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By the end of today, about 11,200 Americans will turn 65, and more than 4.1 million people will reach that milestone each year through 2027.
"By the end of this decade, there will be more people over age 65 in the United States than under the age of 18," said Ken Stern, founder and chair of The Longevity Project. "As recently as 1990, there were twice as many people under age 18 as over age 65. The challenges are significant. The demise of defined-benefit retirement plans has shifted the responsibility for managing income to retirees. Roughly 50% to 60% of retirees now are deemed to be at risk of not being able to retain their standard of living throughout retirement."
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