Current Demographics of the Older Population
As of 2024, the U.S. Census Bureau reported that the population aged 65 and older had increased to 61.2 million people, representing 18.0% of the total population. This represents a steady increase from prior years, with the older population growing significantly faster than younger cohorts. This demographic shift is largely driven by the aging of the large Baby Boomer generation, who began turning 65 in 2011.
- The 65-and-over population rose by 3.1% from 2023 to 2024.
- Meanwhile, the population under 18 decreased by 0.2% during the same period.
- This trend has led to older adults outnumbering children in nearly half of U.S. counties in 2024.
The composition of this group is also becoming more diverse. In 2022, 25% of individuals aged 65 and over belonged to a racial or ethnic minority population. This diversity is projected to continue increasing, with minority populations making up a growing share of older adults in the future.
Historical Trends and Future Projections
The aging of the U.S. population is a long-standing trend, intensifying with each passing decade. The proportion of people aged 65 and older has grown consistently since 1920, when it was less than 5% of the total population. The decade between 2010 and 2020 saw the most rapid growth in the older demographic due to the Baby Boomer generation reaching retirement age.
Looking forward, this trend is set to continue. Projections from various sources, including the U.S. Census Bureau and the Population Reference Bureau, anticipate further increases in the older population's share of the total.
Anticipated Growth of the 65+ Population
- 2023: About 17.7%
- 2024: 18.0%
- 2030: Expected to exceed 20%
- 2040: Projected to be around 22%
- 2050: Anticipated to be approximately 22.8%
The number of Americans aged 65 and older is projected to reach approximately 78.3 million by 2040 and 82 million by 2050. The population aged 85 and older is also growing rapidly and is expected to more than double between 2022 and 2040.
Impact of an Aging Population
The demographic shift towards an older population has significant societal consequences. The increased longevity of Americans, while a positive development, poses challenges for national programs like Social Security and Medicare. A rising elderly dependency ratio—fewer workers paying into the system relative to the number of retirees receiving benefits—puts financial strain on these systems.
Comparison of Worker-to-Beneficiary Ratios
| Time Period | Ratio of Workers to Beneficiaries | Data Source |
|---|---|---|
| 1960 | 5.1 to 1 | Social Security Administration |
| 2005 | 3.3 to 1 | Social Security Administration |
| 2025 (Projected) | 2.8 to 1 | Social Security Administration, CBO |
| 2040 (Projected) | 2.1 to 1 | Social Security Administration |
| 2045 (Projected) | 2.2 to 1 | Social Security Administration |
Healthcare Demands
The aging population also places greater demands on the healthcare system. Per capita healthcare spending increases dramatically with age, driven by a higher prevalence of chronic conditions and greater need for services like hospitalizations, specialized care, and long-term care. This increased demand requires adaptation in healthcare financing, service delivery, and human resources.
Economic and Social Implications
Beyond federal programs and healthcare, an aging population affects the broader economy and society. The workforce will see an increasing number of older workers, with labor force participation among those 65 and older projected to rise. Furthermore, caregiving responsibilities for older adults increasingly fall on family members, impacting their own employment and well-being. Policymakers, businesses, and families must all adapt to these evolving demographic realities to ensure a sustainable and supportive future for all generations. For additional resources and analysis on this topic, see the Population Reference Bureau's fact sheet on Aging in the United States.
Conclusion
In 2024, 18.0% of the U.S. population is over 65 years of age, a percentage that is increasing due to the aging of the Baby Boomer generation and rising life expectancies. This demographic shift is not a short-term anomaly but a sustained trend with significant implications for the nation's economy, healthcare, and social structures. Understanding these shifts and preparing for the challenges and opportunities they present is critical for navigating the future of an aging America. Federal agencies and research organizations will continue to monitor this evolution, providing essential data for policymakers, economists, and the public.
