By 2030, one in five Americans will be 65 or older, a demographic shift reshaping the U.S. economy, according to the Census Bureau. This transformation impacts labor force participation, retirement savings, Social Security, Medicare, healthcare spending, housing, and financial services. With the oldest baby boomers turning 80 this year, retirement is emerging as a significant economic force.

However, aging in America is unfolding unevenly, marked by wealth inequality, inadequate retirement plan coverage, and rising health and long-term care costs. While some households enjoy financial security in retirement, others struggle to afford it, and poverty rates among older Americans are rising, a trend unique to this age group in recent years.

The Center for Retirement Research at Boston College reports that the average age when men quit work is 64, an increase of about three years since the mid-1990s. This reflects a broader trend of Americans working longer, driven by factors such as increased life expectancy and financial necessity.