'Silver tsunami' to happen this year as record number of Americans turn 65 - ... trends now

'Silver tsunami' to happen this year as record number of Americans turn 65 - ... trends now
'Silver tsunami' to happen this year as record number of Americans turn 65 - ... trends now

'Silver tsunami' to happen this year as record number of Americans turn 65 - ... trends now

The US will experience a 'silver tsunami' this year when a record number of Americans turn 65.

A report published this month found that 4.1 million Americans will reach the milestone this year, with the surge continuing through 2027. 

It means that 11,200 US adults turn 65 every day compared to 10,000 a decade ago - a difference of about 12 percent.

The feat has been achieved thanks to medical advancements, better diets, and behaviors in the past century, which have helped the country's more than 61 million Baby Boomers grow older. 

But the findings come amid signs that America is moving backwards, as life expectancy overall has fallen far behind the rest of the developed world since the Covid-19 pandemic.

A record-high 4.1 million Americans are expected to turn 65 this year, even as life expectancy sharply declines

A record-high 4.1 million Americans are expected to turn 65 this year, even as life expectancy sharply declines

The Census Bureau estimates that the youngest boomers will turn 65 by 2029, with the total baby-boom population reaching roughly 61.3 million

The Census Bureau estimates that the youngest boomers will turn 65 by 2029, with the total baby-boom population reaching roughly 61.3 million

Even though the US is the richest country in the world, people born today in Colombia, Estonia, and China can expect to live longer than the average American.  

Experts now estimate that the average American will live to just 77 years, the lowest number in nearly 30 years, compared to 80 in the UK, 81.6 in Canada, and 83 in Australia. 

The research team from Alliance for Lifetime Income said that while 2024 is going to be a 'historic' year to the record number of over-65s, the news isn't all positive.

Cyrus Bamji, chief strategy officer for the Alliance of Lifetime Income, said: 'Peak 65 is a historic moment. 

The tail end of the Baby Boomer generation is starting to turn 65, and unfortunately, most of them are flying into retirement unprotected, with a safety net full of holes.'

'At best, many of them won't be able to maintain the lifestyle they want in retirement. At worst, they face the prospect of outliving their savings.'

The projected 'silver tsunami' is due to the aging Baby Boomer population.

Shortly after World War II ended, the number of births in the US sharply increased in an effort to strengthen the postwar economy.  

This resulted in 76 million babies being born between 1946 to 1964, with 3.4 to four million births occurring each year.   

The Census Bureau estimates that the youngest boomers will turn 65 by 2029, with the total baby-boom population

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