As the population ages, elder law attorneys know that many more seniors will face issues related to aging. While demographics are changing and the population as a whole is getting older, there are certain places more than others where there are large clusters of residents who are classified as elderly or who will soon be classified that way. Rochester, NY happens to be one of those places.
Seniors who are aging will face many new challenges, from concerns about health to a need to make an estate plan in order to protect their loved ones after they are gone. The Law Office of Michael Robinson, P.C. can provide assistance. If you are concerned about your future as you get nearer to your golden years, give our Rochester, NY elder law attorneys a call today to learn about the assistance that we can offer.
Rochester is Becoming a Rapidly Aging City
Forbes reported on the aging of the population in the United States. By 2050, the number of Americans who are at least 65 years of age will double to 81.7 million. The share of the population which is 65 and older will go up from 15 percent of the population, which is the current share, to around 21 percent of the population. The rapid aging of the population is happening as more than 10,000 baby boomers turn 65 every single day.
To determine where seniors tend to live, researchers examined data from the American Community Survey which was taken in 2014. The data included information on demographic areas from 53 different metropolitan statistical areas.
The researchers found that Rochester, NY was actually number seven on the list of cities with the largest senior population. Within Rochester, 16 percent of the population was over the age of 65. This is in comparison to the number one oldest metro area, the Tampa-St. Petersburg Florida area where 18.7 percent of the population is over the age of 65. The national average throughout the United States currently is 13.3 percent of the population. Tucson, Arizona; Miami, FL; Pittsburgh, PA; Buffalo, NY; and Cleveland were also areas where there are large senior populations.
There are reasons why seniors tend to be clustered in some areas more than others. There are certain locations, like Tampa-St. Pete, where there are steady patterns of senior migration that have been driving older people there for years and that have thus been increasing the senior population. In other words, there are lots of older people moving to areas in Florida and Arizona where the weather is good.
For other locations, like Rochester where the weather is not particularly good, the aging of the population may be because people have been moving to these lower cost of living areas over the past decades. Seniors, for example, can sell houses closer to New York City and take the money and buy a much less costly place to live in Rochester, while having a lot of money left over for retirement. Many of the people who relocated to these areas are aging rapidly, thus raising the overall percentage of people in these areas who are at least 65.
As the population ages, this can create issues for the communities which have large senior populations. With fewer young people, there is often a smaller tax base and fewer people working to generate wealth or to provide services to the aging population. Housing which may not be equipped to accommodate large numbers of seniors may need to be modified. There may also be a shift in the types of businesses which thrive in areas with older populations, rather than younger populations.
Seniors will also need to be aware that there may be more demand for nursing home care or for medical services, and they may need to make provisions to ensure that they can get the care and the assistance they need.
Elder Law Attorneys Can Help Aging Seniors
Whenever you are concerned about any issues related to aging, from how to pay for a nursing home to what will happen to your assets when you are gone, you should get advice from an experienced legal professional.
The Law Office of Michael Robinson, P.C. can provide invaluable assistance to seniors throughout Rochester and surrounding locations. We can help you to protect your assets; prepare to get nursing home costs covered; plan for making your retirement savings last; explain the rules for IRA withdrawals; help you to create an estate plan; and assist you in making provisions for incapacity. Give us a call today at 585-374-5210 or contact us online to learn more. You can also join us for a free workshop.