What to Expect as the Population Ages

The population aging means that there is a greater number of people in the older generation than the younger. This is happening in large part due to the baby-boomer era and the fact that people are having smaller families. As the population ages you should expect retirement income gaps, rising healthcare costs, and a need for purpose.

Retirement Income Gaps

Many people of retirement age are healthier and living longer than in the past. This is pushing people to delay their retirement to keep working past when they first qualify for social security. On the one hand, this is a great thing because continuing to work provides purpose, stimulation, social networks, and continuing income. On the other hand, this can create income gaps among retirement age. Some individuals because of poor health, physically demanding jobs, or being laid off will be forced into retirement when they first qualify and will leave them with substantially less money to live. This can also create further problems as these individuals are more likely to have greater health needs.

Rising Healthcare Costs

While the average life expectancy has increased, this also means that there are more people that may be dependent on long term care from poor health and from diseases such as Alzheimer’s and Dementia. This can put a significant strain on the healthcare system as there are not enough caretakers to keep up with the rising need. Drug costs are also on the rise as well as the need for these drugs. According to SRX, drug costs are one of the biggest expenses long-term care facilities face.

Need for Purpose

While the population is aging, the average life expectancy has also increased. This means that for the older population, and especially among those who are retired, they can expect to live for many more years. According to Texas A&M Today, people are generally living 20 more years past the average retirement age in the 1960s. That is a lot of life left to live! This generation of people need to still have a purpose in their life. There are so many opportunities and many more opportunities that could be created. Retired people can volunteer in the community or even go back to school to pursue more education.

There are many things to expect as the population ages. You can expect retirement income gaps, rising healthcare costs, and a need for purpose. Adjusting will be necessary so that society can remain stable.

Check out this article on why older people should lift weights!