According to a Congressional Budget Office (CBO) report:
During the next decade alone, the number of people age 65 or older is expected to rise by more than one-third, and the share of the population age 65 or older is projected to grow from the current 15 percent to 21 percent in 2040.
Why is the over-65 population increasing so rapidly? What are the implications of this increase for future federal spending on Social Security and Medicare as a percentage of GDP? What choices do policymakers face in dealing with this issue?