By 2029, when all baby boomers will be 65 or older, more than 20 percent of the population will be over 65. By 2056, those 65-years-old and older will outnumber those less than 18 years of age.
Although the baby boom population will decline in the coming decades, trends in fertility, mortality and international migration will sustain the older population in the U.S., according to the Census Bureau. Declines in births will lead to slower growth at the youngest ages, while longer life expectancies will result in growth of the 65-and-older population, the Census Bureau says.
In 2012, there were 22 people 65 and older for every 100 working-age people in the U.S. In 2030, the ratio will grow to 35 people for every 100.
The aging population already is affecting the nation. The Villages in Florida, home of one of the largest retirement communities in the nation, was the fastest growing metropolitan area between 2012 and 2013, according to Census Bureau, .
There has also been an increase in health care-related industries. In 2011, the Census Bureau’s County Business Patterns report showed the health care and social assistance sector as one of the largest in the U.S., with about 819,000 establishments. This includes home and health care services, community care facilities for the older population and continuing care retirement communities. These businesses already had an increase of 20 percent or more in their number of employees between 2007 and 2011.
In the future, a smaller share of total resources may be devoted to such things as education while a larger share may be spent on health care, the Census Bureau projects.
The older population is not only growing, it also is becoming more diverse. The 65-and-older population is projected to be 39 percent minority in 2050, up from almost 21 percent in 2012. The 85-and-older population is projected to be almost 30 percent minority in 2050, up from 16 percent in 2012.