World Getting Old - 80+ Population to Triple by 2050: UN

Longevity has become a global problem. Longer life comes at a price. There is a growing need for long-term health care, and these costs are rising rapidly. Being prepared for aging is a vital part of retirement planning.

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World Getting Old - 80+ Population to Triple by 2050: UN
5 Min Read March 30th, 2016 Updated:December 19th, 2021

According to a United Nations report, people over age 80 will more than triple by 2050. By the year 2100, the increase will be seven-fold.  The fertility and mortality rates are declining as populations age.

The consequences of aging will be a mixed bag. We might have more active years, but more illness, disability, and dependency come with longevity.  

Globally, those aged 80 or over should increase from 125 million in 2015 to 434 million in 2050 and 944 million in 2100.

The revised global U.N. population reports say substantial improvements in life expectancy have occurred in recent years. In the United States, 24.5% of the population is now age 60+. 3.8% is 80+.

By 2050, 36.2% of the U.S. population will be over age 60. Those over age 80 will be 8.3% of the population. The total number of people over age 65 will double by 2050.

The global population is aging at an unprecedented rate. If this trend continues, nearly 17% of the worldwide population, or 1.6 billion people, will be in the 65-and-over age bracket by 2050.

"People are living longer, but that does not necessarily mean that they are living healthier,"  which commissioned the study, "An Aging World: 2015."

 Richard Hodes, director of the National Institute on Aging (NIA)

Aging America Needs to Plan for Long-Term Health Care

It becomes more likely that we will need assistance with the day-to-day activities we take for granted as we grow older. Think about the things we had to learn when we were very young, bathing, eating, dressing, using the bathroom, even walking, we learned when we were young. 

 

Later we learned about cooking and cleaning, paying bills, and managing a household. However, as we get older, we need either physical hands-on assistance with everyday activities of daily living (ADLs) or supervision due to dementia. 

We also often need help with managing everyday life - known as instrumental activities of daily living (IADLs). Unlike the ADLs that are basic self-care tasks like bathing, IADLs require more complex planning and thinking.

The IDALs include grocery shopping, telephone use, medication management, house cleaning, managing money, and paying bills. 

In general, this is long-term health care. Increasing aging in the U.S. and worldwide leads to a greater demand for long-term health care services and supports, placing financial and emotional strain on families. 

Aging is Not New News

An aging country isn't really new news. A 2012 U.S. Congressional Report stated that America's aging would continue long after the Baby Boomer generation crests. This graying of America will pose a continuing economic challenge for both the American family and the nation for decades to come.

Many people have not saved for retirement adequately, much less planning for long-term health care that comes with aging. Long-Term Care Insurance has become an ever-increasing option to plan for the financial costs and burdens of aging.

Many Americans are learning about long-term care funding options and purchasing affordable LTC Insurance policies to address the rapidly rising costs and related family burdens that come with extended health care.

Your Health, Body, and Mind Will Change in the Next 20+ Years

People require long-term care services and support when they need assistance with daily living activities due to an illness, accident, or the impact of aging. 

With greater longevity comes a greater risk of cognitive decline as well.

Many Americans think health insurance or Medicare will pay for these costs, yet a recent CNBC report said that 33% of those aged 55 to 64 said they would rely on Medicare to pay for long-term care, even though Medicare generally does not cover those costs.

As a result, many people approaching retirement age are less likely to plan effectively for long-term care and may wind up putting themselves at financial risk, according to the CNBC report. More and more families find themselves in severe financial strain due to long-term care costs, often spending most of their assets and ending up on Medicaid. 

Medicaid will pay for long-term care services only if you have little or no income and assets. Health insurance and Medicare, including supplements, pay a limited amount of skilled services; otherwise, they pay nothing. 

Resources are Available

Aging happens. Consumers can learn about long-term care, including care options and funding options, through various sources. LTC NEWS offers many resources to help you and your family - click here to see the available resources

If you have a loved one who needs care now - or soon - you want to find the available resources for quality care options. There are many settings, including in-home care, to consider. 

Take a moment and read - 

Get Expert Help Filing an LTC Insurance Claim

Some people who own a Long-Term Care Insurance policy fail to use the benefits. Don't allow a loved one not to use the guaranteed tax-free resources which help pay for quality care options.

If your loved one owns a Long-Term Care Insurance policy, LTC NEWS provides free assistance with no obligation to help you or a loved one complete the claim process. This professional assistance will speed the process and reduce the stress on the family. 

You can also support finding quality caregivers and get recommendations for a proper care plan, whether a person has a policy or not. - Filing a Long-Term Care Insurance Claim | LTC News

Older people who have declining health cannot easily purchase Long-Term Care Insurance, but reverse mortgages for those aged 62 and older can be a source of funding for quality care in some situations -   Reverse Mortgages | LTC News.

Other research options include the American Association for Long-Term Care Insurance and the U.S. Department of Health and Human Services.

 

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About the Author

An LTC News author focusing on long-term care and aging.

LTC News Contributor James Kelly

James Kelly

Contributor since August 21st, 2017

Editor's Note

People require long-term health care due to changes in their health, body, and mind. Whether you become ill, have mobility problems, or have other aging issues, being prepared will reduce the stress and anxiety placed on family members and give you peace of mind to enjoy your future retirement.

Professional care is costly and rising rapidly every year. Family caregivers face physical and emotional challenges they must deal with as they juggle their work and family responsibilities along with being a caregiver.

Start researching your coverage options before retirement. Most people purchase coverage in their 50s—the earlier, the better to save money and take advantage of good health discounts.

Available Resources on LTC NEWS

LTC NEWS offers several tools and resources to help you in your research for a planning solution or help your family find the appropriate care for a loved one at the time of crisis. 

To help you plan for the future costs and burdens of changing health and aging, LTC NEWS has put in place several resources, including:

Find all the resources on LTC NEWS - Resources for Long-Term Care Planning | LTC News.

Seek Professional Guidance

Experts suggest using a qualified Long-Term Care Insurance specialist to help you navigate the many options available to you and your family.

Insurance rates are regulated, so no insurance agent, agency, or financial advisor can give you special deals. However, premiums vary over 100% between insurance companies for the same coverage.

A specialist who works with the top companies can match your age, health, family history, and other factors and find you the best coverage at the best value. A specialist will save you money, and you will have peace of mind knowing they are making the appropriate recommendations - Work With a Specialist | LTC News.

Get Expert Help Filing an LTC Insurance Claim

Some people who own a Long-Term Care Insurance policy fail to use the benefits. Don't allow a loved one not to use the guaranteed tax-free resources which help pay for quality care options.

If your loved one owns a Long-Term Care Insurance policy, LTC NEWS provides free assistance with no obligation to help you or a loved one complete the claim process. This professional assistance will speed the process and reduce the stress on the family. 

Benefits of Reverse Mortgages 

Today's reverse mortgages for those aged 62 and older could be an ideal resource to fund a Long-Term Care Insurance policy OR even provide money to pay for care if you, or a loved one, already needs help and assistance.  

Some people have much of their savings invested in their homes. With today's reverse mortgages, you can find ways to fund care solutions, care itself, even help with cash flow during your retirement. 

Learn more by asking questions to an expert. LTC NEWS columnist and host of the TV Show "62 Who Knew" will answer your questions regarding caregiving, aging, health, retirement planning, long-term care, and reverse mortgages. 

Just "Ask Mike." - Reverse Mortgages | LTC News.

Find Quality Caregivers and Long-Term Care Facilities

If your parent or loved one needs care now - or soon - you will need to find the appropriate care in the right setting depending on their needs.

Take a moment and read - 

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You can write a story or ongoing column for LTC NEWS. You can write about many topics, including aging, caregiving, health, lifestyle, retirement planning, and long-term care, to name a few.

Be sure to write for our core target audience of adults aged 40 and older. Our audience is worldwide; however, our primary target is the United States, Canada, the United Kingdom, and other English-speaking nations. 

Improve your website or blog's SEO and gain exposure and traffic at the same time by being a contributor to LTC NEWS. 

You can even promote yourself, your business, and your website or blog. However, it must have editorial content exclusive for LTC NEWS and cannot be just an advertisement. It can include links to other sites, and you can share the article link once published on your website or social media.

Email your story idea or article: newsroom@ltcnews.com - LTC News Contributors | LTC News

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Use LTC NEWS to drive traffic to your website and help you attract people interested in your products and services. Plus, you can improve your website's SEO so more consumers can find you when they search for your products and services.

There are various marketing options available with LTC NEWS. Traditional advertising, sponsored content articles, strategic alliances, and more are available. 

Learn more about how LTC NEWS can help you market your business, drive traffic, and improve SEO - Advertise With Us | LTC News.

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Include LTC NEWS in your press release distribution. If your group, organization, business, political committee, etc., have news to share, send it to LTC NEWS. Email - newsroom@ltcnews.com

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Let's work together and help consumers who search for us on the web - Site Request | LTC News.

 

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