1. RETIRING BABY BOOMERS Esther Kim

2. U SING THE P ITCHBOOK T EMPLATE Background Information The term "Baby Boomers" refers to the population born between 1946 and 1964 when there was an increase in birth rate after World War II. With the first Baby Boomers just starting to hit 65, there will be an influx of retirees. As a result, there will be an increase in older people living in retirement or nursing homes and a high demand in health care due to age related diseases. We must consider the possible policy adjustments that must be made in order to manage the economic cost of taking care of this enormous population. There may not be enough money to deliver Medicare, Medicaid, or Social Security to all these retirees. Purpose of Survey To see how much the general population, specifically young adults, knows about the possible effects of an aging population Methods Sample of Convenience Classmates were e-mailed a survey Data was collected and analyzed

3. SURVEY RESULTS

4. D EMOGRAPHICS Where do your grandparents currently reside? 87.5% of students reported that the their grandparents currently live independently in their own homes while 12.5% said that their grandparent(s) lived with them or with another family member in their home. As it turns out, most older adults do live independently and not in nursing homes unless they find that they cannot care for themselves. Discussion Response PercentResponse Count Nursing Home/ Assisted Living 00 With Another Family Member 12.51 Independently in their own home 87.57 Prefer not to answer00 Other12.51 Results

5. D EMOGRAPHICS Test your Awareness: Who is eligible for Social Security? 100% of surveyed participants agree that those who are over 62 years old are eligible for Social Security benefits. 62.5% believed that the disabled and the survivors of deceased are eligible while about 25% of respondents believe that spouses of someone receiving Social Security also have benefits. All these choices are correct answer to the question stated, but as we can see, not everyone is aware of who is eligible for Social Security. Response PercentResponse Count Survivor of Deceased62.55 Disabled62.55 Those who are at least 62 years old 1008 Spouses of someone receiving S.S. 252 Results Discussion

6. D EMOGRAPHICS Some of the actions that can help with the Baby Boomers and Social Security is to raise taxes, cut benefits, and raise retirement age. However, there are downsides to each. Which ones would you impose in order of importance? The results of this survey show that most of the respondents would have raising taxes as their second choice when it comes to maintaining Social Security for the Baby Boomer population. There is a tie between cutting Social Security benefits and raising the retirement age for which would take first and third priority. There is no right or wrong answer to which policy change will be best for Social Security. Each change would have its benefits, but they are changes that no one really desires to make. FirstSecondThird Response Count Raise Taxes2550258 Cut Social Security Benefits 37.52537.58 Raise Retirement Age 37.52537.58 Results Discussion

7. D EMOGRAPHICS Should the minimum age to qualify for Social Security be increased? In this poll of whether the age to be eligible for Social Security should be increased, 50% of respondents said ‘No’ while 37% said ‘Yes’. Response PercentResponse Count Yes37.53 No504 Prefer Not to Answer12.51 Results Discussion

8. D EMOGRAPHICS How would you rate your awareness of the following health insurance policies? When rating one’s personal awareness of Medicare and Medicaid, the results for each level of awareness were the same for both categories. While 12.5% were either fully aware or unaware of these policies, a majority (75%) rated themselves as somewhat aware. These results reflect a similar trend in the general population. Not many young adults are aware of these important medical programs that are struggling to support the older population. Discussion Fully Aware Somewhat Aware Unaware Response Count Medicare12.57512.58 Medicaid12.57512.58 Results

9. D EMOGRAPHICS Medicare, Medicaid, and Social Security currently take up 40% of the federal budget. Do you think that these benefits should be made available to everyone or only to low income recipients? When asked who should receive the benefits of programs such as Medicare, Medicaid, and Social Security, 83% of those surveyed believe that everyone who is eligible should receive them. Meanwhile approximately 17% thought only those with low income should receive benefits. With the Baby Boomer population aging, there will be a horde of older people receiving these benefits. What may happen as a result is that these recipients will not receive enough to support their finances or medical bills. On the other hand, if the government adjusts its policies of these programs, the younger population may have to contribute more to the federal budget that covers these expenses. Discussion Response PercentResponse Count Everyone who is eligible 83.35 Only those with low income 16.71 Prefer not to Answer00 Results

10. D EMOGRAPHICS Would you support charging higher premiums (amount to be paid for insurance) for high income patients? Approximately 86% of responses is in favor of charging premiums for high income patients while 14% is not. Again, with the federal budget pulling at strings and struggling to support the current older population, the government and policy makers may have to rethink where their funds will go and who they will to. Arguably, if high income people can afford higher premiums unlike low income people, more of the federal dollars can go to those who truly cannot afford medical insurance. Discussion Response PercentResponse Count Yes85.76 No14.31 Prefer Not to Answer00 Results

11. D EMOGRAPHICS If your parents had a debilitating disease (Alzheimer's, Dementia, etc.), how would you have them live? Results This question simply reviewed the personal preference of young adults when asked how they would want their parents to live if they had a debilitating disease. A majority of responses (57.2%) preferred to have their parents live at home with family. The second most popular response was in their parent’s own home with hired care (28.6%). Finally, 14.3% of responses voted for a nursing home/assisted living facility or other. The most common housing option for older adults is in a single family home, but when a debilitating disease takes effect, there are other options people may consider in order to deliver the proper care. Financial Summary Response PercentResponse Count In Home with Family57.25 In their own home + hired care 28.62 In nursing home/assisted living 14.31

12. S UMMARY HERE COMES THE BOOMWhat’s going into the pool? Summary Based on this survey, there are some strong opinions of policies that affect the retiring/aging Baby Boomer population yet some lack of awareness of the programs that exist today. Some things to consider with the Baby Boomers is the rise in health care costs and how we can fund the number of people who will be eligible for Medicare. Soon, we will start to see federal funds veer even more toward supporting programs for the elderly. But what are the effects of this? With more money going towards older people and less to young adults, it Is possible that future aging population groups may not be able to reap the same benefits.