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• 83% of US household wealth is held by people over 50
• Access to credit and assets allows the group to spend more on goods,

Services and investments than their younger counterparts

• When summed together approximately $1.8 trillion in federal, state and local taxes were attributable to the Longevity Economy in 2018 and it will quadruple by 2050

o About 43% of federal tax revenue ($1.4 trillion)
o and 37% of state and local tax revenue collected in US ($650 billion)

Spending by people aged 50 and over in the US in 2018 supported

• More than 88.6 million jobs (44% of total employment)
• Over $4.7 trillion in labor income
• 61% of all US jobs and 43% of labor income was related to spending

By the 50+ cohort
• Accounts for a majority of the spending in several categories of goods and services including: o healthcare

o Nondurable goods
o Durable goods, utilities

o Motor vehicles and parts o Financial services
o Household goods

• Overall contribution – economic and unpaid activities – $9 trillion in 2018

• 50+ also accounts for the majority of: o Volunteering

o Philanthropy
o Entrepeneurs
o Donation activities in the US o Large tourism block

50+ Longevity New York

• 36% of population in New York 50+
• Contribute 43% – $719 billion GDP
• Support 5.9 million jobs
• Generated $482 billion in wages and salary
• Contribute $72 billion in state and local taxes (39% of total)

Combating Ageism and Stereotypes – Social, Economic and Intellectual Capital of Older Population

New York’s total population is over 19 million and the state ranks fourth in the nation in the number of adults over 60 (4.84 million)

• 80% of NYS Retirement System Payouts Stay in NY – $10.6 billion annually – other pensions – $30.5 billion

• Social Security – $59 billion annually paid to NYS older adults
• 900,000 individuals age 60+ contribute 442 million hours of service at an economic value of $13.2 billion
• 64% of individuals age 60+ who own their own home have no mortgage

• 4.1 million caregivers at any time in a year – economic value if paid for at market rate is $39 billion average age is 64