Older Americans wealthier, living longer

By Julie Steenhuysen

CHICAGO (Reuters) - Older Americans have more money and are expected to live far longer than prior generations, U.S. government researchers said on Thursday.

They said the average net worth of older Americans -- those 65 or older -- has increased almost 80 percent over the past 20 years.

And those who reach the age of 65 are now expected to live an average of 19 more years, or seven years longer than people who had reached age 65 in the year 1900.

The findings are part a report released on Thursday called Older Americans 2008: Key Indicators of Well-Being, which features data from 15 federal agencies on trends in population, economics and health issues.

"It gives you a status report of the older population," said Richard Suzman of the National Institute on Aging, a part of the National Institutes of Health.

"We've seen significant improvements in poverty. The percent of those with low income has gone down, education has increased, life expectancy has increased," Suzman said.

"But there are some notes of concern. Obesity has gone up quite significantly. And there are some large disparities. The life expectancy gap between whites and blacks has narrowed but is still large. There is a big wealth gap between whites and blacks," he said in a telephone interview.

The report forecasts that by 2030, the number of Americans over the age of 65 will nearly double to 71.5 million, or 20 percent of the U.S. population, up from 12 percent, or 37 million people, in 2006.