The Longevity Economy® Outlook
Time 2022-10-17 14:13:34Web Name: The Longevity Economy® Outlook
WebSite: http://www.longevitynetwork.org
ID:356546
Keywords:
Longevity,The,Outlook,EconomyDescription:
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Member Benefits'>The Longevity Economy® Outlook
The Longevity Economy outlooks are a series of data analyses from AARP that describe the contributions of Americans age 50-plus, worth over $9 trillion in 2018 and projected to grow through 2050.
Project Overview
As people live longer and healthier lives, they are contributing to communities and fueling economic growth well past the traditional retirement age. The contributions of people 50-plus benefit society and Americans of all ages, as growing numbers of older adults work, pay taxes, support the job market, give time and money to charitable causes, and provide caregiving support to family and friends.
NOTE: We updated all forecasts to account for the effects of COVID-19 on U.S. demographic and economic projections. These forecasts were informed by data from the Centers for Disease Control and Prevention, the Bureau of Economic Analysis, Bureau of Labor Statistics, and The Economist Intelligence Unit’s macroeconomic forecasts.
Six insights from the AARP research you need to know:
Economic contributions from older adults will grow over time, benefitting people of all ages and generations. The Longevity Economy outlook found that the 50-plus age cohort contributes $8.3 trillion to the U.S. economy each year, or 40% of the U.S. Gross Domestic Product (GDP). In 2030, when the first of the millennials are about to turn 50, the 50-plus age group will contribute $12.6 trillion to the U.S. economy. By 2050, when Gen Zers will be turning 50, the 50-plus age group will contribute $26.8 trillion to the U.S. economy. In terms of direct spending, 56 cents of every dollar spent in the U.S in 2018 was attributable to the 50-plus population and this share is set to increase to 61 cents by 2050.Societal contributions from older adults strengthen communities across the country. The Longevity Economy outlook found that people age 50-plus contributed $745 billion worth of unpaid activities such as volunteering and caregiving across the country. In addition, people age 50-plus made $97 billion in charitable contributions in 2018. They spent $135 billion on educational services, including for their children and grandchildren, and contributed $4 billion to educational institutions across the U.S.
The 50-plus age demographic has a major impact on taxes. The Longevity Economy outlook found that in 2018, the 50-plus age demographic contributed $2.1 trillion in tax revenue, made up of $1.4 trillion in federal taxes and $650 billion in state and local taxes. That figure will increase four times by 2050. This tax revenue includes both amounts directly paid by people 50-plus and the ripple effects of all their economic activities.
The 50-plus age group will be a critical driver of job sustainability in the U.S. through 2050. The Longevity Economy outlook found that in 2018, people age 50 and older supported 88.6 million jobs in the U.S., through jobs they hold or create, directly or indirectly. This is projected to grow to 101.7 million jobs in 2050.
However, age discrimination against Americans age 50-plus cost the U.S. economy $850 billion in 2018. The Economic Impact of Age Discrimination, the report in the Longevity Economy outlook series, found that the potential economic contribution of the 50-plus age cohort could increase by $3.9 trillion in a no-age bias economy, which would mean a contribution of $30.7 trillion to GDP by 2050.
If working family caregivers had more access to supportive policies, the economy would benefit as well. The Economic Impact of Supporting Working Family Caregivers, the report in the Longevity Economy outlook series, found that if family caregivers ages 50-plus have access to support in the workplace, the potential economic contribution could increase by $1.7 trillion (5.5%) in 2030 — and by $4.1 trillion (6.6%) in 2050.If we could eliminate disparities in life expectancy, the U.S. economy would be $1.6 trillion larger in 2030 alone. Our Collective Future: The Economic Impact of Unequal Life Expectancy, the latest report in the Longevity Economy outlook series, measures the potential economic benefit of life expectancy. Eliminating disparities in life expectancy today would lead to an additional $1.6 trillion in economic activity in 2030 which would represent an additional 5.1% of the projected GDP. Disparities we see today stifle economic growth and would also result in an annual loss of $1.1 trillion in total consumer spending alone in 2030.
Learn More
For a short summary of the study, download the Longevity Economy Outlook infographic and the Age Discrimination report infographic.For media inquiries, contact media@aarp.org.For more information on AARP’s longevity work, contact AARP Thought Leadership at thoughtleadership@aarp.org.Suggested Citations
Accius, Jean, and Joo Yeoun Suh. The Longevity Economy Outlook: How People Ages 50 and Older Are Fueling Economic Growth, Stimulating Jobs, and Creating Opportunities for All. Washington, DC: AARP Thought Leadership, December 2019. https://doi.org/10.26419/int.00042.001
Accius, Jean, and Joo Yeoun Suh. The Economic Impact of Age Discrimination: How Discriminating Against Older Workers Could Cost the U.S. Economy $850 Billion. Washington, DC: AARP Thought Leadership, January 2020. https://doi.org/10.26419/int.00042.003
Accius, Jean, and Joo Yeoun Suh. The Economic Impact of Supporting Working Family Caregivers. Washington, DC: AARP Thought Leadership, March 2021. https://doi.org/10.26419/int.00042.006
Accius, Jean and Erwin Tan. Our Collective Future: The Economic Impact of Unequal Life Expectancy. Washington, DC: AARP Thought Leadership, February 2022. https://doi.org/10.26419/int.00042.008
Download the State Profiles
Longevity Economy® Outlook State ProfilesDownload the National Reports
2019 Longevity Economy® OutlookThe Economic Impact of Age DiscriminationThe Economic Impact of Supporting Working Family CaregiversOur Collective Future: The Economic Impact of Unequal Life Expectancy (NEW)Infographic — Our Collective Future: The Economic Impact of Unequal Life Expectancy (NEW)Download the Infographics
The contributions of people ages 50 and older through 2050 will benefit society and Americans of all ages. Download and view the Longevity Economy® outlook infographic.
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The 50+ population's spending on technology is forecast to grow from $140 billion in 2018 to $645 billion in 2050. Download and view the technology sector infographic.
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How discriminating against older workers could cost the U.S. economy $850 billion. Download and view the age discrimination infographic.
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Six in 10 working family caregivers struggle to fulfill both work and care responsibilities. Download and view the detailed findings in the working family caregivers infographic.
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The U.S. is projected to miss out on a potential $1.6 trillion (5.1%) in GDP in the year 2030 alone compared to a scenario in which there are no disparities in life expectancy during the coming decade. Read detailed findings in the Economic Impact of Unequal Life Expectancy infographic.
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