- The older population is growing rapidly, and the aging of the baby boomers born between 1946 and 1964 (and who begin turning age 65 in 2011) will accelerate this growth. This larger population of older Americans will be more racially diverse and better educated than previous generations.
- The life expectancy of Americans lags behind those of people in other developed nations.
- Most older people are enjoying greater prosperity than any previous generation. On average, net worth has increased almost 80% for older Americans over the past 20 years. But major inequalities continue to exist with older blacks and people without high school diplomas reporting smaller economic gains and fewer financial resources overall.
- Overall, health care costs have risen dramatically for older Americans. In addition, between 1992 and 2006, the percentage of health care costs going to prescription drugs almost doubled from 8% to 16%, with prescription drugs accounting for a large percentage of out-of-pocket health care spending.
January 11, 2011
A Snapshot of Older Americans
A 2010 federal report provides the latest data on 37 key indicators selected to determine the well-being of older Americans and their families. Among the report’s highlights:
