Wow! Did anyone see that coming? We've only been hearing about the Baby Boom generation since the 1950s. Did we think they weren't going to be old some day?
The well-noted aging of the American population will continue long after the Baby Boomer generation crests, posing continuing economic challenges for the country for decades to come, a new congressionally mandated report states. Not least of all, a consistently older population over the age of 65 will put a severe strain on federal programs such as Medicare and Social Security. But the United States does have options that don't guarantee a grim future, according to the report by the National Research Council. These options, however, will require considerable changes in American lifestyles and in how federal programs are structured, the report, Aging and the Macroeconomy: Long-Term Implications of an Older Population, stated. According to the report, the ratio of adults aged 65 and over compared with people aged 20 to 64 will increase by 80 percent in the coming decades. This is partly because the average life expectancy has risen from 47 years in 1900 to 78 years today, and is projected to be 84.5 years by the year 2050.