A recent report from the Congressional Budget Office estimates that anywhere between 7 and 11 percent of Americans younger than 65 will be caring for an older adult - either on a formal, paid basis or on an informal, volunteer basis - when the youngest baby boomers celebrate their 86th birthday in 2050.
Based on the current rate of functional loss among Americans who are 65 or older, the report’s authors predict 30 percent of the country’s seniors will need some type of long-term-care services to help them perform their activities of daily life within the next 40 years. That figure could be as low as 22 percent if the functional-loss rate decreases or as high as 34 percent if it increases.
Providing these services could cost anywhere between 1.9 and 3.3 percent of the country’s gross domestic product in 2050, according to the report, which found that in 2010 these services cost only 1.3 percent of the country’s gross domestic product.
— From staff reports