Fact Sheets

The recession has increased joblessness among older Americans. These graphs and tables report unemployment rates and how they have varied by age, sex, race, and education since 2007.

The retirement savings of American households took a big hit when the stock market crashed in 2008. Recently, however, a good portion of these losses has been reversed. This fact sheet follows trends in retirement account balances since the beginning of 2005.

The number of people of color in the workforce will soar in coming decades as the older population expands, grows more diverse, and works longer. However, African Americans and Hispanics age 50 and older face substantial workplace challenges, including relatively low earnings, high unemployment, and limited access to self-employment. Older Asians fare better, but still lag behind their non-Hispanic white counterparts along many dimensions. This data brief shows how recent trends in labor force participation, earnings, self-employment, and unemployment vary by race and Hispanic origin for adults age 50 and older.

How much will you pay in Social Security and Medicare taxes over your lifetime? And how much can you expect to get back in benefits? It depends on whether you're married, when you retire, and how much you’ve earned over a lifetime. These tables provide estimates of the lifetime value of Social Security and Medicare benefits and taxes for typical workers in different generations at various earning levels.

Most Americans will eventually need long-term care, which is often expensive and not usually covered by public programs until recipients have nearly exhausted their savings. In 2009, 5.2 million Americans age 65 and older not living in institutions had long-term care needs. Yet, only about 1 in 10 Americans age 55 and older had private long-term care insurance in 2008. Coverage rates were nearly twice as high among those with annual incomes in excess of $100,000. Private insurance covered only 7 percent of the $240 billion in U.S. long-term care costs in 2009. Nearly a fifth were paid out of pocket.