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Economic and policy implications of improving longevity
1Health Sciences Advisory Services, Ernst & Young, LLP, 5 Times Square, New York, NY 10018, USA. Bruce.Vladeck@ey.com
Journal of the American Geriatrics Society
|September 1, 2005
Summary
America's aging population presents significant social and economic challenges. Increased longevity and a growing elderly population will reshape work, government finances, communities, and family caregiving.
Area of Science:
- Gerontology
- Sociology
- Economics
- Public Policy
Background:
- The
- graying of America
- refers to the demographic shift towards an older population.
- This trend is projected to double the elderly population in 30 years.
- Current analysis of its implications is limited.
Purpose of the Study:
- To identify and analyze critical social and economic implications of increased longevity and the aging population in the United States.
- To highlight areas requiring systematic planning and adaptation.
Main Methods:
- Qualitative analysis of demographic trends and their projected societal impacts.
- Identification of five key areas of significant demographic change.
Main Results:
- Work life and labor-force participation patterns are expected to change.
- Government expenditures will shift, with increases in federally funded programs and decreases in state/local property tax-financed services.
- Suburban community structures will face challenges in serving an aging population.
- Intrafamily caregiving dynamics will be altered.
- The level of disability and dependence among the elderly remains an unpredictable but significant factor.
Conclusions:
- The aging of America necessitates a proactive and systematic approach to address profound social and economic shifts.
- Adaptations in work, finance, community design, and caregiving are essential.
- Understanding the unpredictable impact of elder disability is crucial for future planning.