Listen Live
Active seniors using laptop outdoor and paying online bills with credit card

Source: momcilog / Getty

A “silver tsunami” is sweeping across the nation, as seniors will eventually outnumber children for the first time in U.S. history.

Recent findings from the U.S. Census Bureau indicate that by 2035, older adults will outnumber children in the U.S. This could lead to a lot of problems, with increased demands on health care services, the overall workforce and the economy.

The U.S. population is older than it’s ever been, according to the Population Reference Bureau (PRB). The number of Americans aged 65 and older is projected to increase from 58 million in 2022 to 82 million by 2050—an increase of 47 percent—and the 65-and-older age group’s share of the total population is projected to rise from 17 percent to 23 percent, according to the PRB.

This ageing population is at risk of not having anyone to help them as the poorly-paid care industry is squeezed out by better paid jobs in a tight labor market.

“An already challenging landscape in the elderly care industry is likely to get worse unless action is taken,” says Dr. Kylie Meyer, assistant professor at Case Western Reserve University in Ohio.

“More older adults may go without care, or younger family members may be further financially stretched to help older relatives.”

Half of the wealth in the US is now held by people born before 1965, a study found last year, helped by decades of surging house prices and falls in relative wages for younger people. But for