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Older population projected to double by 2050

April 26, 2012 by Paula Aven Gladych

By Paula Aven Gladych

Older Americans accounted for 13 percent of the total population in 2010, or 40.3 million people, according to the U.S. Census Bureau. In honor of Older Americans Month, which is in May, the Census Bureau released some facts about those who are 65 and older.

It showed that in 1990, there were 31.2 million older Americans, and in 2000, there were 35 million. The projected population of those over 65 in 2050 is 88.5 million, or 20 percent of the population. According to the International Data Base, the world population of older people in mid-year 2011 was 546 million. Those numbers are projected to increase to 1.56 billion by 2050, or about 17 percent of the world’s population.

By 2030, or the year in which all Baby Boomers will have moved into the 65 and older age category, 35 out of every 100 people will be age 65 and older.

The real median 2010 income of households with individuals 65 and older was $31,408. Since 2007, real median household income declined for all age groups except 65 and older. The income of this group increased by 5.5 percent between 2007 and 2010. The corresponding real median for all households was $49,445 in 2010.

Nine percent of people 65 and older, or 3.5 million seniors, were in poverty in 2010. Neither the poverty rate nor the number of people 65 and older in poverty in 2010 was statistically different from the 2009 estimates. The corresponding rate for the population as a whole was 15.1 percent.

The Census Bureau found that there were 6.7 million people 65 and older in the labor force in 2010. Projections indicate that by 2018, that number will reach 11.1 million. There also were an estimated 9.1 million veterans of the armed forces in 2010 who were listed as older Americans.

Sixteen percent of older Americans were still in the labor force in 2010, and 42 percent of those were working in management, professional and related occupations.

Originally published on BenefitsPro.com

Originally Posted at ProducersWeb on April 25, 2012 by Paula Aven Gladych.

Categories: Industry Articles