An Aging Population
The US population is shifting toward retirement age. The massive “baby boomer generation” that is now entering retirement is fueling this growth. As the US population ages, senior insureds are becoming increasingly healthy, outliving the usefulness of both their life insurance and their life retirement savings. These shifts will continue to put increased financial pressure on retirees as retirement savings and pension plans are depleted.
The US Bureau of the Census projects the number of individuals in the United States over age 65 will grow from 34 million today to 69 million by 2030. In this regard, the senior population will nearly double and represent over 25% of the US population. At this expected rate of growth, the population above age 65 will grow by 51.6 million people by 2050, a percentage increase of 113.8% in the 65-84 age group and 388.9% in the over 85 age group.
Seniors represent the fastest growing age group in the US.