A new guide aims to inspire more funders to explore investments that address the needs of America’s older adults, making the case that when they are able to continue contributing to our families and communities, all of us benefit.
This has never been more pressing. Today, 62 million people are 65 or older, and this number is expected to grow. By 2035, older people will outnumber younger people (under 18) for the first time, with nearly 1 in 4 Americans (23%) being older than 65 by 2050. Many older Americans struggle to make ends meet, with 10% (5.9 million) living below the federal poverty level of $13,590 in 2022. Those figures are even higher for people of color — nearly 18% for older Black adults and 17% for older Hispanic adults. Additionally, almost 30% (17 million) are low income.
Better With Age: A Guide to Funding in a Longevity Society, developed by Grantmakers in Aging, emphasizes the significant roles that older adults can continue to play in our communities if they have the proper support and services as they age. The guide calls for factoring aging and older adults into all investments; presents a demographic portrait of older people in the United States and an overview of major funding sources; and provides brief examples of programs designed to address the unique needs of older adults that funders could consider supporting.
Two such examples, both Foundation grantees:
- Long-term medical care is a significant issue for older adults, especially those needing services and support but preferring to remain independent and in their homes. The national Program of All-Inclusive Care for the Elderly (PACE) provides primary care, therapy, meals, and recreational opportunities so that older adults can safely stay in their communities and avoid moving to a nursing home. Studies show PACE reduces health care costs and improves health, decreasing hospitalizations, emergency room visits, and nursing home stays while increasing longevity and quality of life.
- Supporting children in foster care within multigenerational communities provides youth and older adults with much-needed stability and support, in addition to enabling the latter to help kids heal from traumatic experiences. Based in Oregon, Bridge Meadows creates communities with affordable rental apartments for families involved in the child welfare system, as well as people older than 55 who are willing to serve as mentors and caregivers for their young neighbors.
“Several funders are already investing in efforts that address many of the challenges older adults face, from housing instability and food insecurity to the rising cost of health care,” said Earl Millett, who leads the Foundation’s grantmaking in this area. “We hope this guide encourages these funders to assess how their current work affects older Americans and explore more intentional, appropriate ways to meet their unique needs so they, too, can thrive.”
