The Effects of Wyoming’s Aging Population
With new medical technology and improved knowledge about health and wellness, American’s life expectancy is longer than ever, with a better expected quality of life as well. Wyoming is the fastest aging state in the country according to the Billing’s Gazette. In addition to an already aging state, Wyoming has been named by national publications as a top place of retirement due to its tax structure and climate. In an article from the Wyoming Tribune-Eagle, it is predicted that by the year 2020 Wyoming will have the highest percentage of residents over the age of 65. With the rapidly rising elderly population, Wyoming faces many challenges and difficulties in its future.
One of the most apparent challenges Wyoming faces will be the additional costs and economic effects brought on by the baby-boomer generation. During an average person’s lifespan, they tend to borrow money when they are younger, as they begin to start their own lives and jobs. Once they are more economically independent, around middle-age, they begin to pay off their debts and save for retirement. Wyoming’s concerns rise when retirees begin to sell their assets and dig into their savings to finance their retirement. What worries economists is the negative impact on the economy that a loss in overall savings may have. James Poterba, an economist from the Massachusetts Institute of Technology also worries about the housing market. The baby-boomer generation has bought houses as investments towards retirement. If they all try to sell at the same time, Poterba worries about a possible slide in the housing market (Economist, 04).
Another concern to Wyoming is Medicare costs...
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... older. That number is predicted to increase to 20% in a little over a decade. Wyoming faces many challenges ahead concerning its aging population. Top issue to the state will be increased Medicare expenses, economic effects of the baby-boomers savings and spending, and the question as to who will replace the older generation in Wyoming as younger generations move out of state. It is up to Wyoming to start preparing right now. The state must prepare for these costs and also try to focus on how to gain benefits from an aging statewide population.
Works Cited
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Inman, K. & Mcleod, D.M. (2002). Property Rights and Public Interests: A Wyoming Agricultural Lands Study. Growth and Change, p323-336. Retrieved March 26,2006, from EBSCO Host Database
Known for being one of the best places in the country to raise kids, Idaho Falls has an increasing number of youth each year. In 2010, nine percent of its population was children under five. And only little over one percent were people over eighty-five. Because Idaho’s harsh winters it weeds out the elderly. Records show temperatures in the dead of winter up to the negatives, explaining why many have left for a more balanced climate. Much is similar to U.S. as a whole. We are still seeing an expanding number of youths than elders. Idaho Falls median age is 31.3 compared to the U.S. as a whole with the median age of 37.2. I believe there is a lower median age fo...
Jacobsen, L. A., Kent, M., Lee, M., & Mather, M. (2001). America's aging population. Population Bulletin, 66(1).
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An aging population is indeed a problem for the society and will possibly cause many social and economic difficulties in the future. According to David Foot (2003), professor of Economics at University of Toronto, an effective birth rate of 2.2% against current 1.75% will be necessary to replace the current work force in the near future and the government’s policy of bringing in more immigrants will eventually fail (Foot, 2003, 2). However some people predict that the increased size of an aging population will drive growth in the home, health care, and many other industries resulting in job creation and economic growth (Marketwire, 2013, 1). Majority of the people are of the opinion that the issue will be mainly in the health care and economic activity. As humans age, they start to develop health problems, leading to more visits to a medical clinic putting extra burden on health care system.
The purpose of this report is to (1) discover the Baby Boomer and discuss briefly on how they came about. (2) What effects have Baby Boomers made in the economy, and (3) what does all this have to do with health care and retirement? Between 1945 and 1960 be...
The elderly population has been steadily rising as the generation known as the “Baby Boomers” matures. In 2010 the United States census reported the proportion of people age 65 and older to be approximately 40.3 million, or thirteen percent (U.S. Dept. of Commerce, U.S. Census Bureau, 2011). This trend is predicted to continue and by 2050 it is estimated that over twenty percent of the United States population will be over the age of 65. In addition, the fastest growing segment of this population will consist of those over the age of 85, or approximately 19 million people (U.S. Dept. of Commerce, U.S. Census Bureau, 2010).
Uhlenberg, Peter. 1992. “Population Aging and Social Policy.” Annual Review, Sociology, University of North Carolina, Chapel Hill.
...fully embraced over the next few years. Some of the specifics of Obamacare are yet to be ironed out as they apply to long-term health, however, it seems the end result still equate to less federal assistance for the elderly. For healthcare administrators at nursing home facilities this creates a major shift from the source of income, staff and patients care plans. Challenges in the near future are centered on finances and the government balancing act of cutting money from one spot to give to another. These upcoming financial changes are a major concern for the baby boomers since they are at their retirement age as well as younger generations as they also struggle to help support them. Long-term health has experienced recent changes at a time when millions are seeking assistance; only time will tell if the new revisions will have a positive outcome for the elderly.
According to the U.S. census bureau older adults are an important and rapidly growing segment of the United States’ population. There are about 40 million older adults aged 65 and older residing in Unites States and it is projected to be more than double by 2050(Population Reference Bureau, 2015). This projection is due to advancement in health care facilities and better education (Population Reference Bureau, 2015). As people age they face various physical, psychological and social roles changes which affects their quality of life.
The existing U.S. population is over 315 million and rising. In the year 2030, 72 million Americans will be 65 or older, a 50 percent change in age demographics since the year 2000. The change is primarily due to the aging baby boomers, who were born at the end of World War II. Americans are living longer than ever befo...
Stuart, Reginald. "ON THE RISE?" Crisis (15591573) 114.4 (2007): 16-20. Academic Search Elite. EBSCO. Web. 4 Oct. 2011.
As more and more Americans are living well into their 70’s, the children of these ageing parents are left with the responsibility of taking care of them. "By 2030 approximately 80 million Americans, or 20 percent of the population, are projected to be sixty-five or older, and 2.3 percent of the population will be eighty-five and older" (Bookman & Kimbrel, 2011 pp. 118). Several variables will determine what service and type of care the elderly can reasonably expect. These include health services such as Medicare, Medicaid, social security, government's involvement in regulating health care, and society in general.
As the population of the United States ages and lifespan increases, the U.S. is being faced with challenges that could either hurt the country or benefit it if plans are executed correctly. By the year 2050, more than thirty-two million Americans will be over the age eighty and the share of the 80-plus generation will have doubled to 7.4 percent. Health care and aging population has become a great deal considering the impact it is having on the U.S. The United States is heading into another century with an outstanding percentage of people within the aging population. Today’s challenges involving health care and the aging populations are the employees of health professions being a major percentage of the aging population, the drive into debt, and prevention and postponement of disease and disability.
In today’s society, what was once said to be true and taken as fact regarding older people is no longer the whole story. As Laslett states, “At all times before the middle of the twentieth century and all over the globe the greater part of human life potential has been wasted, by people dying before their allotted time was up.” (1989a), and to a great extent a lot
Today, world’s population is aging at a very fast pace and United States is no exception to this demographic change. According to the U.S Census Bureau, senior citizens will be accounted for 21% of the American population in 2050 (Older Americans, 2012). Although living longer lives may not seem like a negative sign, living longer does not necessarily mean living healthier. Older adults of today are in need of long-term and health care services more than any generation before them (Older Americans, 2012). Because of the growing need for senior care, millions of families are facing critical decisions on how to provide care for their parents. In addition, declining birthrates may cause people to have less familial care and support as they age. To be able to provide the necessary care for senior citizens government funded long term care insurance program is needed.