Celebrating Older Americans: Uncovering the Contributions of America's Aging Population in May 2023
In May 2023, Americans are invited to join in celebrating Older Americans Month – a time dedicated to recognizing the contributions of older Americans to our nation’s culture and society. U.S. population statistics show that the number of Americans age 65 and older is expected to double over the next 25 years – making it more important than ever for TEXPERS members to appreciate and value the contributions of this segment of our population. Join us as we explore why celebrating Older Americans Month is so important for all of us!
Older Americans play a critical role in our nation’s development and progress. They have spent their lives contributing to society through their work, volunteerism, and political participation. They are also a valuable source of knowledge and experience, providing key insights into how we can improve our communities and our country.
In addition, older Americans bridge the gap between generations by passing on wisdom from one generation to another.
As TEXPERS members, we are uniquely positioned to appreciate the contributions of older Americans. TEXPERS understands the important role that retirement security plays in allowing everyone – regardless of age – to enjoy financial stability during their senior years. That’s why it’s so important for us to recognize the value that older Americans bring to our nation throughout May 2023!
Statistics
In addition to the invaluable contributions made throughout their lifetimes, older Americans make up an ever-growing segment of our population. Population stats show that nearly one in five Americans are age 65 or over as of 2020 – a figure estimated to grow substantially over the next 25 years as Baby Boomers enter retirement age.
According to the U.S. Census Bureau's latest estimates, over 50 million senior citizens live in the U.S., making up 16.5% of the total population.
Here are additional statistics:
- Florida has the highest percentage of senior citizens (21%), followed by Maine (20%).
- Roughly 12.3% of the U.S. population of senior citizens live in Texas.
- Utah has the lowest percentage of senior citizens (10.8%), followed by Alaska (11.1%).
- California is home to the largest total population of senior citizens (over 5.4 million), followed by Florida (4.2 million).
- States experiencing the highest growth rates among senior populations since estimates from 2010 to 2014 are Vermont (3.1%), Maine (3%), Delaware (2.8%) and New Hampshire (2.8%).
By 2030, experts expect all baby boomers to have reached 65 years old.
Due to this rapid growth in America’s aging population, many older Americans find themselves facing economic challenges including inadequate savings or lack of access to reliable sources of income during retirement. Failing Social Security benefits and rising healthcare costs add even more strain on seniors’ budgets each month than they already face with regular expenses like food and housing costs taking up much-needed funds.
Fortunately, TEXPERS members can help ensure that former state and local Texas government employees remain financially secure. TEXPERS System Members provide essential guidance for all stages of retirement planning – ensuring that everyone has access to a secure and stress-free financial future when they reach senior status later on down the line.
Older Americans Month
Established in 1963, Older Americans Month is led by the Administration for Community Living. The administration is celebrating its 60th year acknowledging the contributions and achievements of older Americans through this year's theme, Aging Unbound - a recognition of the independence and fulfillment people strive to attain as they age.
The Administration for Community Living provides numerous ways to observe and celebrate Older Americans Month. Here are four activities our members can suggest to their annuitants:
- Embrace the opportunity to change. Encourage your fund's annuitants to find a new passion, go on an adventure, and push boundaries by not letting age define their limits. Inspire them to invite creativity and purpose into their lives by trying new activities in their communities to bring in more growth, joy and energy.
- Explore the rewards of growing older. With age comes knowledge, which provides insight and confidence to understand and experience the world more deeply. Encourage your fund's members to grow that knowledge through reading, listening, classes, and creative activities.
- Stay engaged in the community. Everyone benefits when everyone is connected and involved. Suggest they stay active by volunteering, working, mentoring, participating in social clubs, and taking part in activities at their local senior center or elsewhere in the community.
- For relationships. As an essential ingredient of well-being, relationships can enhance our quality of life by introducing new ideas and unique perspectives. Encourage your fund's annuitants to invest time with people to discover deeper connections with family, friends, and community members.
For more information, visit the official Older Americans Month website, follow the Administration for Community Living on Twitter and Facebook, and join the conversation using #OlderAmericansMonth.
As we celebrate Older American Month in May 2023, let us all remember the immense value that America’s aging population brings to our culture and society at large! The contributions made by this group should not go unnoticed or unappreciated during this month or any other time of year; instead, let us honor them with recognition for all they have done over the years.
And as TEXPERS members, let us also take pride in knowing that we have dedicated ourselves to giving every public employee in the Lone Star State – no matter what age they may be – access to secure financial futures!