It is no great secret that America is getting older. The birth rate in the U.S. has fallen by more than half since the early 1960s. Typical life expectancy in the U.S. has increased by around a decade over the same span. The last members of the Baby Boomer generation, which totals more than 75 million members, will hit their 60s starting in 2024. These developments are all pushing older Americans to be an increasingly large share of the population.
America’s aging has far-reaching implications for society and the economy. Older workers’ retirements will decrease the size of the labor force and potentially leave many positions unfilled. Their transition from paying into programs like Social Security and Medicare to drawing benefits from them will put strains on government budgets. Older Americans’ needs for health and social services will shape the economy as demand in those fields increases in the years to come. Their lifestyle preferences can determine where and how communities grow and provide necessities like housing and transportation.
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