The older population in America has grown dramatically in recent years and is expected to continue to grow exponentially in the years to come. Understanding the needs of America’s senior population has never been more important. The “2023 Profile of Older Americans” report, published by the Administration on Aging (AoA) provides a wealth of information about Americans aged 65 and older. The Administration on Aging uses data collected by the U.S. Census Bureau, the National Center for Health Statistics, and the Bureau of Labor Statistics to create the report. To help seniors and those who care for them, we have provided an overview of seniors living in the United States using information from the “2023 Profile of Older Americans.”

An Aging America

As of 2022, seniors aged 65 and older made up a significant portion of the U.S. population. This reflects the country’s shifting demographics. With 57.8 million seniors, or 17.3 percent of the total population, the landscape of aging in America is rapidly evolving. Moreover, the number of older Americans has surged dramatically over the past decade, increasing by 34 percent from 43.1 million in 2012 to 57.8 million in 2022. This growth outpaces the increase in the population under 65, highlighting the aging of the Baby Boomer generation.

Projections indicate that by 2040, 22 percent of the U.S. population will be 65 or older. Between now and then, the number of people aged 85 and older is expected to more than double. The states with the highest percentage of seniors in 2022 were Maine, Florida, Vermont, and West Virginia, where seniors made up over 21 percent of the population. These states are likely to experience even greater increases in their senior populations as Baby Boomers continue to age.

Marital Status and Living Arrangements of America’s Seniors

In 2023, a larger percentage of older men (68%) were married compared to older women (47%). This difference is partly due to the longer life expectancy of women, which leads to a higher number of widowed women in the senior population. Among those 65 and older living in the community, 59 percent lived with their spouse or partner. While most (88%) of seniors indicate a preference for remaining in their homes as they age, many of them face challenges when it comes to making that wish into a reality. One reason for this is that most homes in the United States are not equipped to accommodate the needs of older adults, particularly those with mobility issues or disabilities.

Seniors and Financial Security

Financial security remains a critical concern for seniors in the United States. In 2022, the median income for older adults was just $29,740. A significant gender disparity exists with men bringing in a median income of $37,430 while women had a median income of $24,630. Sadly, nearly 10 percent of seniors are living below the poverty level. Another 4.7 percent of seniors are classified as “near-poor” with incomes just above the poverty threshold.

Rising healthcare costs pose an added burden to America’s seniors. They spent an average of $7,540 on out-of-pocket healthcare expenses in 2022. This amount reflects a 47 percent increase since 2012. Health-related expenses accounted for 13 percent of total expenditures for seniors, significantly higher than the 8 percent spent by the general population, with the bulk of health-related costs spent on insurance.

The Health of American Seniors

Health is a major concern for older Americans, many of whom are managing multiple chronic conditions. In 2022, 24 percent of seniors assessed their health as fair or poor with many indicating they suffered with a chronic condition. Leading health issues among seniors included arthritis (48%), diagnosed hypertension (59%), high cholesterol (48%), and diabetes (20%). Most seniors (90%) reported using prescription medications, with 12 percent taking medicine for depression and 13 percent for anxiety. Falls continue to represent a significant risk for seniors with 28 percent of adults aged 65 and older reporting at least one fall and 10 percent suffering fall-related injuries.

Who Is Providing and Paying for Care?

The good news is that American seniors have nearly universal health insurance coverage. Medicare covers 94 percent of older Americans but does not cover all healthcare costs. Seniors must also rely on private insurance, military-based insurance, or Medicaid to cover the remaining expenses. Fortunately, only a small percentage (3%) of seniors reported being unable to obtain needed medical care due to cost.

Caregiving plays a crucial role in the lives of many seniors. Between 2021 and 2022, over 37 million family caregivers provided unpaid care to someone aged 65 or older. Caregivers aged 65 and older were the most likely to provide care. They often reported caring for a friend or neighbor, spending an average of 4.9 hours per day on caregiving activities.