The nation’s population continues to shift, with Millennials now outnumbering Boomers, according to the U.S. Census Bureau.
The nation’s 65-and-older population grew from 44.7 million in 2013 to 46.2 million in 2014. This group, which now contains the oldest four years of the Baby Boom generation (born between 1946 and 1964), is less racially diverse than younger age groups — 21.7% are minorities.
According to the report, America’s youth born between 1982 and 2000 now number 83.1 million and represent more than one quarter of the nation’s population. Their numbers exceed the 75.4 million Baby Boomers, according to the Census Bureau. Overall, Millennials are more racially diverse than the generations that preceded them, with 44.2% being part of a minority racial or ethnic group.
San Juan, Colo. had the highest rate of increase in the 65-and-older population of any county between 2010 and 2014 (70.9%), and two other Colorado counties (San Miguel and Douglas) were also in the top five. Florida had the highest percentage of its population age 65 and older in 2014 (19.1%), followed by Maine (18.3%). Alaska had the lowest percentage (9.4%), followed by Utah (10.0%).
Maine experienced the largest increase in median age among states, rising from 43.9% to 44.2% over the period. There difference between the state with the highest median age (Maine at 44.2%) and the one with the lowest (Utah at 30.5%) was greater than 13 years.
Those population shifts have implications for advisors, both in terms of retirement preparations and retirement education.
