By 2030, one in five Americans will be 65 or older, a demographic shift reshaping the U.S. economy. The Census Bureau projects that by 2034, older adults will outnumber children for the first time, placing retirement at the forefront of economic concerns. This year marks a milestone as the oldest baby boomers reach 80, further amplifying the impact on labor force participation, retirement savings, Social Security, Medicare, healthcare spending, housing, and financial services.

However, this aging trend is unfolding unevenly across the nation. Wealth inequality, gaps in retirement plan coverage, and increasing health and long-term care costs are creating a divide, with some households experiencing financial security in retirement while others struggle to make ends meet. Notably, poverty rates among older Americans are on the rise, marking them as the only age group to experience such an increase in recent years.

According to the Center for Retirement Research at Boston College, the average age when men retire is 64, an increase of approximately three years since the mid-1990s. This statistic reflects a broader trend of Americans working longer, potentially driven by financial necessity or a desire to remain active and engaged. The implications of this trend extend to various sectors, influencing workforce dynamics and the demand for age-friendly services and products.