FACTS & FIGURES

A 65 year old man today can expect to reach age 84

A 65 year old woman today can expect to reach age 86

Today, 10,000 Baby Boomers are turning 65 every day through 2030. In fact, 1 out of 10 people aged 65 today will live to 95+ years old. By 2050, a quarter of earth’s population will be over 65 – that’s 2 billion people.

 

In the United States, nearly $725 billion is spent per year on long term care. 51% of caregivers said providing care reduced the time they spent with their children and spouses/partners as well as time to take care of themselves. Besides their time, caregivers’ savings and retirement funds are being used for care giving. The percentage of caregivers who used their own savings/retirements funds to pay for care has gone from 41% to 62% in just five years. The percentage of caregivers that have missed work time in some way has followed a similar trend having increased from 64% to 77%. With missed work time, the average income lost by caregivers each year of care giving is 33%.

 

Out of the growing US population of 323.1 Million, 11% or 34.2 Million people have been voluntary caregivers to adults age 50 or older.

© 2018 PNW Insurance Services Donald J Levin Jr.

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