Who Are the Oldest Old?
While most of the emphasis around the census and demographics in the U.S. has been focused on the often-quoted “10,000 boomers a day” hitting the age of 65, people aged 90 and over are also becoming an increasingly larger segment of our population. As the “oldest-old” consumes resources disproportionately, this trend will have a profound impact on society in areas such as pension and retirement income, health care costs, and inter-generational relationships.
Yet little is known about the makeup of the 90 plus segment. Where do they live? What is the breakdown by age, sex and race? Are they different in socioeconomic and health characteristics from other segments of the population? These questions had gone unanswered until a recently released report by the U.S. Census Bureau, 90+ in the United States.
The bottom line: the 90-plus population is expected to more than quadruple between 2010 and 2050. In real numbers this equates to growth from 5.8 million in 2010 to about 24 million in 2050. We typically don’t like to go heavy on the numbers, but sometimes there is no better way to tell a story than to provide statistics. Here are some key findings of the report.
More women. Between 2006 and 2008, about three-quarters (74 percent) of the 90-and-older population were women. In 2006, life expectancy at age 65 was 19.7 years for women and 17 years for men. Women also experienced more rapid improvements in life expectancy than men between 1929 and 2006. Over the past eight decades, older women have added almost seven years to their life expectancy, or a 54 percent extension, compared with 5.3 years for men, a 45 percent extension. Among the age 90-and-older population, there are just 35 men for every 100 women. After age 95, there is approximately one man for every four women.
Married men and single women. Most women 90 and older (84 percent) are widows. Only 6.3 percent of women in this age group are married. On the other hand, 43 percent of 90-something men are married and about half are widowers.
Living alone. Just over a third (37 percent) of people in their 90s live alone. About the same number of people (37 percent) live in a household with family members or unrelated individuals. A quarter of older adults (26 percent) live in institutionalized quarters, such as skilled-nursing facilities. White senior citizens were almost twice as likely to live alone as Asians and Hispanics. And women (40 percent) are more likely than men (30 percent) to live alone, while men (53 percent) live with relatives more often than women (32 percent). Unsurprisingly, an older person’s likelihood of living in a nursing home increases sharply with age, growing from 20 percent at ages 90-94 to 38 percent at 100 or older.
Physical limitations. The vast majority (85 percent) of people age 90 and older report having one or more physical limitations. The most common limitations include difficulty handling errands alone, such as visiting a doctor’s office or shopping (68 percent), difficulty getting around by walking or climbing stairs (66 percent), and difficulty dressing or bathing (46 percent). Some seniors also report cognitive difficulties (40 percent), and difficulty hearing (43 percent) and seeing (26 percent).
Reliance on Social Security. Almost all people age 90 and up (92 percent) receive Social Security income. Social Security makes up almost half (48 percent) of all income for people in this age range. Some 18 percent of 90-somethings also receive traditional pension income.
Universal health coverage. Practically everyone age 90 and older (99 percent) is covered by health insurance provided by Medicare, and 28 percent also received Medicaid benefits in 2008. About 40 percent of the 90-and-older population purchased additional private health insurance coverage from an insurance company. A quarter of these retirees are covered by health insurance provided by a previous employer or union.
The trends outlined in the report provide food for thought as to how an aging population will affect all of our lives. Increased longevity has changed the way we approach the big issues of wealth, health and legacy. This is why Hatch Retirement places longevity at the center of the planning process.
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