The costs of living after retirement can be overwhelming when you are taking you or your loved one’s long-term safety and quality of life into account. Research projects major growth in the over 65 population as baby boomers age, and a reduction in the amount of family caretakers available to provide adequate care. As policymakers, health care providers, insurance companies and research institutions work to come up with solutions, here are some of the realities families might face.
Projected Rise In Elderly Population
The population of people between the ages of 75 and 84 is expected to continue increasing. By 2040, analysts predict there will be approximately 30 million people in this age group.
The number of elderly people living alone is expected to double from 2015 to 2035. This translates to 13.9 million people older than 75 years of age.
Financial Concerns for Seniors
More seniors are putting off retirement, increasing the median income of adults aged 65-74 and supplementing the amount of income they are able to set aside once they leave the workforce. Nevertheless, long-term care costs present a challenge for seniors, particularly renters.
On average, home care costs less than assisted living. This is one of the factors to consider when reviewing care options with your older relatives. If home care is right for your family, consider the doctor-recommended program provided by A-Z Best Home Care. We bill hourly and never lock you into a contract. Call today for a free assessment.
Source: Housing America’s Older Adults [PDF], Joint Center for Housing Studies at Harvard University