The number of U.S. adults aged above 65 years will cross the 80 million mark by 2050, a number that is double of what it is now, according to a government report.
Baby boomers ( people born between 1946 and 1964) have a major role to play in this sharp increase. According to two U.S. Census Bureau reports, the number of elders in the country was recorded to be approximately 43.1 million in 2012 and this number is predicted to rise to 83.7 million by 2050.
"The United States is projected to age significantly over this period, with 20 percent of its population age 65 and over by 2030," said Jennifer Ortman, chief of the Census Bureau's Population Projections Branch in a press release. "Changes in the age structure of the U.S. population will have implications for health care services and providers, national and local policymakers, and businesses seeking to anticipate the influence that this population may have on their services, family structure and the American landscape."
The first report looked into how the rise in the 65-and-older population will impact the overall population composition of the country. Officials predict that by 2015, the elder population will comprise 20 percent of the overall country population. The second report looked into the structuring of the baby boomers' population and how it will change from what it was in 2012.
The Consequences of Rising Elderly Population
One thing is certain, this rise in the 65-and-older population will definitely increase the need for more medical services, increasing medical expenses of the country.
In fact, previous U.S. Census Bureau reports have already highlighted an increase in medical services in the United States. A 2011 report highlighted that health care and social assistance sector is one of the largest sectors in the country, with over 819,000 establishments. Between 2007 and 2011, there has been a 20 percent increase in employment rates in this sector too.
The graying population of the country has also raised concerns among economists about the county's economy. The rise in elder population means less spending, less saving, lower economic output and slower growth. Moreover, there will be fewer working Americans, which means fewer taxpaying citizens.
Forever Young America?
If you do your math, according to these estimations 1 in every 5 Americas will be above the age of 65 by 2050. As alarming as it sounds, U.S. officials are not very worried. According to them, the American population will still remain younger than most other countries.
A blog post by Census highlights that the country is doing far better in terms of aging population than its peers. For example, 40 percent of Japan's population is predicted to be above the age of 65 by 2050, up from 24 percent in 2012. Italy and Germany will also have a 30 percent 65-and-older population by the middle of this century. The elder population of Poland and Spain will stand at 31 and 32 percent respectively, 36 years from now.
The current report highlights that the majority of rise in America's graying population will take between 2012 and 2030 because during this period, baby boomers will reach 65 years of age. By 2030, there will be 35 people aged 65 and older for every 100 working-age people. Interestingly, by 2060, the youngest baby boomer will be 96 years old.
The percentage of baby boomers is expected to decrease from 16.7 percent in 2030 to 3.9 percent in 2050.
