Session 15 - Aging Into the Future

Aging Into the Future Aging Into the Future The Times They Are A Changin’… Bob Dylan Aging Into the Future Why Look Ahead?  Demographics will drive changes to services and programs needed in the future as Boomers age An opportunity to plan rather than react  Shrinking resources available to support change and growth to aging network and services Evolving age-specific consumer choices and preferences  Changing Workforce Issues will be significant Pennsylvania is Already one of the Oldest States in the Country…. And now the Boomers Are Coming !!! Time for Concern? OR An Opportunity to Plan Traditionalists Baby Boomers 1900 to 1945 1946 to 1964 GENERATIONAL Veterans or LABELS Generation X 1965 to 1980 Generation Y or Millenials 1981 to 1999 Now or Cyber 2000 to Present Aging Into the Future LIFE YEAR 1900 1950 1970 1990 2001 EXPECTANCY AT BIRTH 47.3 years 68.2 years 70.8 years 75.4 years 77.2 years AT 65 No data 13.9 years 15.2 years 17.2 years 18.1 years Us Dept. of Health and Human Services, 2003 Aging Into the Future Approximately 77 million babies were born in the United States during the Baby Boom Years (1946-1964). In 2011, the oldest Boomers will become 65 and can then expect to live to age 83. Many will age on into their 90’s. Harvard/MetLife Study on Aging www.ReinventingAging.com In Pennsylvania Percent of total population Projections by major age group 2000-2030 Pennsylvania Under 18 18-64 65+ United States Under 18 18-64 65+ 2000 2010 2020 2030 23.8% 60.6% 15.6% 21.8% 62.6% 15.5% 21.7% 59.5% 18.8% 21.5% 55.9% 22.6% 25.7% 61.9% 12.4% 24.1% 62.9% 13.0% 23.9% 59.8% 16.3% 23.6% 56.8% 19.7% Aging Into the Future By the year 2020: Pennsylvania’s 60+ population is projected to be over 25 % of the total population – more than 3 million people. Most of the “baby boomers” will be over age 60 by that time. The 65 and older population is projected to increase to 2.3 million and the 85 and older population to about 363,000. So Who Are These Baby Boomers ? (And What Do They Want as They Age?) “There’s Something Happening Here… What It Is Ain’t Exactly Clear” Buffalo Springfield, 1966 Who Are The Boomers? The Most Diverse Generation Yet (Economically, Sociologically, Ethnically) •Boomers Have Financial Options (now) •80% of Boomers currently own their own homes; •70% of the financial assets in their control •50% of discretionary spending power that exists today Who Are The Boomers? Boomers Want and Need to Work Into the “retirement years” •According to AARP, almost 50% of Boomers say they will continue to work fulltime beyond age 65 because they feel they have not saved enough to retire comfortably. •According to Merrill Lynch, 80 % of boomers plan to work beyond age 65, even if it is part-time. •Boomers may wish to pursue a different career path from the jobs held prior to reaching retirement age. •Certain benefits may have a different importance for older workers than for younger workers- Job Flexibility and Part- Time opportunities of growing importance Who Are The Boomers? Boomers Are Socially Active and Aware •60% of Boomers want to stay in an active community, with cultural and recreational opportunities, and intergenerational activity and civic engagement •85% of Boomers surveyed indicate they see themselves aging “at home” (42% intend to live close to other family members in their later years) •Boomers want CHOICES – In where to live, and in what services and products they utilize Who Are The Boomers? Lifelong Learning will be important: 35% of Boomers have college degrees and represent over 10% of current undergraduate enrollments today. Most Boomers want to pursue hobbies, travel, and intellectual interests to keep active mentally. Many will pursue the activities independently and not always as a group. Wellness Programs will be important: While the top concerns of Boomers for their aging years relate to health, wellness, and maintaining healthy lifestyle, many stressed the need for access to wellness information and caregiver assistance. Who Are The Boomers? Ethnic Diversity •Over 19% of persons 65+ reported minority status in 2006 •The Baby Boomers are expected to become even more ethnically and culturally diverse in the next ten years, and are currently the most diverse generation seen so far. (*Aging’s Next Generation) BoomerA.N.G.* A Study of the Boomers in Montgomery County Toward a More Aging-Friendly Montgomery County Median Age: 2000-2003 • Median age in MontCo. Mirrors growth in PA and is higher than in U.S. • By 2015, the median age in Montgomery County will increase from 39 to 43. 40 39 38 37 36 35 34 33 2000 2003 MontCo. Penn. U.S. Source: PMD Advisory Services. US Census, Applied Geographic Solutions, Woods & Poole Economics What are the Boomers’ Greatest Concerns? BoomerANG Study participants and consumers commented in five general categories, identified as primary concerns for Boomers: 1. 2. 3. 4. 5. Transportation Health and Wellness Housing Aging Services Civic Engagement Awareness of Programs/Agencies Serving Needs by Age Group Libraries Hospitals Churches Meals YMCA Sr.Center 0 MontCo. BoomerANG Project, 2005 60+ 50-59 5 10 15 20 (Percent) 50+ Consumers: A Multitude of Attractive Resources Top 10 Groups/Organizations Capable of Providing Programs & Services Retmnt. Comm Mall Health Club Schools Gym/Fitness Senior Ctr. Parks&Rec Library Community Center Hospital YMCA-YWCA All Respondents (%) 0 10 20 30 40 50 60 MontCo. BoomerANG Project, 2005 Service & Business Options Service Relevance by Age Group Personal fitness/exercise Wellness/Health programs Benefits info/guidance Dieting/Nutrition Financial issues Personal caregiving Support groups Socialization opportunities Care for older relatives PT/FT work opportunity Job sk ills development 17.9% 32.4% 28.9% 22.2% 52.2% 51.3% 47.8% 55.6% 42.3% 53.5% 40.8% 40.3% 46.2% 38.3% 36.0% 35.8% 56.0% 47.3% 62.2% 69.8% 58.7% 64.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 50-59 MontCo. BoomerANG Project, 2005 60 or older Timing Your Services is Important Preferred Service Availability Times 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Mon-Fri AM Mon-Fri PM Mon-Fri Even All 50-59 Sat-Sun AM 60 or older Sat-Sun PM Sat-Sun Even 9.5% 5.9% 2.5% 17.9% 34.5% 29.4% 27.6% 43.8% 39.6% 27.9% 11.9% 8.4% 5.3% 6.5% 3.5% 1.9% 2.2% 1.5% MontCo. BoomerANG Project, 2005 New Aging/ Boomer Consumer Groups Foundations, Philanthropy Education, Workforce Training Programs Healthcare Organizations, Wellness Programs Local Government, Municipalities Business, Chambers of Commerce Recreational, Socialization Programs Older Consumers, Caregivers,Families Housing, Planning Long Term Care Providers, Senior Services Regional Collaboratives for Human Services Growth of Collaborative Partnerships Will be Necessary to Address the Demographic Changes and to Reshape Services for the Aging Population Aging Into the Future