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Senior Market Hot Spots

Posted by www.psmbrokerage.com Admin on Tue, Jul 23, 2019 @ 02:10 PM

Senior Market Hot Spots

The Oldest Counties in Every State

According to U.S. Census Bureau projections, retirement-age adults will outnumber Americans under age 18 by 2035 for the first time in history. The aging of the U.S. population is driven by a falling birth rate and long-term improvements in life expectancy. While these demographic shifts are novel on a national scale, in many parts of the country, they are nothing new.

View Counties by state here

The median age in the United States is 38 years and is projected to hit 43 years as early as 2060. Age demographics vary considerably by region, and in every state, there are counties where the median age already exceeds Census Bureau’s 2060 projection. 24/7 Tempo reviewed median age by county using data from the U.S. Census Bureau’s 2017 American Community Survey to identify the oldest county in every state.

As the population ages, the United States will face new economic and public policy challenges. These challenges include increased health care, social security, and pension expenditures, with fewer workers to foot the bill. Not all states will be able to deal with those challenges well. As social and environmental factors vary by region, so too does the quality of life of elderly Americans – these are the worst states to grow old in.

Source: https://www.usatoday.com/story/news/nation/2019/07/15/oldest-county-in-every-state/39668785/

Image: Canva

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Tags: retirement, Seniors

Many pre-retirees planning to work longer years

Posted by Guadalupe Cantu on Fri, Dec 13, 2013 @ 11:35 AM

Medicare Supplements Seven in ten pre-retirees plan to work past the median age of 65; while 37% of retirees’ decision who opted for this approach was based to address post-retirement health care risks and financial management needs in retirement.

In a report by the Society of Actuaries (SOA), “2013 Risks and Process of Retirement Survey,” provides insights on how Americans decide to retire and how they manage resources in retirement.

The survey's findings include:
  • Thirty-eight percent of pre-retirees expect to retire by ages 65 to 67 while 15 percent do not expect to retire at all.
  • Forty-one percent of pre-retirees plan to stop working for pay all at once, compared with 78 percent of retirees who stopped working for pay all at once. Another 35 percent of pre-retirees plan to work for pay part-time or periodically.
  • Health problems would be the primary reason for an early retirement, according to 42 percent of the surveyed pre-retirees.
  • One-quarter of both pre-retirees (25 percent) and retirees (27 percent) say disability, or no longer being able to cope with the physical demands of the job, would lead to an early retirement.
  • Both retirees and pre-retirees plan to reduce spending, increase savings and reduce debt to manage retirement risks. Ninety percent of both pre-retirees and retirees plan to eliminate all of their consumer debt.
  • Ninety three percent of pre-retirees plan to save as much money as possible and 88 percent of pre-retirees plan to cut back on spending to manage risks.
  • Both retirees and pre-retirees have a median planning horizon of ten years. Around 45 percent of pre-retirees think it is very possible to plan for day-to-day expenses, though they are less likely to plan for other issues in retirement. 
Chart: Pre-Retiree Reasons for Not Expecting to Retire

Pre-retirement Chart

Please give us your feedback!
Question: Will pro-longing retirement help seniors save money for post-retirement health care risks and financial management needs?

Source: LifeHealthPro
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Tags: retirement, pre retirees, Society of Actuaries, Life Planning Strategies, Boomer Market, Senior Market

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