The New York Times Economix blog writes that by the year 2030, US Census data shows the entire baby boomer generation will have moved into the ranks of the elderly.
Catherine Rampell writes:
This has bigger consequences than just a longer line for the early bird special. It means that a smaller portion of the population will be working, and inversely that a larger portion of the population will be depending on government services (and/or family members and meager personal savings) in order to get by.
According to census data, during 2030, for every 100 people aged 20 to 64, there will be 83 people hwo are probably too old or too young to be working.
The report also shows
Between 2010 and 2050, the United States is projected to experience rapid growth in its older population.2 In 2050, the number of Americans aged 65 and older is projected to be 88.5 million, more than double its projected popula- tion of 40.2 million in 2010. The baby boomers are largely responsible for this increase in the older population, as they will begin crossing into this category in 2011.3