What is the fastest growing segment of the population?

According to the US Census Bureau, the population aged 65 and older grew nearly five times faster than the total population from 1920 to 2020. So, what is the fastest growing segment of the population? This rapid expansion is primarily driven by the aging Baby Boomer generation and increased life expectancies, leading to significant societal and economic shifts.

Quick Summary

The senior population, particularly those aged 65 and older, is expanding at an unprecedented rate globally. This demographic shift is fueled by the large Baby Boomer generation entering retirement age and rising life expectancies, which have major implications for healthcare, social security, and the economy. The fastest-growing sub-segment consists of centenarians, whose numbers are projected to quadruple by 2054.

Key Points

• Older adults (65+) are the fastest-growing demographic: This trend is driven by an aging Baby Boomer generation and increased life expectancy, with the US 65+ population growing 42.8% between 2010 and 2022.

• Centenarians (100+) are the fastest-growing sub-segment: While a small group, the US centenarian population grew by 50% from 2010 to 2020 and is projected to quadruple by 2054.

• Immigration offsets US decline: For the United States, immigration plays a vital role in population growth, helping to counteract the natural decrease caused by low fertility and an aging populace.

• Healthcare and economy face impacts: The aging population increases the demand for healthcare services and can strain pension and social security systems.

• Workforce dynamics are changing: With more older adults working longer, the workforce is becoming more age-diverse, which influences employment and retirement policies.

• Regional differences exist: While aging is a global trend, the pace and causes differ by region. Europe and North America have the highest proportion of older people, while Africa is the world's youngest region.

Globally and within the United States, the older adult demographic is the fastest-growing segment of the population, specifically those aged 65 and over. While global population growth is slowing, the number of older people is increasing rapidly due to declining birth rates and rising life expectancies. This trend is prominent in developed nations but is also accelerating in developing countries.

The Influence of the Baby Boomer Generation

A major factor in the rise of the older population is the aging of the Baby Boomer generation (born 1946-1964). By 2030, all Baby Boomers will be over 65, significantly increasing the senior population. This large cohort has influenced demographics at every stage of life and continues to shape societal structures, including healthcare and the workforce.

Increased Life Expectancy and Medical Progress

People are living longer due to advances in medicine, public health, and living conditions. Global life expectancy is rising. Improvements in treating diseases have allowed more individuals to reach old age. Within the older population, the 'oldest old,' particularly centenarians (those aged 100+), are a notably fast-growing group. The US centenarian population grew by 50% between 2010 and 2020 and is expected to quadruple by 2054.

Societal and Economic Implications

The growth in the older population has broad effects.

• Healthcare Demand: A larger senior population requires more healthcare, in-home care, and assisted living services. Conditions like Alzheimer's also increase care system strain.
• Economic Impact: This demographic shift can pressure social security and pension systems as the ratio of working-age adults to retirees changes. However, older adults also form a significant market.
• Workforce Trends: More older adults are working longer. This affects hiring and retirement policies.
• Diversity: The older population is becoming more diverse, with significant growth projected for groups like Hispanic Americans aged 65 and older.

Contrasting Global and National Trends

While aging is a worldwide trend, the specifics vary. Countries like Japan have experienced rapid aging and population decline. In the US, immigration helps mitigate some effects of aging, though the population is still getting older.

Feature	United States	Global
Key Driving Factors	Aging Baby Boomers, higher life expectancy, and immigration.	Higher life expectancy and declining fertility rates worldwide.
Oldest Age Group	The 'oldest old' (85 and over) is a particularly fast-growing subgroup.	Globally, the number of people aged 80 or more is rising even faster than the number aged 65 or above.
Working-Age Population	Projected to see a decline in the US-born working-age population, with immigrant offspring offsetting losses.	Sub-Saharan Africa's working-age population is projected to grow faster than any other age group.
Population Shift	The 65+ age group is projected to make up a larger percentage of the total population by 2040.	The global median age is expected to rise, with older persons projected to outnumber adolescents and youth by 2050.

Conclusion

The fastest-growing segment of the population, both in the United States and globally, is the older adult demographic, especially those aged 65 and over. This demographic shift is driven by the aging Baby Boomer generation and increased life expectancy. The implications are significant, impacting healthcare, social security, workforce dynamics, and economic priorities. Understanding these trends is vital for future planning. The growth of the senior population, including the rapid increase in centenarians, highlights both the successes of improved living standards and the challenges of adapting to an aging world.

Visit the Population Reference Bureau for more information on aging demographics

Frequently Asked Questions

What is the fastest growing age group in the United States?

In the United States, the fastest-growing age group is people aged 65 and older. This rapid increase is largely attributed to the Baby Boomer generation entering retirement, combined with improved healthcare and increased life expectancy.

What is driving the growth of the older population?

The growth is primarily driven by two factors: the aging of the large Baby Boomer generation and increased life expectancies due to medical advances and better living conditions. Low fertility rates also contribute by decreasing the proportion of younger people.

Which age sub-group is growing the fastest within the older population?

Within the older population, the 'oldest old'—those aged 85 and over—is the fastest-growing sub-segment. This includes centenarians, whose population grew significantly between 2010 and 2020.

How does the aging population affect the economy?

An aging population affects the economy by increasing demand for healthcare services and potentially straining social security and pension systems due to a lower ratio of workers to retirees. It also creates a large market for products and services catering to older adults.

Are there regional differences in population aging?

Yes, population aging varies by region. While Europe and North America have the highest proportion of older people, aging is also progressing quickly in developing countries. Sub-Saharan Africa remains the world's youngest region.

How does immigration impact population growth in the US?

Immigration is a significant driver of US population growth, especially as the native-born population experiences lower fertility rates and ages. In an environment of low natural increase, international migration has become a main contributor to population gains.

What are the social challenges associated with an aging population?

Social challenges include greater demands on healthcare and caregiving resources, potential strains on public finances for social programs, and the need for new approaches to lifelong learning and multigenerational workforces.