Older Adults How old is old? 1. AARP says 50 2. “Vulnerable adults”=60 3. 62 for partial social security benefits 4. 65-67 for full benefits 5. 67 for.

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Older Adults How old is old? 1. AARP says “Vulnerable adults”= for partial social security benefits for full benefits for full benefits in “Frail” elderly=85

Older Adults-demographics # in population34.5 millionEst. 70 million in 2030 % of population12.8-in U.S. (2008) 31.5 estimated 2030 female: male141:100 (65+)118:100 (65-69) 237:100 (85+) Ave. life expectancy 77.8 overall66.1-Black men 80.8-White women Poverty rate (25% in 1969) 9.3%; 6.1 “near poor” (125% of fpl) 16.2% of kids are poor; 13.7 in WA Worker:Social Security recipient 5:1 in :1 now Est. 2:1 in 2040

Service System for Older Adults Federal Administration on Aging Federal Administration on Aging State unit: Aging and Disability Services Administration State unit: Aging and Disability Services Administration County: Aging Program County: Aging Program City: “Area Agency on Aging:” Aging and Disability Services City: “Area Agency on Aging:” Aging and Disability Services

Older Adult Services, cont. Adult Protective Services- Adult Protective Services- Gray Panthers-an advocacy organization Gray Panthers-an advocacy organization AARP-Membership based advocacy, research, policy development, service provider. AARP-Membership based advocacy, research, policy development, service provider.

Social Security (OASDI) What is it? 1. An insurance program for families of deceased workers and disabled workers as well as retirees. 2. An Anti-poverty program. 3. An entitlement. 4. A contribution based program.

Characteristics of OASDI 1. Funding: 6.2% tax for retirement and disability; 1.45% for medicare. 2. First $106,800 is taxed. 3. Salary replacement is 56.8, 41.8 and 29% of salary for lowest to highest earners. 4. Automatic COLA. 5. Retirement benefit can be received at age 62, increasing to 67 in 2027.

Characteristics, cont. 6. Who receives social security? 64% retired workers 64% retired workers 8% widows/widowers & mothers/fathers 8% widows/widowers & mothers/fathers 5% spouses 5% spouses 8% children 8% children 15% disabled workers. 15% disabled workers. 7. Disability benefit can be received when the person has a disability that prevents them from working.

Current Issues A Federal Deficit A Federal Deficit Demographic shifts leading to a need for adjustments Demographic shifts leading to a need for adjustments Options for adjusting: Options for adjusting: Raise retirement age Raise retirement age Increase income cap for taxation Increase income cap for taxation What are the pros and cons? What are the pros and cons?