Today, the U.S. population includes nearly 50 million adults over the age of 65. Members of this demographic control substantially greater assets and net worth than any younger generation.
According to the Federal Reserve, the average net worth for Americans age 65-74 is $1,066,000. The median net worth is $224,000. The U.S. Census Bureau estimates that by 2060, the population over 65 will nearly double to 98.2 million.
Older Americans make up the most generous generational group in the country. Those born before 1964 account for nearly 70 percent of all charitable giving.
Many older Americans are able to shift their focus from income creation to asset preservation, retirement and a more relaxing lifestyle. They often increase their giving and volunteering _ with enormous benefits for society and themselves as well.
Today's retirees are almost six times more likely to define success by their generosity (85 percent) than by their wealth (15 percent). Retirees who give are more likely than their less-generous counterparts to report high levels of happiness and a sense of purpose.
Voluntarism enhances well-being, health
Millions of adults volunteer their time to help other people or a specific cause. They report:
_Improved self-esteem (88 percent),
_Lower stress levels (79 percent),
_Feeling physically better (75 percent),
_An improvement in mood (93 percent),
_An expanded worldview (89 percent), and
_An enriched sense of purpose in life (94 percent).
Moreover, volunteering frequently to help others is associated with delayed mortality among older adults, according to a Stanford University study.
"When the happiness, security and well-being of others become real to us, we come into our own," said Dr. Stephen Post, a professor of preventive medicine and bioethics at Stony Brook University School of Medicine. "Creativity, meaning, resilience, health and even longevity can be enhanced as a surprising byproduct of contributing to the lives of others. This is perennial wisdom, and science now says it is so."
