Boomers upbeat on aging, not on money
Source: Agencies |
August 9, 2012, Thursday
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Print Edition
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BABY boomers are upbeat about aging and expect the next phase of their lives to be better than the last, but many are concerned about their financial future and long-term health costs, according to a new survey.
Americans are living healthier and longer that ever before. The US Census Bureau predicts boomers will turn 65 at a rate of 10,000 per day for the next decade, making them, along with centenarians, the fastest-growing segment of the population.
More than 75 percent of seniors questioned in the poll on aging are optimistic, think the best is yet to come, and expect to have the same quality of life, or better, during their next decade.
"The reason they are upbeat is because we have changed our definition of aging. People are working longer. They see people that are older being healthier," said Donna Shalala, 71, the president of the University of Miami and a former US secretary of Health and Human Services during the Clinton administration.
Although many seniors feel financially secure, nearly half of low- and middle-income seniors questioned in the poll aren't confident they will be able to cover expenses within five to 10 years.
About a third of older Americans do not think they will be able to afford long-term care, according to the poll, and for 1 in 5 seniors, a major financial event would cause a financial crisis. Lower income seniors are also more likely to suffer from chronic illnesses and less likely to exercise.
Americans are living healthier and longer that ever before. The US Census Bureau predicts boomers will turn 65 at a rate of 10,000 per day for the next decade, making them, along with centenarians, the fastest-growing segment of the population.
More than 75 percent of seniors questioned in the poll on aging are optimistic, think the best is yet to come, and expect to have the same quality of life, or better, during their next decade.
"The reason they are upbeat is because we have changed our definition of aging. People are working longer. They see people that are older being healthier," said Donna Shalala, 71, the president of the University of Miami and a former US secretary of Health and Human Services during the Clinton administration.
Although many seniors feel financially secure, nearly half of low- and middle-income seniors questioned in the poll aren't confident they will be able to cover expenses within five to 10 years.
About a third of older Americans do not think they will be able to afford long-term care, according to the poll, and for 1 in 5 seniors, a major financial event would cause a financial crisis. Lower income seniors are also more likely to suffer from chronic illnesses and less likely to exercise.
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