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Maximizing the Potential of Older Adults: Benefits to State Economies and Individual Well-Being

The United States is rapidly aging. By 2030, an estimated one out of every five adults will
be age 65 or older.1 These demographic changes could pose major challenges for state
economies by increasing the burden on public health programs, reducing tax revenues, and
lowering the pool of skilled workers.2 Although the dramatic increase in the number of
older adults raises difficulties, it also affords states opportunities to tap a highly skilled
group of individuals to work, assist communities, and learn new skills.*

* Most states define “older adults” as those 55 years of age or older. However, many federal policies and
programs, as well as some national data sets, define older adults differently. U.S. Census Bureau data
referenced in this brief define older adults as those 65 years of age or older.

Older adults engaging in paid employment and volunteer opportunities realize substantial
personal, financial and health benefits. Those who continue to work are able to extend the
time they contribute to retirement savings and reduce the financial risk of retirement. In
addition, older adults who work or volunteer have a more positive mental and physical
health status than those who retire and are not engaged in activities.

Undergirding both
work and volunteerism is the importance of education and training opportunities for older
adults so they can acquire the skills they need to effectively participate in the labor market.

Older adults who remain active also contribute more to the economy. If they continue to
work, they are able to generate business activity both as consumers and producers.
Volunteerism, too, plays an important role, with older adult volunteers contributing
approximately $162 billion annually to the U.S. economy.

Full Report: http://www.nga.org/Files/pdf/1004OLDERADULTS.PDF

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