ABSTRACT
Approximately 39 million Americans, representing 12.8% of the total U.S. population, were age 65 or older in 2008 (Vincent & Velkoff, 2010). This number will increase dramatically in the coming years, partly because of temporarily larger birth cohorts associated with the postwar “Baby Boom” years of 1946 through 1965 (Frey, 2007), and partly because of increased longevity. Indeed, Americans reaching the age of 65 today can expect to live an average of 19 more years, compared to about 12 more years for those reaching age 65 one hundred years ago (Federal Interagency Forum on Aging-Related Statistics, 2011). The combined effect of the 78 million members of the Baby Boom cohort and increased longevity will result in an elderly population of more than 88 million individuals, or 20% of the U.S. population, by the middle of this century (U.S. Census Bureau, 2008). Although this represents a substantial change in the age composition of the U.S., it must be noted that the resulting impact is considerably less dramatic than for most other industrialized societies, including Japan and Sweden.
