America is Aging: But Are We Ready?
As Americans, we don’t like to think of ourselves as growing older. So what do we do when we find our first grey hair? We hit the gym, eat right, and try to block the thought out of our mind as long as possible. Some of us even turn 39 two or three years in a row!
But the truth is we are all aging. This is especially true for America, who experts claim will have nearly triple the amount of seniors 85 and older by the year 2030. That’s 20 million people, folks!
It’s time to wake up. They call the rise of aging Baby Boomers the “Silver Tsunami.” Much like a real tsunami, this thing is headed right our way and will likely cause serious reshaping of our society.
So the question becomes: Are we prepared?
According to a recent Forbes article, the answer is likely no. Former Secretary of Housing and Urban Development (HUD) Henry Cisneros stated, “(Our) country must face the basic fact that we are aging and we are not ready.”
Why isn’t America ready?
101 Mobility decided to share 4 shocking statistics to take into account:
Approximately 4-in-10 Baby Boomers have nothing saved for their retirement.
What’s the best financial method to plan for retirement? You save for it.
According to a recent study by the Insured Retirement Institute, that’s not happening. Only 69% of still-working Baby Boomers are setting aside money for retirement. That number is down from 84% in 2011, just five years ago.
Also, only half of already-retired Baby Boomers are living off the money they saved. Instead, many are choosing to rely on Social Security, pensions, and other forms of recurring income to meet their financial needs. Are these forms of income enough to live off of? Not likely, says experts.
19% of Baby Boomers offered with a 401(k) or other retirement plan choose not to participate.
If your company is willing to match your contributions on your retirement plan, why wouldn’t you take them up on that offer?
One-in-five Baby Boomers choose not to take part in a retirement plan or 401(k), even when they are offered it directly by their business. According to an article from financial-services company The Motley Fool, this is the equivalent of leaving “free money on the table.” And although not every company will match the full percentage of your contributions, data shows that 78% of employers will try to match what you put in to some degree.
36% of Baby Boomers are planning to use Social Security as a primary source of income.
When you consider retirement, do you plan to live off Social Security alone?
According to a recent study from the TransAmerica Center for Retirement Studies, 36% of Baby Boomers say that they are. The Social Security Administration is particularly concerned by this number because Social Security income is only designed to replace about 40% of a worker’s salary! Without retirement savings going along with Social Security, it’s possible to run out of cash much quicker after retirement.
There’s a mismatch between the nation’s housing stock and Americans desire to age in place at home.
You already know where you want to stay in the future. Why not plan ahead?
Let’s face it, Americans want to stay in their homes as long as humanly possible. According to AARP, 87% of adults age 65 and older want to stay within their current home and community as they age. This can only be accomplished if seniors are willing to plan ahead when it comes to choosing the right house (buy based on accessibility), as well as the right products/services (stair lifts, wheelchair lifts, ramps), needed to age in place safely.
Here, at 101 Mobility, we take these statistics very seriously. That why we offer plenty of products and services to meet the needs of Baby Boomers looking to age in place within the comfort of their own homes. For more information on our full line of products, visit us online at 101Mobility.com.
About 101 Mobility
101 Mobility is a full-service franchise business that specializes in mobility and accessibility equipment. Products include stair lifts, ramps, auto lifts, patient lifts, pool lifts, bath lifts, vertical platform lifts, and more. Visit 101Mobility.com to learn more.
101 Mobility franchisees are supplied with geo-specific online marketing campaigns, in-person training, on-going support, and a proprietary business management platform. Visit 101MobilityFranchise.com to find more information about our franchise process.