All of the baby boomers will be age 65 or older in 2030. At this point, 1 in 5 U.S. residents will be solidly in the gray-hair-and-creaky-joints category.
The number of citizens ages 65 and older is expected to double from 38.7 million this year to 88.5 million in 2050, the U.S. Census Bureau projects. And the 85-and-older population is expected to swell to 19 million in 2050, triple the 5.4 million in that category today.
Meanwhile, the percentage of the population between the "working ages" of 18 and 64 is projected to decline from 63 percent to 57 percent in 2050.
Of course, all baby boomers won't retire at age 65. Although most people today retire at age 63, numerous surveys have found that many baby boomers will need and want to work past age 65. I recently asked several retirement experts to name an ideal retirement age for baby boomers to shoot for. Most told me at least 66 and preferably age 70 or older. And there seems to be a growing interest in part-time work and interesting new opportunities. On the other hand, some boomers will likely find themselves unexpectedly retiring younger than they had planned.
Tell us, what do you think life will be like after all the baby boomers reach age 65?