There are nearly 80 million Baby Boomers today, and this cohort of 65 and older is projected by the US Census Bureau to reach 83.7 million in the year 2050.
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By 2030, more than 20 percent of U.S. residents are projected to be aged 65 and over, compared with 13 percent in 2010 and 9.8 percent in 1970. A large part of this growth is due to the aging of baby boomers (individuals born in the United States between mid-1946 and mid-1964), who began turning 65 in 2011 and are now driving growth at the older ages of the population. Every day, 10,000 people turn 65. There are more than personal financial issues at stake here.
What does this mean for the CPA profession?