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Future US Senior Citizens Face Big Changes

   1 in 5 Americans will be over 65 by 2050

   Ted Landphair | Washington, D.C.  April 11, 2011
   This young worker had better be checking his retirement account on that
   computer if he wants to be comfortable at age 65

Photo: Getty Images/iStockphoto

   This young worker had better be checking his retirement account on that
   computer if he wants to be comfortable at age 65

   Analysts at the U.S. Census Bureau have a provocative forecast for
   America's population in 2050, when today's 25-olds will be knocking on
   the door of age 65.

   If projections hold, not only will there be more than TWICE as many
   people 65-and-over in sheer numbers as there are now, but their
   percentage of the population will jump from 12 percent today to 21
   percent. That means more than one in five Americans at mid-century will
   be what we call "senior citizens." And if current demographic trends
   continue, a much greater proportion of the nation's elderly will be
   Hispanic, African-American and Asian-American.
   Take a look at the typical American worker, circa 2050. Take a look at
   the typical American worker, circa 2050.

   Linda Jacobsen at the Population Reference Bureau, a private outfit
   that helps make sense of demographic data, helped us sort out the
   implications:
   Primarily, she says, in 2050 a whole lot more people 65 and older will
   be on the job outside the home. In part, that's because many more than
   today will be well educated and in rosy health, and will simply WANT to
   keep working.
   Others won't have a choice, since they won't be able to get Social
   Security benefits as the eligibility age keeps rising - quite possibly
   to 70 or beyond by 2050. And as private companies cut costs, generous
   pension and company-paid retirement accounts will be harder to find as
   well.
   Today, women more often than men are the ones who stay home to care for
   Mom and Dad in their last years - while men contribute money to their
   elders' care. But in 2050, women will be less available as caregivers,
   because more of them will also be busy at a workplace somewhere.
   So, Linda Jacobsen points out, young Americans had better be saving
   money right now in the increasing likelihood they'll have to care for
   themselves in their advanced years. But, they can expect plenty more
   nursing homes and assisted-living centers to choose from.
   In 2050, Americans who are 65 may be considered "middle-aged." By then,
   only what demographers today call the "oldest old" - the 85-and-over
   crowd - will be thought of as truly "old."