There is no official retirement age. There is no longer a social security penalty on retirement earnings. The new seniors will be even more demographically diverse than preceding cohorts. They will be in and out of the labor force and have more life-stage, life-events (divorce, remarriage, births and deaths, kids in college and daycare, etc.) than earlier seniors.
Financial Resources of Our Seniors
The continuing trend to a service economy in Marion County and surrounding counties will likely benefit seniors with disposable income, and make for a greater variety and choice of service providers and vendors. Early retirees, and outplacements of corporate restructuring, are possible employees and entrepreneurs in the senior service system. While 15% of Marion County seniors are in the labor force, most people tend to drop out of work at the first economic opportunity; half of men 60-65 are not now in the work force. Retirement age for full Social Security benefits is no longer age 65, but rises gradually to 67 over the next 25 years. The median income nationally for those 65+ is $ 23,000 (200% of poverty for 2 persons). Most senior assets are likely to be in their homes; nearly 76% are owners, 85% without mortgage.
Dealing with Disability
Regardless of financial wealth, and its distribution among seniors, the passage of time is correlated with the inability to perform the tasks of everyday living. Poor diet and lack of exercise also correlate with disability. People with disability will need care. Government planning must press for an efficient use of public funds for what most people want: care at home. Such care will become even more effective with increasing use of technology, monitoring and communications devices. By large majorities, seniors do not want to leave their homes as they age, yet may need some assistance to stay at home.
The Oldest Old are Growing the Fastest
Persons unable to perform activities of daily living will need the help of another person. Most of those with such a need are 85 and over. They are also the fastest growing age segment of the population, rising 26% since 1990 in Marion County. On average, the 85+ population will grow by 1000 per year in central Indiana during the decade to reach 34,000 by 2010.
Emerging Empty Nesters
Emerging empty nesters may increase the trend to downsized homes, smaller units, shared amenities, less upkeep, greater accessibility. Nearly 90% of seniors living with another live with a spouse; nearly 40% of elders 65+ live alone. Younger cohorts 60-65 are moving to areas with appealing housing: zero lot lines, security patrols, scheduled maintenance. Less time for upkeep makes more discretionary time for learning, serving, recreation, travel, all of which are growing options for today' s and tomorrow's seniors.
Continuing Involvement
Today s seniors are more highly educated and desire to continue educational activities of choice: 49,000 elders 65+ entered US colleges in October 2000. Deepening early or existing interests and expanding into new ones will present new opportunities for educational activity (Elderhostel, OASIS, Shepherd Centers, Third Age, etc.). Even higher levels of education among seniors will mean more highly educated employees and volunteers with needs for challenging experiences. Recognition of lifetime wisdom and formal certification will draw older workers and other elders into formal and informal learning centers. They are voracious consumers of television and pages of reading material, but they tend to pay more attention to the written word than other media.
Technology
Like the agricultural and industrial revolutions, the technology revolution will gradually, but completely, transform culture. Boomers grew up with television. By the time the entire generation reaches 65 in 2030, boomers will have spent much of their working lives exposed to and inventing technology that never existed before. Technological improvements will reduce organizational administrative costs, and allow new products and services, limited only by imagination, interest and circumstance.
