2023 Profile of Older Americans

December 3, 2024

Did you know?

  • The 2022 median income of older people was $29,740 ($37,430 for men and $24,630 for women)
  • In 2023, 11.2 million Americans age 65+ were in the labor force (working or actively seeking work)
  • Consumers age 65+ incurred out-of-pocket health care expenditures averaging $7,540 in 2022, up 47% from 2012

The 2023 Profile of Older Americans from the Administration for Community Living highlights the growing financial challenges faced by senior homeowners who are living on fixed incomes and struggling with healthcare costs, housing, and daily expenses.

A reverse mortgage could help by allowing seniors to tap into their home equity without the need to sell or move, providing extra funds for healthcare, home improvements, or simply improving their quality of life. Reach out to learn more about reverse mortgage options for your clients.


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