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NEWS FLASH! Our society is getting older! I call this a new flash in jest since almost everyone seems to know this either from the news itself or from personal experience. Every family and community in America is involved in some way with this dramatic demographic shift in our culture. Whether you are a senior citizen, a provider, a senior’s loved one or an advertiser this notion will resonate with you. Although we know this important fact, actually focusing in on specific statistics really brings the case home. The Administration on Aging has published some very interesting data which I thought you may find interesting:

 

America’s population age 65 and over numbered 44.7 million in 2013, an increase of 8.8 million or 24.7% since 2003.

The number of Americans aged 45-64 – who will reach 65 over the next two decades – increased by 20.7% between 2003 and 2013.

About one in every seven, or 14.1% of the population, is an older American.

Persons reaching age 65 have an average life expectancy of an additional 19.3 years (20.5 years for females and 17.9 years for males).  

There were 67,347 persons aged 100 or more in 2013.

Older women outnumber older men at 25.1 million older women to 19.6 older men.

Older men were much more likely to be married than older women - 72% of men, 46% of women.

These statistics are not only interesting for all, but vitally important for women. They show us that women are far more likely to live alone as they age and have an even greater need for financial security.  Wayne State University’s Institute of Gerontology has placed a great deal of focus on developing financial acumen for seniors. Their website is: www.iog.wayne.edu. Local senior centers also have programs available to build a path for financial acumen and sustainability. A major decision for many women involves how pension monies are disbursed. If possible, do not take a larger amount while both spouses are living and then a lower amount on the death of a spouse. This can endanger the financial capability of the surviving spouse. If you are having difficulty collecting on a pension due to mergers or other corporate issues, Elder Law of Michigan has a pension hotline to assist. Their hotline number is: (866) 400-9164.

So to all of our readers, and especially women, please take this information to heart and take action to secure your financial future. It is the best gift you can give to yourself and loved ones.