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Senior Citizens Poor, Depend on Social Security and
Growing in Number, Says New Study
March 8, 2005 The senior citizen market
Americans 65 and older is now projected at 36 million people with few
assets, low income and 1 out of 10 live below the poverty level, says a
new study.
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Older Americans 2004: Key Indicators of Well-Being
Senior Americans Multiplying, Doing Well, But There
Is A Gap - Women, Minorities, Uneducated
 Nov.
18, 2004 - In 2003, there were almost 36 million people age 65 and over
living in the United States, accounting for just over 12 percent of the
total population. Most are healthier, wealthier, and better educated
than previous generations, but these gains have not been equal among
todays older Americans, according to a comprehensive study released
today by the Federal Interagency Forum on Aging-Related Statistics
(Forum). More...
11/18/04*
For more information on senior citizen statistics -
Click Here
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The MetLife Mature Market Institute Demographic
Profile of Americans 65+ reports the segment of the population between
65 and 69 has a median net worth of $114,000, including the equity in
their homes, but $27,588 without it.
For those between 65 and 74, the average
before-tax income is $35,118 with most coming from Social Security. Of
the entire 65+ population, 80% own their own homes and 20% are renters.
Not surprisingly, the lion's share of the 65+ age
group's expenditures are for basic necessities such as housing, food,
transportation and health care. Those over 75, for example, spend just
$896 per year on entertainment.
"This is alarming data, particularly with regard to
the future," said Sandra Timmermann, Ed.D., director of the MetLife
Mature Market Institute. "Our report shows that the 65+ population
comprises 12.6% of the current population -- one in eight people -- and
that the ranks will double to about 71.5 million people by 2030; by 2050
there will be 86.7 million people over 65."
"As we consider increased longevity rates, coupled
with the low savings patterns of the baby boomers, we can anticipate
that the older population of the future will not fare any better
financially than this 65+ generation," said Timmermann. "In addition,
the fastest growing population group is those age 85 and over -- the
group most likely to be frail and in need of care. These facts point to
the pressure that will be placed on our economy, particularly our health
and long term care systems, and the need to help individuals plan for
their economic security."
For the current 65+ age group, the following
statistics are notable:
-- Credit card debt grew slightly from $3,919 in
1998 to $4,014 in 2001.
-- 42% are male and 58% female.
-- Non-married persons were more likely to live in
poverty (16.9%) than married persons (4.7%).
-- More men (71%) than women (34%) were married.
-- 28% live alone, more women (40%) than men (17%).
-- Almost half (49.4%) of women 75 and older live
alone.
-- 72% of people 65 and older report that their
health is good to excellent.
-- The states with the greatest percentages of
older Americans are: Florida (17.6%), West Virginia (15.6%),
Pennsylvania (15.3%), Iowa (14.9%), North Dakota (14.7%) and Rhode
Island (14.5%).
-- The racial and ethnic composition of the 65+ age
group is as follows: White (75.1%), Hispanic or Latino (12.5%), African
American (12.3%), Asian (3.6%), Two or More Races (2.4%), American
Indian or Alaska Native (.9%), Native Hawaiian & other Pacific Islander
(.1%).
"Women, because they live longer than men and are
more likely to be living alone, are at the greatest disadvantage in this
profile," said Timmermann. "While more women are working and the
earnings gap with men is decreasing, women, nevertheless, earn only 75
cents to every dollar men earn. These points have implications for
financial and long term care planning for women in the future."
The profile relies on data from the 2000 U.S.
Census and from U.S. Census Bureau supplements from each year between
2001 and 2004. Other sources were the National Health Interview Survey
and "Demos, Retiring in the Red: The Growth of Debt Among Older
Americans," 2004.
The MetLife Mature Market Institute is MetLife's
information and policy resource center on issues related to aging,
retirement, long-term care and the mature market. The Institute, staffed
by gerontologists, provides research, training and education,
consultation and information to support MetLife, its corporate customers
and business partners.
MetLife, a subsidiary of MetLife, Inc. (NYSE: MET),
is a leading provider of insurance and other financial services to
individual and institutional customers. The MetLife companies serve
individuals in approximately 13 million households in the U.S. and
provide benefits to 37 million employees and family members through
their plan sponsors. Outside the U.S., the MetLife companies serve
approximately 8 million customers through direct insurance operations in
Argentina, Brazil, Chile, China, Hong Kong, India, Indonesia, Mexico,
South Korea, Taiwan and Uruguay. For more information about MetLife,
please visit the company's Web site at
www.metlife.com.
For a free copy of MetLife's Demographic Profile of
Americans 65+, please write to the MetLife Mature Market Institute, 57
Greens Farms Road, Westport, CT 06880, call (203) 221-6580 or e-mail:
MatureMarketInstitute@metlife.com.
This guide and the others in the series can also be accessed at
http://www.maturemarketinstitute.com/.
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