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Fiscal
Well Being
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Increase
the percentage of adults over age 65 who have incomes at least at
the Federal Poverty Level.
Developmental
Objective, baseline data to be collected and analyzed in
2001.
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The fiscal well being of the older adult
population bears a direct correlation to physiological well being,
good mental health, and the overall quality of life. Without adequate
financial resources, the physical and mental health of the older adult
population will be lower.
Being prepared to address the challenges
of aging requires thorough planning for fiscal well being as well
as physical well being. Baby boomers (persons born between 1946
and 1964) make up nearly one third of the state’s entire population
and almost half of its workforce. By 2010, the oldest boomers will
reach 65. Only about 40 percent of North Carolina boomers can expect
pensions in retirement. This means that North Carolina boomers,
employers, and government must take responsibility for planning
for financial security for this population. Persons must plan to
provide for their own basic necessities for possibly 20 years after
retirement. These necessities are adequate food (for proper nutrition),
clothing, appropriate housing, and access to adequate medical care
including prescription medications. For North Carolinians in the
middle and lower-middle income groups, opportunity for private savings
and investments may be more limited, and their financial future
less certain. For the poor and near-poor, Social Security will be
come more important than ever. Social Security has been the financial
foundation for nearly 60 percent of today’s older population.
For many North Carolinians who will be 65 years and older in 2010,
Social Security will be their only financial safety net if they
do not plan during their working years for the future. Currently,
12.5 percent of North Carolina’s population is age 65 and older.
There are 3 working age people for each retiree. By 2020, the ratio
will be two working age people to one retiree.
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Disparities
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Despite North Carolina’s strong
economy and low unemployment rate, 12.6 percent of the population
has incomes below the poverty level. The minority population including
African American/Blacks, Hispanics/Latinos, and American Indians are
disproportionately represented in terms of incomes below the Federal
Poverty Level. Compared to the nation, North Carolina boomers have
lower household incomes, lower levels of education, and are more likely
to live in rural areas. Seventeen percent are below the poverty level
or just above. Nearly one million North Carolina boomers – roughly
half – are in occupations that did not offer pensions to people
who retired in 1993. |
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Determinants/Risk
Factors
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Lack of education, older adults without savings,
pensions, or supplemental retirement programs, significant continued
living expenses (i.e., rent and/or mortgage payments and payments
for prescription drugs representing a disproportionate of income),
lack of employment opportunities in the area due to downsizing or
outsourcing trends, disabilities prohibiting persons from working
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NC
Data
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Older
Adult Health - Fiscal Well Being |
