The Longevity Economy: Gigantic and Getting Bigger

A new AARP report says the aging U.S. population is evolving into a major economic powerhouse, according to Next Avenue . The report estimates that the 117.4 million Americans who are 50 and older currently contribute $8.3 trillion to the national economy, or 40 percent of gross domestic product (GDP), versus $7.1 trillion in 2013. Such findings raise issues about how the United States can maximize the economic and social benefits of increasing longevity and health, as well as what private and public efforts would improve the quality of work well into retirement years, encourage lifelong learning, improve the likelihood for successful late-life entrepreneurship, and spur businesses to imagine products and services for engaged older adults. The AARP report forecasts that Americans 50 and older will increase to 157.3 million in 2050, and contribute $28.2 trillion of GDP. Moreover, this demographic's wages and salaries are expected to climb from $5.7 trillion now to $19.2 trillion by 2050, and they will account for 88.6 million jobs. The AARP report also suggests concepts for improving economic opportunities for older adults in turn boost prospects for younger generations.