In the past, typically there have been more younger people than older people in the United States… kind of like an age pyramid. Because of a group of people called the “Baby Boomer Generation,” that pyramid will be more like a rectangle soon.
10,000 Baby Boomers will turn 65 everyday from now until 2030.
That according to Paul Taylor, author of “The Next America” from Pew Research Center.
In 17 years, the number of Americans over the age of 65 is expected to have doubled since 2008. However, the cost of Social Security is expected to rise only slightly because of retirement age and other reforms enacted in the 1980s, which have already cut benefits, according to the National Academy of Social Insurance.