According to the World Health Organization, adults aged 60+ will exceed 20% of the world’s population by 2050. In the United States, this group will account for 25% of the population by 2030. This demographic shift is a result of increased longevity – people are living longer.
And our world needs to shift its perceptions about aging not only to benefit older adults, but also to effectively leverage our only increasing natural resource. By fueling innovation that makes aging easier, we hope to advance not only the needs and wants of older adults, but also to harness their potential for the benefit of all.
In the US, 10,000 people will turn 65 every day for the next 20 years
By 2035 there will be more people over 65 than under 18 in the US (78 million 65+; 76.7 million 18-65)
According to a recent survey, Baby Boomers (currently ages 55-73) are projected to have 70% of all U.S. disposable income over the next five years. Additionally, baby boomers will inherit about $15 trillion in the next 20 years.
Today, the total economic activity of Americans over age 50 totals $7.6 trillion. While these consumers represent 35 percent of today’s population, they control more than half of the country’s investable assets. If this were a separate economy, it would rank third in the world behind only the United States and China.
While a growing number (25 percent, up from 20 percent in 2017) plan to retire earlier than age 65, 29 percent expect to work past age 70.
By 2050, the world will look like Florida – with almost 17% of the population over 65.