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Economic Topics

" Near the end of the 1990s, the elderly population will stabilize, and then it will enter a decline. A significant growth trend will begin, however, when the baby-boomers (those individuals born in the late-1940s and early-1950s) begins to reach age 65·from about 2011 through 2021.

In the near-term, however, the number of American households headed by individuals aged 65 to 74 is expected to stabilize a 12.5 million in 1995. Most of these householders are expected to live in single-family dwellings. In the mid-1990s, 69 percent of this age group live in single-family homes; by 2000, the proportion is expected to rise to 73 percent.

Increasing numbers of persons aged 65 years old and older will put added pressures on the social security system. Just prior to and during the first term of the Reagan Administration, the federal government tumbled to the fact that the baby boom generation would one day become eligible for social security retirement benefits. When a closer look was taken, it was thought that the retirement trust funds likely would not be able to remain solvent when the baby boomers retired unless changes were made to the system. As a consequence, a new contribution structure was developed that the Reagan Administration and the Congress assured the American public would provide for the fiscal integrity of the retirement trust funds to a point at least mid-way through the twenty-first c


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