South Carolina Senior Satistics- South Carolina- Senior population

Special Marketing Statistics Report

On The Senior Demographic

South Carolina’s Aging Population

· South Carolina has witnessed THE GREATEST growth of seniors over age 65 than any other state! (Mark Bondo Report, from The University of South Carolina)

· Seniors spend The Most, per capita, of any age demographic for health care and are a key driver of growing health expenditures. The US Department of Health and Human Services reported that those age 65 and over spent $11,089 (1999) per capita compared to $2,793 per capita for those under 65.

Wealth Creation

· $1 trillion in disposable income

· 50% of Baby Boomers plan to buy a new home for retirement. (Del Webb Baby Boomer Survey)

Technology

· 94 million Americans are online on any given day, and 63 percent use a search engine. (Pew Internet and American Life Project)

· Two thirds of Americans ages 50-64 use the Internet.

· 42 percent of all travel industry purchases occur online. (PhoCusWright)

A Quick Summary of the Carolina Senior Market

· 78 million Americans who were age 50 or older as of 2001 controlled 67% of the country’s wealth, or $28 trillion (U.S. Census and Federal Reserve).

· Households headed by someone in the 55 to 64 age group had a median net worth of $112,048 in 2000 – 15 times the $7,240 reported for the under 35 age group. And within five years, about a third, of the population is going to be at least 50 years old (U.S. Census and Federal Reserve).

· The 50+ have $2.4 trillion in annual income, which accounts for 42% of all after-tax income (banking accounts, securities, etc., U.S. Consumer Expenditure Survey).

· Adults age 50 and older account for an estimated $1 trillion+ in total expenditures in 2005 (U.S. Consumer Expenditure Survey and FINDSVP projection).

· Consumers age 50 and older own 65% of the net worth of all U.S. households (U.S. Consumer Expenditure Survey).

· 77 million people were born between 1946 and 1964 (NCPA Idea House).

· The first baby boomer turned 60 on January 1, 2006.

· In 2006 each day 7,918 people were turning 60, amounting to 330 every hour (U.S. Census Bureau). The second fastest is the age group 85+.

· Currently, there are more than 40,000 centenarians in the United States, or a little more than one centenarian per 10,000 in the populations; 85% of them are women, 15% are men (Dr. Thomas Perls, Boston University School of Medicine, New England Centenarians Study).

· By 2050, there will be more than one million centenarians in the U.S., up from 71,000 today (U.S. Census Bureau).

· Madame Jeanne Calment died at the age of 122 years in August 1997. In her later years, every day she lived, she extended the human life span by a day.

Baby Boomer Wave

· 77 million Baby Boomers were born between 1946 and 1964 (NCPA Idea House).

· In 2006 each day 7,918 turned 60, amounting to 330 every hour (U.S. Census Bureau).

· The first Baby Boomer turned 60 on January 1, 2006.

· By 2050, there will be more than one million centenarians in the U.S., up from 71,000 today (U.S. Census Bureau).

Longevity Revolution

· The life expectancy for people who live to age 65 is an additional 18 years, or to age 83, according to the National Center for Health Statistics. The life expectancy for those who live to age 65 is higher for women, almost 20 years, than for men, almost 17 years.

· Seniors engaged in artistic pursuits actually improve their health (Gene Cohen, director of the Center of Aging at GWU).

· 50% of Baby Boomers plan to maintain a physically active lifestyle (Del Webb Baby Boomer Survey).

· 76% of Baby Boomers plan to continue to work into their “retirement years” (Merrill Lynch “The New Retirement Survey”).

· 67% of Baby Boomers do not wish to retire due to their desire for mental stimulation and challenge (Merrill Lynch “The New Retirement Survey”).

· The percentage of men and women in their early 50s who expected to work past 65 increased between 1992 and 2004, according to Bob Willis, an economy professor who works with the Health and Retirement Study conducted at the University of Michigan.

Retirement and Work After Age 50

· People who left retirement to go back to work were more likely than other retirees to report less enjoyment from leisure time spent with their spouse, according to the analysis of data by Nicole Maestas of the Rand Corp.

· Those who go back to work after retirement often have higher incomes than those who retire completely, researchers found, though people who go back to work come from all ranges of incomes.

· The number of older Americans participating in the work force has been rising over the last 15 years, after dropping steadily for decades. Researchers attribute that to change in retirement laws, increased life spans, and increasing financial pressures – from drops in stock prices to increased health care costs.

· According to the survey by American Express Financial Advisors, 85% of boomers see their retirement as a time for “learning and self-discovery,” 65% for “reinventing oneself,” and 51% for a “new beginning.” About nine in 10 boomers (88%) see it as a new phase of personal growth and development. Also, six in 10 boomers say they plan to work because they want to not because they have to.

· Three out of five of adults surveyed by Civic Ventures wish to use their free time in their retirement years to serve their communities.

Travel

· 24% of Baby Boomers have traveled outside the United States compared to less than 1/5 in 1985 (AARP Travel Study).

· 77% of Baby Boomers feel their travel experiences are more adventurous than their parents’ (AARP Travel Study).

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