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U.S. Census Bureau projects global population will age rapidly by 2060, with older adults nearly doubling in share

The U.S. Census Bureau reported that the global population aged 65 and older is projected to nearly double from 10.5% in 2025 to 19.6% in 2060. This demographic shift is driven by declining fertility rates and improvements in healthcare, education, and living standards. While the United States is already an older society, it is projected to fall to 110th place globally in terms of age by 2060. In contrast, countries like South Korea are projected to become the world's oldest country by 2060, with 41% of its population aged 65 and older. This aging trend creates significant fiscal pressure on public budgets. Government health spending is projected to increase by 2.6% of GDP over the next decade, while average government revenue growth is expected to be only 1.3%. This shift is expected to impact labor markets, pensions, and long-term care systems. In the United States, the share of people aged 65 and older rose from 12% in 2004 to 18% in 2024. The country is moving through a period where the Baby Boomer generation is transitioning out of its prime working years. This transition may create financial challenges for state governments as the tax base shrinks and demand for healthcare and infrastructure increases.

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