Facts and Figures

The number of Americans ages 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060, and the 65-and-older age group’s share of the total population will rise from 16 percent to 23 percent.

Nearly 95% of older adults have at least one chronic condition, and nearly 80% have two or more.

Multiple chronic diseases account for two-thirds of all healthcare costs and 93% of Medicare spending.

Older adults are working longer. By 2018, 24 percent of men and about 16 percent of women ages 65 and older were in the labor force. These levels are projected to rise further by 2026, to 26 percent for men and 18 percent for women.

The large share of older adults means that Social Security and Medicare expenditures will increase from a combined 8.7 percent of gross domestic product today to 11.8 percent by 2050.

Many parts of the country—especially counties in the rural Midwest—are aging in place because disproportionate shares of young people have moved elsewhere.

The 2020 median income of older adults was $26,668. From 2019 to 2020, the inflation-adjusted median income of all households headed by older adults dipped by 3.3%.

The 2020 $495.5 billion Medicare shortfall constituted about 16% of the federal deficit, and Medicare’s cash shortfall is responsible for one-third of the federal debt.

The Social Security Trust Fund is projected to be depleted in 2034.

In 2021, 37% of men and 42% of women on Social Security received 50% or more of their income from the programs.