Several countries today are facing an aging population , where the median age of the population has increased and a larger portion of the population is considered to be older. Two primary reasons for this are increased life expectancy and lower birth rates.
Today, there are more than 46 million older adults age 65 and older living in the U.S.; by 2050, that number is expected to grow to almost 90 million. Between 2020 and 2030 alone, the time the last of the baby boom cohorts reach age 65, the number of older adults is projected to increase by almost 18 million.
From an economic perspective, a growing senior population will mean reallocating economic and other resources from research and development, improving educational systems, and technological advancements to caring for the elderly , more funds to pay for senior healthcare, and maintaining pension fund payouts.
The fastest growing segment of the older population is the oldest old — that is, those ages 85 and older. They are projected to total 6 million as early as 2010, twice their 1990 level.
Decline in Working-Age Population A rapidly aging population means there are fewer working-age people in the economy . This leads to a supply shortage of qualified workers , making it more difficult for businesses to fill in-demand roles.
In 2019, about 16.5 percent of the American population was 65 years old or over; a figure which is expected to reach 22 percent by 2050. Share of old age population (65 years and older) in the total U.S. population from 1950 to 2050.
|Percentage of total population|
125 million people
A General overview At global level, the share of 80 + people rose from 0.6% in 1950 (15 million) to around 1.6% (110 million) in 2011, and it is expected to reach 4% (400 million) by 2050.
Societal aging can affect economic growth, patterns of work and retirement, the way that families function, the ability of governments and communities to provide adequate resources for older adults, and the prevalence of chronic disease and disability.
The main disadvantages of an ageing population include increase in pension and health-care costs. Older people are more prone to illnesses and ailments; as such, an increasing number of sick persons will put pressure on health-care facilities, which might not be able to cope with the demand.
Platinum Sponsor. Presented by ElderAlliance, Inc. & JMU Social Work Department. Baby boomers are the fastest growing age group in the U.S.A. Currently 14.5% of the nation’s population is age 65+. By year 2029 the national population of those age 65+ will be 20%. Population Estimates by Age.
Older people are more likely to break bones in falls because many older people have porous, fragile bones due to osteoporosis. Additionally, seniors are more likely to have complications from surgeries, as the sedation and additional trauma to the body make the recovery more risky.
Between 2006 and 2016 the population age 60 and over increased 36% from 50.7 million to 68.7 million. 2040 (a 129% increase). population) to 11.1 million in 2016 (23% of older adults) and are projected to increase to 21.1 million in 2030 (28% of older adults). 12% between 2006 and 2016.