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Idaho's 50+ Contributes $62 Billion to State's Economy

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Americans age 50 and older now contribute $12.5 trillion annually to the U.S. economy, according to AARP’s Longevity Economy® Outlook report released today — a dramatic increase of more than $2 trillion since 2018 that reflects both the rapid growth of the older population and the increasingly essential role they play in driving economic growth.

Yet while Americans are living longer and remaining active in their communities and workplaces, businesses are not keeping pace with older adults’ growing needs. The businesses that rethink how to approach aging ─ by designing products and services to better meet the needs of today’s older adults ─ stand to thrive for years to come and help more families live better for longer.

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“America’s future is being shaped by a growing population that is living longer and contributing more than ever before,” said Dr. Myechia Minter-Jordan, CEO of AARP. “Older adults are driving economic activity, strengthening families, supporting communities, and filling critical roles in the workforce. Yet too many products, services, and experiences are still designed around outdated assumptions about aging. The organizations that embrace longevity as an opportunity and design for the needs of the 50-plus population will be the ones that lead in the decades ahead.”

At the same time, rising costs are forcing many older Americans to spend most of their income on housing, healthcare and other essentials leaving less room for other needs or interests.

Among the report’s key findings:

Older workers are increasingly essential to the labor force. Nearly 54 million Americans age 50-plus are working. With fewer young workers behind them, sustaining older-worker engagement is essential to productivity and long-term growth.
- Workers age 65 and older now make up 8% of the labor force, more than double their share (3%) 25 years ago. In sectors facing workforce shortages, including health care, manufacturing, finance and education, older workers account for more than one-third of employment.
The unpaid contributions of older Americans are also critical. Adults 50-plus provided the equivalent of $1.2 trillion in unpaid caregiving and volunteer work in 2024. They provide 59% of caregiving for older adults, 15% of caregiving for children and 53% of all volunteering. Households age 50-plus also donate 70% of all charitable contributions and provide 72% of direct support for college students.

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America’s population isn’t just growing, it is aging rapidly. Adults age 50-plus made up 36% of the U.S. population in 2024, roughly 123 million people, and are growing by more than one million people annually. Adults age 65 and older now account for half of the 50-plus population, with the fastest growth among adults age 75 and older. By 2050, one in four Americans will be over age 65.
Population aging is a national trend, but it's happening at different speeds across states with uneven economic effects. In 11 states, people age 65-plus outnumber children. States with a rapidly aging population face sharper adjustment periods in labor markets, health care systems and public finances.

“Behind these numbers are millions of older Americans whose contributions shape daily life in ways that often go unseen,” said Minter-Jordan. “They are the people holding families together, caring for loved ones, and strengthening the communities they call home. As people live longer, we have an opportunity to ensure those years are matched by the support that helps people continue to thrive. When people are able to contribute in ways that matter to them, stronger families, communities, and economies follow.”

Looking ahead, the report shows:

Healthcare spending will rise sharply as Americans live longer. By 2060, healthcare spending by adults age 50-plus is projected to more than double, with growing demand for care delivered at home rather than in institutional settings.
Housing needs will increasingly center on aging at home. By 2060, housing will remain one of the largest spending categories for adults age 50-plus, with increased demand for home modifications, accessibility upgrades and other improvements that help people remain independent.
Technology will play a larger role in helping older adults stay connected and independent. Spending on communications and electronics among households age 50-plus has risen 62% since 2018, signaling growing demand for technology that supports daily living, health and connection.

View the full report.

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