The rising rate of Americans reaching retirement age is causing a shortage in workers that can support them and the entitlement programs from which they benefit, according to a new report.
The Wall Street Journal cited government data and concluded baby boomers are putting a strain on the economy.
Key findings in the study:
- There were 19 U.S. adults aged 65 and older for every 100 Americans between ages 18-64 in 1980. That figure, called the old-age dependency ratio, rose to 21 in 100 by 2010.
- In 2017, the old-age dependency ratio had risen to 25 in 100. It is projected to be 35 in 100 by 2030 and 42 in 100 by 2060.
Lower birth rates are partially to blame, although the old-age dependency ratio in the U.S. is still better than other developed nations such as Canada, Germany, and Japan.
There has been concern for several years the Social Security system will not be able to sustain itself by sometime in the 2030s.
According to the Journal, the median age of Americans was 38 in 2017, almost a full year higher from the year 2000.
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