Ageing in the US
From the CDC: For the first time in US history, ageing adults are expected to outnumber children in 2034:
Although declining fertility plays a role, the driving force behind America’s aging is the baby boomers. As one of the largest generations in the country and the generation that has seen great advances in healthcare, boomers leave a substantial imprint on the population. They swelled the ranks of the young when they were born and then the workforce as they entered adulthood. They also benefited from the many technological changes that occurred after WW II.
Now, boomers will expand the number of older adults as they age. Starting in 2030, when all boomers will be older than 65, older Americans will make up 21 percent of the population, up from 15 percent today. By 2060, if trends continue, nearly one in four Americans will be 65 years and older, the number of 85-plus will triple, and the country will add a half million centenarians.
With this swelling number of older adults, the country could see greater demands for healthcare, in-home caregiving, and assisted living facilities. It could also affect Social Security and Medicare. The government projects three-and-a-half working-age adults for every older person eligible for Social Security in 2020. By 2060, that number is expected to fall to two-and-a-half working-age adults for every older person. Who will pay?
Since RET has many Baby Boomers, how do you see ageing? Are you preparing for it in terms of money, social support, dejunking your life, and finding meaning in it all? Or are you just binge-watching Netflix and piddling around on the internet? Are the Baby Boomers leaving a real legacy or will they just blend into the past like other generations?
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