There are many ways to make the money you have saved last your lifetime. We need to get advice as to what works for us, and we need to educate ourselves about the choices, we have to make. We often pass up opportunities to get a lifetime pension or annuity, because we fail to recognize the difficulty of making money last for a lifetime on our own. People say guaranteed lifetime income is important, but in practice, we usually choose a lump sum.

This checklist is drawn from the work of the Committee of Post-Retirement Needs and Risk of the Society of Actuaries