Spring Cleaning for Your Retirement Budget

Guest Post
by Jack Wallace, Director at Yrefy


While retirement might be something we all look forward to, during economically challenging times such as now, it can be difficult to continue living on a fixed income without missing payments, sacrificing needs and wants, or having to begin working again.

According to a 2023 study, retirees have an average of $70,000+ in debt for their mortgage, student loans, car loan and credit cards. Spring is not only the perfect time to clean your house and garden, but also update your household budget. Here are five ways to spring clean your retirement budget.

Review Income and Expenses
The first step is to review and analyze your retirement budget including your current income and expenses. Review your income and expenses line by line. Compare your first quarter 2023 income and expenses (January 1 to March 31, 2023) to your income and expenses for the first quarter of 2024 (January 1 to March 31, 2024). Chances are, given the inflation environment we have experienced, you may need to make some lifestyle adjustments for the remainder of 2024 which you would much rather figure out sooner rather than later. Give yourself some leeway in calculating your monthly expenses and how much you’re spending each month. It is important given the last two years of high inflation and interest rates.

Essential vs. Non-essential Expenses
The next thing you need to do is to review what you consider essential versus non-essential expenses, aka needs versus wants! How much of your monthly spending is discretionary as compared to necessary expenses? How much could you save making more meals at home? Could you cut back on your entertainment expenses and look for more, free and/or senior discount things to do around town? Budgeting for your housing repairs, health care (particularly medications), transportation and food are the priority expenses not to mention essential, so be sure you’ve allocated enough for your essentials before budgeting for discretionary expenses.

Take Advantage of Discounts
Whether you’re an AARP member, a member of the Association of Mature American Citizens, or simply want to enjoy a discounted meal at your favorite restaurant from the 55+ menu, taking advantage of senior discounts whenever and wherever you can, is a great way to save money and still do the things you like. Don’t forget to enjoy the retirement stage of life – you’ve earned it! Check out free activities at your local community center, save money on traveling, and some pharmacies even offer prescription card discounts on certain medications. You’d be amazed at the money you can save by searching for deals.

Consolidate Your Debts
A November 2022 Lending Tree survey found that around 65% of credit card holders don’t pay off their credit cards monthly and carry debt from month to month. Given inflation and the high interest rate environment we are experiencing, many people are barely able to make the minimum monthly payment. If you have a lot of credit card debt and other loans that you’re struggling to make payments on, consolidate the credit card debt into one credit card with the lowest interest rate possible (pay attention to the fine print for those teaser rates), so you can factor in paying down this debt each month and don’t have any unexpected surprises when your bill comes in. This can give you peace of mind, and help you set a goal. If you have time before retirement, try setting aside extra money each month to pay down more debt than the minimum that’s due so you can get the mountain of debt down before you retire.

Pay Off Big Debts
If you have high floating rates or fixed rates of interest on any of your debt obligations such as your auto loan, credit cards, private student loans, or mortgage, shop around and see if you can get a lower rate. Make sure you are paying by ACH since most banks will reduce your interest rate 25 basis points or more. Paying this way may also increase your credit score since you will not have any delinquent payments. You should see an increase in your credit score which could put you in a better credit score category that will get you a lower interest rate. If you still have Federal student loan debt that you are repaying for your education or for one of your children or grandchildren, go to www.studentaid.gov to see what Income-Driven Repayment Plan works best for you to lower your monthly payment.

Good luck!

Jack Wallace is the Director of Governmental Relations at Yrefy. With over 40 years’ experience in corporate, education and housing finance, Jack has and continues to collaborate with clients and the financial community to develop debt and equity funding sources for new and existing asset classes and businesses.

Image by Andreas Lischka, Pixabay.com

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Closing the Generation Gap to Combat Ageism

1765_093ecb42e2f795cOne of the persistent realities of ageism is the obvious schism between old and young. Aging boomers are sometimes confronted with reactions from younger generations that are insulting (sometimes unwittingly) if not rude. A common example is when a younger associate at a retail store calls an older customer "dear" or "honey." On the other side, older people might scoff at what they perceive to be the "laziness" of younger generations.

According to the World Health Organization (WHO), an important way to combat ageism is by closing the generation gap or, in their language, to utilize "intergenerational practice." This concept consists of  engaging old and young generations in "mutually beneficial activities that promote greater understanding and respect."

Here are the "seven levels of intergenerational contact" offered by the organization as starting points. These levels increase in intensity, but any can be an appropriate place to start closing the generation gap, promoting better understanding between older and  younger generations, and contribute to the reduction of ageism.

  1. Learn about the age group
    Participants discuss "age" in relation to another generation, explore aspects of the lives of that age group and express their views, perceptions and assumptions
  2. Seeing the other age group but at a distance
    Younger and older people learn about the other age group and connect positively, with no face-to-face contact
  3. Meeting each other
    Younger and older people meet for the first time but not as part of a structured intergenerational activity
  4. Annual or periodic activities
    Annual or regular meetings organized as part of established events in a local community or an organizational celebration, such as "World Children's Day"
  5. Demonstration projects
    Regular meetings and shared activities to promote the formation of relationships, with dialogue, sharing and learning among different age groups
  6. Regular intergenerational programs
    Programs that have been demonstrated to be successful or valuable from the perspective of the participants, integrated into their general activities and maintained as part of working practices and approaches
  7. Intergenerational community settings
    The values of intergenerational interaction are introduced into the planning, development and functioning of communities.

WHO has published a free comprehensive "Connecting Generations" guide that offers a wealth of information about intergenerational practice. You can get it here.

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The Growing Trend of Parent-Child Dependency

2526_239e5806609a71cIn previous generations, claiming children under 18 as dependents for income tax purposes was a given. In today's world, a growing number of adults claim adult children as dependents. Even more surprising are the number of adult children who claim their parents as dependents.

In a collaborative effort this March, Caring.com and Pollfish conducted a comprehensive survey among 4,000 American adults aged 25 or older. The goal was to shed light on the financial challenges faced by families providing for senior parents amidst escalating living costs.

The results of the "2024 Senior Financial Dependency Study" have just been released. It reveals some startling facts:

  • When asked why they financially support their parents, more than 4 out of 10 American adults cite insufficient income due to the rising cost of living.
  • Over half of those who claimed their parents as dependents on their taxes started claiming them in the past two years, 2022-2023. 
  • 3 out of 4 adults who claim their parents on their taxes are also financially responsible for one or more children, joining what is known as the “sandwich generation.”
  • 4 out of 10 “sandwich generation” parents say they financially support their adult children because they are unemployed.

“As the Baby Boomer generation continues to age, we see how stretched thin the sandwich generation truly is,” says John Farrell, Director of Financial Planning and Analysis at Caring.com. “Add to this recent economic shocks, growing income disparity and a tight labor market, and you have a perfect recipe for a caregiver crisis. We talk with caregivers every day who are trying to hold down a job, provide for their children, and care for their aging parents at the same time.” 

According to the above-referenced survey, of all those who claimed their parents on their taxes, more than 50 percent started doing so in the last two years. Among adults with senior parents who are claiming them on their taxes, 3 out of 4 have at least one parent living with them in their family home. 

When asked what the primary reasons were for their parents’ financial dependency, 4 out of 10 say they are financially supporting their parents because their parents’ savings, investments and income, including Social Security payments, are insufficient to cover the current cost of living.

I know Boomers who routinely have to step in and care for their elderly parents themselves or help arrange for their care. At the same time, many of these Boomers are aging and dealing with their own health issues. It is also not unusual for younger Boomers in particular to provide support to their adult children -- even to the extent of having those children return home to live with them due to financial hardship.

Parent-child dependency is a growing trend. It demonstrates the real need for family members to shift their perspective on typical relationships. Adults might not anticipate that their parents or adult children would ever become dependent on them, but that is apparently becoming more common. It could suggest a dramatic change in American society.

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The Working Boomer

Screen Shot 2024-03-12 at 12.20.09 PM
Ken Dychtwald and his team at Age Wave are renowned for proactively lobbying for older Americans and against ageism. In a recent article for Harvard Business Review, Dychtwald and two researchers from Age Wave, Robert Morison and Katy Terveer, discuss "Redesigning Retirement" and why they believe "It's time for a new deal between employers and older workers."

The authors first cite some remarkable statistics:

"Altogether, more than 10 million Americans who are 65 or older are currently employed, and that number is projected to rise to nearly 15 million by 2032. Today 27% of Americans ages 65 to 74 work or are actively looking for jobs, up from 20% in 2002. And people who are 65 or older now represent the fastest-growing segment of the labor force—by far. It’s projected that by 2032 one in four U.S. workers will be 55 or older, and close to one out of every 10 will be 65 or older."

They urge employers and Americans in general to understand this changing dynamic:

"We need to overcome lingering ageist stereotypes and start thinking of older and retired workers as a large, versatile, and valuable labor pool—one that’s significantly underutilized. Nearly 60% of people who are in or nearing retirement say they would be open to working during their retirement. That includes some 20 million retirees under the age of 75. If employers can get better at hiring, retaining, and engaging older workers—redesigning the employment deal—they’ll discover countless options for mutually productive matches."

The remainder of the article, which is largely targeted to employers, discusses several common myths about older workers and strategies for employers to retain older workers or seek them out. They share five specific steps:

"If you are experiencing labor and talent shortfalls and have found that many of your valuable employees are exiting into retirement, it’s time to act. We recommend that you take five steps: Preserve experience, replenish experience, share experience, offer flexibility, and leverage age diversity."

The above steps are discussed in detail in the article. The authors conclude:

"Today more and more older people want or need to work longer—and more organizations than ever need their help. In this “new age of aging,” the strategies and initiatives we’ve described present a clear win-win: When older adults stay active and engaged, it’s good for them and their families, for employers and the economy, and for society at large."

It is encouraging that such organizations as Age Wave are making a strong case for retaining and hiring Boomers. I encourage you to follow Dychtwald and Age Wave as they help employers and older employees navigate a dynamic and changing workplace. 

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What Can Boomers Do About Ageism?

Screen Shot 2024-02-20 at 1.00.20 PMAgeism is, literally, an age-old problem. The youngest Boomers turn 60 years of age in 2024. If they haven't faced the effects of ageism that older Boomers have already experienced, they soon will.

Ageism is a pervasive societal issue globally, not just in the United States. It is evident in the workplace, in healthcare, in the media, in consumer interactions and in everyday life. Older people are subjected to unwarranted firings, impatience and ridicule. Very simply, ageism is prejudicial and discriminatory.

Anti-ageism legislation and public awareness are helpful, but change comes slowly. As with most problems of social injustice, those affected must not be discouraged. They must be proactive and take individual action.

So what can you do about ageism? A new British campaign, "Age Without Limits," offers some guidance. Here are a few specifics from the campaign's website:

"There's lots you can do to challenge ageism as an individual. Taking an active stance against ageism is the only way we can change attitudes. You can do this in the following ways:

  1. Challenge ageism both internally (in both your own thinking and the words that you use) and ageism that you see in everyday conversations. 
  2. Formally complain about ageism when you come across it in the media and advertising.
  3. If you feel you have experienced direct or indirect discrimination, harassment, or victimisation in the workplace, you should follow your employer’s grievance procedure."

You'll find many more suggestions on the campaign website about how you can take action against ageism in the workplace, in your community, in everyday conversations, in the images you use, and in your communications and writing.

Another way in which you can combat ageism is to rekindle your youthful activism. Boomers were renowned for their activism in the Sixties and Seventies -- so why shouldn't our generation speak up again for the things we hold dear? Activism by people our age can dramatically change the perception that we are "old," "tired" and "washed up."

An organization designed to marshal people over sixty years of age is Third Act. According to the organization's website:

" 'Experienced Americans' are the fastest-growing part of the population: 10,000 people a day pass the 60-year mark. That means that there’s no way to make the changes that must be made to protect our planet and society unless we bring our power into play.

"...as a generation we have unprecedented skills and resources that we can bring to bear. Washington and Wall Street have to listen when we speak, because we vote and because we have a large—maybe an overlarge—share of the country’s assets. And many of us have kids and grandkids and great grandkids: we have, in other words, very real reasons to worry and to work."

Everyone who practices ageism wittingly or unwittingly may not fully appreciate that they too will someday be older. Don't let others define you by your age!

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A Country on the Cusp of "Peak 65"

Baby-boomer-442252_1280In a January 2024 research paper, the Retirement Income Institute reports that 2024 "marks the beginning of the 'Peak 65® Zone,' the largest surge of retirement age Americans turning 65 in our nation's history. Over 4.1 million Americans will turn 65 each year through 2027, which is more than 11,200 every day. By the year 2030, all baby boomers will be age 65 or older."

The Retirement Income Institute says that "fewer employers offer a traditional defined-pension retirement plan that provides much needed protected income throughout retirement. The old retirement system no longer fits the needs of today's American workforce. The result is that more Americans are currently at risk of entering retirement with Social Security as their only means of protected income, leaving many exposed to financial insecurity and lacking sufficient, reliable, and protected  retirement income that will last for the rest of their lives."

This assessment is troubling for millions of Boomers who are part of the "Peak 65" surge. It is likely one of the compelling reasons why a significant percentage of those age 65 and older remain in the workforce. According to the Pew Research Center, 19 percent of Americans age 65 or older were employed in 2023 -- nearly double the rate of those who were working 35 years ago. On average, they are working more hours than in previous decades. Today, 62 percent of older workers are working full time. In addition, older workers are twice as likely as younger workers to be self-employed.

Working may generate income today, but it may not result in enough to support our lifestyles in later years. That's why the Retirement Income Institute sees the old "three-legged stool" retirement model of an employer-provided defined-benefit pension plan, personal savings and Social Security as outmoded. Today, Social Security is the principal source of retirement income for most retirees, with Social Security benefits representing about 30 percent of the income for those over the age of 65.

So what is the answer for Boomers? Many, but not all, have been able to use investment vehicles such as 401(k) plans and IRAs to help secure their future retirement. Others plan to work as long as they possibly can. The Retirement Income Institute suggests potentially adding annuities to the mix to create what it calls a "personal pension plan." They point out, however, that annuities can be confusing to consumers, so Boomers need to educate themselves about these investments.

Many Boomers recognize that today, it is more important than ever to work in partnership with a financial advisor to develop a prudent plan to fund a comfortable retirement and be sure enough capital can be available when needed. If you haven't already worked with a financial advisor, don't wait. You are part of "Peak 65" and time is running out.

On Climate, Actions Speak Louder Than Words

Screen Shot 2024-01-08 at 3.49.23 PM2023 was the hottest year in recorded history -- and this year may very well be hotter. That doesn't bode well for humanity specifically or the planet in general.

That's why the new book, Am I Too Old to Save the Planet? by Lawrence MacDonald, is especially timely. While many of us may just helplessly wring our hands, shake our heads or look the other way, MacDonald describes actions both little and big on climate change Boomers can take to make a difference.

Not surprisingly, MacDonald begins in Part 1 ("How we got here") by laying blame for climate change squarely on our generation. Unfortunately, Boomers have a lot of mea culpa to do.

More importantly, however, the author makes it very clear with a sense of true urgency that we can do something positive to affect climate change. In Part 2, MacDonald offers specific suggestions, beginning at a personal level and detailing six actions anyone can take to make an impact:

  1. Stop wasting food and eat less meat
  2. Drive less: Walk, bike and take public transportation more
  3. Move your money
  4. Install rooftop solar
  5. Upgrade your car to an EV
  6. Fly less -- or not at all

A key point MacDonald makes, however, is "Don't get stuck at personal action!" While each of these actions can have a real measurable effect if enough Boomers do them, the situation is dire enough for all of us to go beyond personal actions alone and become climate activists, says MacDonald.

The remainder of the book covers what MacDonald believes is needed if we are to thwart the effects of climate change. In short, he is recommending that Boomers take some serious interruptive actions to make a real difference. His call to action is likely to remind some Boomers of the passion they shared when they demonstrated and marched for civil rights, against the Vietnam war and on behalf of the environment.

MacDonald offers not just encouragement but solid suggestions as well as resources. Writes MacDonald, "Sadly, it's too late to restore the gentle, predictable climate that we knew in our youth. But it's not too late -- and we are not too old -- to save a livable planet for our children, grandchildren, and the generations coming after. Every tenth of a degree makes a difference."

We would do well to heed MacDonald's advice. You'd do well to read his book.

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eBooks for Boomers at Half Price through Jan. 1, 2024!

Screen Shot 2023-12-06 at 8.50.06 AMFrom December 15, 2023 until January 1, 2024, you can purchase any of these great eBooks for boomers at half price! This special sale is available only at Smashwords.com, where you can download the eBook in your choice of format, including Mobi (Kindle), ePUB and PDF.

To get 50% off every one of the books listed, simply click on the title and use the code SEY50. You'll go directly to a page where you can order the eBook at half price. This offer is only good until January 1, 2024, so order today!

Boomer Brands: Iconic Brands that Shaped Our Childhood

Regularly $4.99, now $2.49

Screen Shot 2022-12-09 at 5.13.25 PMThis unique book is a stroll down memory lane, reminiscing about the beloved brands Boomers first met in the 50s and 60s. Brand maven Barry Silverstein shares “Boomer Brand Cameos” of over fifty of the brands Boomers grew up with: Disney, Kellogg’s Frosted Flakes, Good Humor, Howard Johnson, Hush Puppies, MAD, Ovaltine, Twinkies, WIFFLE Ball and many more. Most of these brands began during the Boomer era and are still around. Plus, Boomers will gain rare insight into how these iconic brands shaped their childhood and have a lasting impact on their life. Boomer Brands is meant to be read by Boomers, shared with Boomers, and savored for the memories!

Boomer Brand Winners & Losers: 156 Best & Worst Brands of the 50s and 60s

Regularly $4.99, now $2.49

Screen Shot 2022-12-09 at 5.13.55 PMThis remarkable book features fascinating stories of 156 best and worst brands of the Boomer era. Relive the days of Cap’n Crunch and Cocoa Puffs, E-Z Pop and Pop-Tarts, cap guns and comic books. Recall the time when automobiles ruled the road and a transistor radio was “advanced technology.” Learn how television played a key role in brand advertising. Discover which brands blossomed and which were a bust. Boomer Brand Winners & Losers is a wondrous walk down Memory Lane!

World War Brands: World War II and the Rise of the Modern American Brand

Regularly $5.99, now $2.99

Screen Shot 2022-12-09 at 5.14.08 PMThis book traces the development of the American brand from World War I through the 1920s and 1930s. It then explores the interrelationship of World War II and American brands, showing how the war itself was "branded," how brand advertisers leveraged the war, and how the post-war economy helped birth the modern brand. Included are 38 vintage ads and scores of stories about some of the best-known brands of the '40s and '50s. The book also examines brands in the context of American post-war culture, moving from the war's end into the 1950s and 1960s. Many brands from this time have survived and thrived into the 21st Century.

Let's Make Money, Honey: The Couple's Guide to Starting a Service Business

Regularly $6.99, now $3.49

Screen Shot 2022-12-09 at 5.13.40 PMBy a baby boomer couple who start a small service business as a second career, this how-to guide covers planning, financing, outfitting, and launching a service business, as well as operations, marketing, sales, customer service, and managing growth. Included are useful tools to help couples assess their business interests and compatibility. Let’s Make Money, Honey is a must-read for Boomer couples, especially those exploring encore careers.


The U.S. isn't Ready for Aging Boomers

Woman-65675_1920In November, the Longevity Project, supported by the Stanford Center for Longevity, held The 2023 Century Summit, a 2-day event covering the global challenges of aging. Sessions featured leading professionals discussing such issues as healthcare, financial aspects of retirement, building community and more. You can view videos of all the sessions here.

While I learned many important things, I was particularly interested in one session: "Home, Place and Where We Will Live Our Longer Lives." It took on special relevance for me as an older Boomer since I had recently made the decision with my wife to downsize and relocate across the country to live near our daughter and new granddaughter.

It also struck a chord because in August, my mother-in-law reached her 100th year and then passed away in October. She had transitioned in her final years from independent living to assisted living to rehabilitation from a fall in a skilled nursing facility and briefly to hospice. I got to witness the full spectrum of end-of-life care.

This Century Summit session, in combination with my own recent experiences, prompted me to acknowledge a cold reality: The U.S. is simply not ready for aging Boomers. During the session I referenced, moderator Amy Yotopoulos, President and CEO of Avenitas, spoke with Dr. Terry Fulmer, President of The John A. Hartford Foundation and Seth Sternberg, CEO of Honor. (Rather than explain what these organizations do I have linked to them.) The discussion centered largely around in-home care.

As you may know, about 55 million Americans are over 65 years of age. You may also know that an overwhelming number of them (more than 90 percent) want to age in place.

The disconnect is caregiving.

Seth Sternberg made it clear: "The biggest barrier to in-home care is affordability." According to Sternberg, people who are well off can afford in-home care and people who are poor can apply for Medicaid to cover in-home care -- but that leaves "the middle," who typically have to rely on caregivers made up of family, friends and neighbors. One of the main problems with the caregiving industry itself, says Sternberg, is that it is "hyper fragmented," making it difficult to offer any kind of scale that results in affordability.

Terry Fulmer agreed, adding that very few of us who are over 65 "are getting the type of caregiving they want." Fulmer pointed out that a lot of this is based on payment structure. "We pay for things one disease at a time," says Fulmer.

How caregiving expenses are covered is also problematic. For example, if someone over 65 has hip surgery, Medicare will pay for hospital care and rehabilitation at a skilled nursing facility. But if that individual needs longer-term assistance, such as in-home care, assisted living or even a return to skilled nursing, health insurance coverage becomes far more complicated.

Fulmer cited some statistics that surprised me. She said only 800,000 people in the United States are in assisted living, and only 1.2 million are in skilled nursing facilities, with around 500,000 of them in skilled nursing for rehabilitation purposes. The PACE program, lauded for offering dining, recreational and daycare services to seniors who remain in their homes, serves only about 67,000 people.

It seems to me these numbers are stunningly low for a population in the tens of millions. With only 800,000 seniors in assisted living facilities, why should companies that operate them improve them, make them more affordable or even build more of them? The same goes for skilled nursing facilities if a little over half a million seniors are permanent residents there.

The North Carolina assisted living facility at which my mother-in-law resided cost close to $8,000 per month, while the skilled nursing facility she was about to enter as a permanent resident after rehabilitating there was closer to $10,000 per month. Without a combination of Social Security income, a few modest pensions and long-term care insurance (for which her children paid the premiums), she never would have been able to afford living at either facility long term. In fact, she remained living independently far longer than she should have, with my wife serving as her primary caregiver.

It may be possible for some seniors to remain in their homes, but for many it is an unrealistic scenario because their home is not conducive to aging in place. In addition, paid in-home healthcare is either too expensive or too inferior in quality. This is why millions of family members and friends act as unpaid in-home caregivers. This often leads to inadequate care and/or caregiver burnout.

The alternative -- assisted living -- is often unaffordable, as is the long term care insurance that helps offset the cost. If a skilled nursing facility is required, the cost is even higher. Only the wealthy can afford to pay privately for a decent skilled nursing facility. For anyone else, it is unaffordable, except those with assets less than $2000. These poverty-level individuals can apply for Medicaid, which will cover the cost of a skilled nursing facility that agrees to accept Medicaid residents.

What will millions of Boomers who are living longer do when they need care in their later years and our society isn't ready to provide it?

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How Many Boomers will be "SuperAgers"?

Old-age-957492_1280Have you heard about the SuperAgers Family Study? It aims to identify the inherited and natural factors that protect against human aging and related diseases.  The data from this study will be used to create a large biorepository for future researchers about healthy aging.

According to the American Federation for Aging Research (AFAR), SuperAgers, or individuals age 95 and older, are a promising, living source of scientific knowledge about health longevity. Their experience and biology offer unique insights into understanding the correlation between age-related diseases and living an exceptionally long, healthy life. By studying individuals age 95 and older, the SuperAgers Initiative builds on a foundation of research into the biology of aging and promising therapeutics to extend years of health.

The researchers behind the study include Dr. Sofiya Milman and Dr. Nir Barzilai. Dr. Milman, Principal Investigator, is the Professor of Human Longevity Studies at the Institute for Aging Research at Albert Einstein College of Medicine. Dr. Barzilai, Co-Investigator, is Scientific Director of AFAR and a chaired Professor of Medicine and Genetics.

The SuperAgers Family Study benefits participants by allowing them to learn more about their own biology as well as the ways in which their genetic traits have sustained their exceptional longevity. Research from this study will inform new treatments and approaches to healthy aging for generations to come. Participants will also have the opportunity to receive information on their ancestry. The study is currently enrolling:

  • Individuals aged 95 years or older.
  • Individuals whose parents are 95 years or older, who are currently alive and willing to participate in the study.
  • Individuals whose parents-in-law are 95 years or older, who are currently alive and willing to participate in the study.

 Current probability forecasts indicate that nonsmoking women in excellent health have a 1 in 3 chance of living to age 95 or beyond, and men have a 1 in 5 chance of living to age 95 or beyond. The population of individuals 95 and older grew by 48.6 percent from 2010 to 2020.

Boomers already make up a substantial portion of the U.S. population. According to the U.S. Census, in 2020, the 65-74 age group: 

  • Was the largest of the older age groups with 33.1 million people, representing over half of the 65-and-over population.
  • Represented 1 in 10 Americans in 2020.
  • Experienced the largest growth of any older age group the previous decade. Its numbers grew by 11.4 million or 52.5%, increasing from 21.7 mil­lion in 2010 to 33.1 million in 2020.

How many Boomers will be "SuperAgers"? It's an intriguing question to ponder.

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