America’s population is undergoing a significant demographic shift with experts warning of a “silver tsunami” in the near future. According to recent findings from the U.S. Census Bureau, older adults will outnumber children by 2035 marking a first in U.S. history.
The number of Americans aged 65 and older is projected to increase from 58 million in 2022 to 82 million by 2050 a 47% increase. The 65-and-older age group’s share of the total population is projected to rise from 17% to 23% according to the Population Reference Bureau (PRB).
A friend of mine (who doesn’t exist)
Is telling me about the Silver Tsunami and how he is going to get rich by acquiring businesses from boomers
His criteria:
Kids don’t want it
Brokers won’t touch it
Biz buy sell listing 1 year plusWe discussed this over imaginary coffee
— Rob | Offshore Hiring Expert (@DenconMedia) May 8, 2024
Patrick Mish, CEO of social work firm SilverStay, told Newsweek that the impending demographic shift presents significant societal and economic challenges and opportunities. “This shift often called the ‘silver tsunami,’ is expected to impact multiple facets of society profoundly,” Mish said.
The United States is on the brink of a silver tsunami. By 2030, 24 million people will require long-term care—about double the number who need it today—and our healthcare system is ill-equipped to support them all. https://t.co/pJ2acbRySG #Caregiving #Aging
— Hollywood, Health & Society (@HollywdHealth) May 8, 2024
Experts have raised concerns about the economy and the well-being of older Americans as a result of the shift. Dr. Kylie Meyer, assistant professor at Case Western Reserve University in Ohio, said an already challenging landscape in the elderly care industry is likely to get worse unless action is taken.
One major issue that could affect all Americans is the population of the citizens paying for programs like Social Security are not large enough to significantly boost the programs’ effectiveness for the elderly, causing large expenditures by government and more debt to burden Americans.
