U.S. Faces the Growing Challenges of an Aging Population

With more than 77 million baby boomers nearing retirement age (and some of their parents still living due to continued breakthroughs in science and healthcare), the United States is facing an unprecedented challenge. 

Considering that during the next 30 years the number of Americans over the age of 65 and the proportion of those individuals over 85 are expected to double, sectors like the economy, employment, healthcare and social services (Social Security, in particular) will be impacted. 

The Congressional Budget Office projects that federal spending for Social Security, Medicare and Medicaid combined could account for roughly 15 percent of the gross domestic product in 2030—double the current share. At the same rate, Medicaid's nursing home expenditures could reach $134 billion a year—up 360 percent from the year 2000.

Although the number of elderly individuals needing healthcare will continue to increase—inflating its cost—companies like Right at Home in West Valley, AZ can lower healthcare costs by providing care in the home, rather than a costlier long-term care facility, all the while maintaining the senior’s independence.

Regardless of how the U.S. government responds to its aging nation, there are measures individuals in West Valley, AZ can take now to protect themselves before they reach retirement, such as establishing and supporting private individual accounts and buying long-term care insurance. For information on these retirement planning opportunities, visit RothIRA.com, 401k.org and the American Association for Long-Term Care Insurance, respectively. 

What types of challenges will the U.S. face as its population ages? How should the government meet these challenges?

Right at Home, Inc. is your local and international expert for issues related to caring for your loved one and is dedicated to keeping you informed about home care. Right at Home in West Valley, AZ offers in-home care and assistance so your loved one can continue living independently and enjoying a vibrant life. Our caregivers are screened, trained, bonded and insured prior to entering your home so you can trust us with the caregiving while you focus on your loved one.