Question

What are the economic priorities, challenges, and issues of the elderly?

Answer 1

The economic priorities of elderly

The economic and social consequences of population aging are explained by changes in lifecycle behaviour. An aging workforce means slower labour force growth, the possibility of emerging labour market shortages, most significantly in the area of health care. The net effect of lifecycle behaviour is likely a reduction in material living standards as the bulk of the population moves into older age groups.

Economic Inequality

Income inequalities are likely to increase with population ageing because households of older persons either have no income or income that is significantly small. If the proportion of the older population increases, increasing income inequalities can be expected. In addition, an increase in longevity extends the period of income fluctuation over individual life cycles and consequently widens income inequality.

Major challenges of the elderly are

• Physical and Mental Health. ...
• Health Care Costs/Nursing Home Care. ...
• Financial Security. ...
• Bereavement, Social Isolation, and Loneliness. ...
• Elder Abuse

Social challenges are

Lack of Infrastructure With increasing longevity and debilitating chronic diseases, many elder citizens will need better access to physical infrastructure in the coming years. Lack of physical infrastructure is a major deterrent to providing comfort to the aged. Many elder citizens need better access to physical infrastructure, both in their own homes and in public spaces.

Changing Family Structure Нe traditional Indian society with an age-old joint family system has been instrumental in safeguarding the social and economic security of the elderly people. Нe traditional norms and values of Indian society also laid stress on showing respect and providing care for the elderly.

Lack of Social Support Нe elderly in India are much more vulnerable because of the less government spending on social security system. Нe elderly in urban area rely primarily on hired domestic help to meet their basic needs in an increasingly-chaotic and crowded city. Social isolation and loneliness has increased.

Social Inequality Elderly are a heterogeneous section with an urban and rural divide. Нe\ are less vulnerable in rural areas as compared to their urban counterparts, due to the still holding values of the joint family system.

Availability, Accessibility and affordability of Health Care Due to the ever increasing trend of nuclear families, elder care management is getting more dLٹcult especially for working adult children who ٽnd themselves responsible for their parents’ well-being. Managing home care for the elderly is a massive challenge as multiple service providers – nursing agencies, physiotherapists and medical suppliers – are small, unorganized players who extend sub-optimal care.

Common health issues of elderly are

• Chronic health conditions. According to the National Council on Aging, about 92 percent of seniors have at least one chronic disease and 77 percent have at least two. ...
• Cognitive health. ...
• Mental health. ...
• Physical injury. ...
• HIV/AIDS and other sexually transmitted diseases. ...
• Malnutrition. ...
• Oral health. ...
• Substance abuse.

Mental Issues

Not all health-related issues are physical in nature. Many seniors suffer from various mental health ailments, including:

• Dementia
• Depression
• Loneliness

Financial Issues

The high costs of healthcare along with any debt that has accumulated can make it very difficult for some seniors to make ends meet. A list of the financial issues that the elderly face today includes:

• Poverty –
• Lack of Financial Planning
• Running Out of Money
• Fraud
• Low Interest Rates
• Fear of the Stock Market
• Social Security Funding
• Increasing Healthcare Costs
• Poor Job Market
• Debt

Family Issues

Dealing with family can be a complicated affair for many seniors. There can be leftover feelings of anger or resentment between parents and grown children or other unresolved issues that need to be worked through. Personal boundaries may need to be (drastically) redefined or other changes in relational dynamics may need adjustment. Some of the family issues that the elderly must contend with include:

Assisting Adult Children

Living with Adult Children

Leaving a Legacy

The final factor that the elderly must prepare for is leaving their remaining assets to their children or other heirs. These decisions can also be fraught with peril, as there may be disagreements among the heirs as to how the assets should be passed. Here are some of the issues that elderly persons must contend with when it comes to dispersing their assets:

Avoiding probate – Many elderly persons would be wise to place their assets inside a revocable living trust so that the probate process can be bypassed.

Legal Issues When the Spouse Dies

The Life Settlement Solution

Elderly persons who own a cash value life insurance policy have another option that they can turn to if they find themselves in dire straits financially. They can either access the cash value directly via withdrawal or policy loan, or they can sell their policy to a qualified buyer. This is usually a life settlement company that is in the business of buying life insurance policies from older people.