The U.S. 65-and-up population is exploding throughout the country and projects to reach over 80 million people by 2040.
Baby boomers are the demographic group born during the post-World War II baby boom, broadly defined as the period between the years 1946 and 1964. This means that in 2019, members of the baby boom generation are roughly between 55 and 73. The generation is the wealthiest generation in U.S. history, as well as the most active and most physically fit. Baby boomers are known for very high levels of consumption, the effects of which have even been seen in how this group spends its collective retirement.
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. By 2025, the group of 85 and older is estimated to exceed over 18 million, a 177% increase from the 2020 population of approx. 6.7 million.