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Cleveland seniors are creating new wealth -- and facing new challenges
With Cleveland's median age going from 37 to 41 this century, Nancy LeaMond of AARP is looking forward to the coming of the "Longevity Economy"

Kabir Bhatia
Nancy LeaMond with AARP says Ohio's graying population is actually creating new jobs -- and new challenges -- in Northeast Ohio
Courtesy of Cleveland City Club
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An expert on aging says seniors in Northeast Ohio are actually creating jobs and wealth in the nation’s 13th “grayest” state. WKSU’s Kabir Bhatia reports.
Cleveland seniors are creating new wealth -- and facing new challenges

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Since 2000, Cleveland’s median age has jumped from 37 to 41, one of the fastest aging populations in the country. But that’s creating a new “longevity economy” according Nancy LeaMond with AARP. She told the Cleveland City Club earlier this week that baby boomers are actually driving growth in healthcare, and are also the fastest-growing segment of entrepreneurs. 

“As a group, the over-50 crowd controls nearly 80 percent of U.S. net worth. And research by Oxford Economics shows that Ohioans over the age of 50 contribute to the economy in an outsized proportion to their share of the population.”

LeaMond does acknowledge there are still challenges for Ohio’s seniors, with more than half of people over 65 living solely on Social Security. She also says public transportation will need to adapt to be accessible for people of all ages.

Listener Comments:

Why is anyone surprised that we people over 65 are not retiring? If you have been paying attention, defined company funded pensions were phasing out in the eighties. Our 401Ks tanked more than once. Our wages have been stagnant while prices rise, so not much room to put much into savings. It's not rocket science. Can't retire without a sufficient income and/or nest egg. Only comfort I got from this news report? 19% of Ohioans over 65 are still working, so I don't feel so alone.

Posted by: Eileen Corrice (Painesville, OH) on November 12, 2014 12:11PM
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