Old age is an opportunity

The issue of elderly care presents problems and opportunities. Like other Americans, elderly African-Americans are living longer and their numbers are growing. In 1991, US Department of Health and Human Services data showed the typical 65-year-old black woman can expect to live until age 82.6. Black men age 65 can now expect to live until age 79.2. Also, the number of persons reaching age 65 is increasing. However, the elderly of the future will be different from their parents. Many will be functionally independent, having less debt and less financial obligations, more leisure time and more financial assets even though income may be lower. This group will have the money and the will to demand quality retirement-related services, which range from cultural to financial to entertainment. Demographic and economic trends indicate a wealth of potential entrepreneurial opportunities in the areas of retirement-related, medical and long-term care services for the elderly and their families.