Benefits November 17, 2011

Report Offers More Incentive to Prepare for Long Retirement

November 17, 2011 (PLANSPONSOR.com) - The nation's 90-and-older population nearly tripled over the past three decades, reaching 1.9 million in 2010, according to a report released by the U.S. Census Bureau and supported by the National Institute on Aging.
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Over the next four decades, this population is projected to more than quadruple. An average person who has lived to 90 years of age has a life expectancy today of 4.6 more years (versus 3.2 years in 1929-1931), while those who pass the century mark are projected to live another 2.3 years. 

The report, 90+ in the United States: 2006-2008, which presents an overview of this age group and a comparative analysis of selected demographic and socio-economic differences between people 90 and older and their younger counterparts within the older population, finds the annual median personal income for people ages 90 and over during 2006–2008 was $14,760 (in 2008 inflation-adjusted dollars). Men had significantly higher income than women, $20,133 versus $13,580.   

In 2006–2008, 92.3% of the 90-and-older population received income from the Social Security Administration—86.2% received Social Security income only, 3% collected Supplemental Security Income (SSI) only and a similar 3.1% received both Social Security and SSI.  

Social Security income repre­sented almost half (47.9%) of personal income for people ages 90 and over. Retirement pension income was the second largest single source at 18.3%. A combined category “other income” accounted for about 30% of income for the 90-and-older population. Earnings (2.2%) and SSI (1.9%) comprised the remaining portions of the personal income sources.

Almost everyone (99.5%) in the population aged 90 and over was covered by health insurance—98.8% had Medicare coverage and 28% also received Medicaid benefits in 2008. In addition to Medicare and/or Medicaid coverage, about 40% of the 90-and-older population also purchased private health insurance coverage from an insurance company. Another one-quarter of them were covered by a previous employer- or union-sponsored health insurance benefit.  

The report also indicates: 

  • An older person's likelihood of living in a nursing home increases sharply with age. About 1% of what are called the young elderly (aged 65-69) live in a nursing home. The proportion rises to 3% for ages 75-79, 11.2% for ages 85-89, 19.8% at ages 90-94, 31% at ages 95-99 and up to 38.2% among centenarians. 
  • Women ages 90 years and older outnumber men nearly three- to-one; 74.1% of the total population ages 90 and older in 2006-2008 were women. 
  • Whites represent 88% of the total 90-and-older population. Blacks make up 7.6%, Hispanics 4% and Asians 2.2%. 

The report is available at http://www.census.gov/prod/2011pubs/acs-17.pdf.  

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