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Hernando Today

Seniors May Save Florida's Economic Crisis

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By ADON TAFT, Life to the Fullest

Hernando Today

Published: August 25, 2008

Updated: 08/25/2008 05:31 pm

Solving Florida's housing crisis may rest on the shoulders of the state's senior citizens since that age group buys 50 percent of all new home construction, reports the Florida Department of Elder Affairs.
In fact, statistics released by the department last month show that the retirement industry as a whole makes up the state's second largest economic sector. Senior citizens spend $135 billion in Florida every year.
Old-timers, although many are relatively new arrivals in Florida, make substantial contributions to many facets of life in the Sunshine State. For example, the state's education system benefits from the presence of 4,157,824 residents age 60 or older who pony up more than $1 billion in local school taxes.
In addition, the 2,313,656 women and 1,844,168 men in that category donate $3.5 billion in charities annually and contribute their knowledge and experience in many ways to the communities where they live, surveys by the department indicate.
The power and influence of the mature citizens is evident in recent elections and their vote may be the deciding factor in the November balloting for president, according to the Department of Elder Affairs. One-third of those seniors living in Florida are registered to vote and make up the age group most likely to vote. In the state's 2006 election, they accounted for nearly half (43 percent) of the ballots cast.
Nationwide, every hour of every day 330 Americans turn 60 and by 2030, one in five people in the population will be older than 65, according to the U.S. Census Bureau.
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Men and women in that age bracket who still are working should not be in too big a hurry to retire. That's the advice of some experts on the financial aspects of retiring.
Consuelo Mack, the highly respected host of the "Wealthtrack" television program, reported recently that a sobering new study finds that nearly three out of five new retirees will outlive their finances unless they cut back on their standard of living.
To avoid falling into that category, experts suggest that people planning to retire at age 62 consider these facts:
* If you work four more years and save 15 percent of your salary, you will increase you annual retirement income by 29 percent.
* If you work four more years saving 15 percent of your salary and delay taking Social Security benefits until age 66, you will increase your purchasing power in retirement by 36 percent.
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There is little communication between older and younger workers, according to a survey of 3,494 employed men and women conducted by Harris Interactive for Randstad USA, an employment services group. Some 51 percent of baby boomers and 66 percent of older workers said they seldom had interaction with younger employees.
Among the consequences, reported the Mature Market Institute, are that younger workers see older workers as failing to think outside the box and older workers question the work ethic and competence of younger employees.
Such perceptions, it was concluded, are likely to interfere with intergenerational knowledge transfer.

If you have questions about any issues connected with aging, except medical conditions, please write to "Life to the Fullest," Hernando Today, 13299 Cortez Blvd., Brooksville, Fla., 34613, or send e-mail to adontaft@yahoo.com . Please include your name and address.

Adon Taft is a resident of Brooksville.

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