* Baby boomers were born between 1946 and 1964.
* Between now and 2030, Minnesota will witness a dramatic increase in the population of those 65 and older. The number of older individuals will double and constitute 23 percent of the state's population.
* According to the Urban Institute, women 65 could expect to live another 19.2 years in 1997. Men this age could live another 15.6 years. By 2040, life expectancy for women 65 is expected to increase to 20.9 years and 17.5 years for men.
* The baby bust generation, which follows the baby boomers, creates a much smaller proportion of the population than the baby boomers. This results in fewer working age adults to support the needs of a larger elderly population through their economic productivity and tax revenue.
* Baby boomers are saving more on average for retirement than their parents did at the same age. However, they are not saving enough to maintain current spending levels into retirement.
* According to the national health and retirement study, the baby boomers need to save 16 percent of their earnings each year until they retire to replace 69 percent of their income.
* The current configuration of health care financing will bankrupt the state if no changes are made. Costs continue to spiral upwards as a huge number of boomers enter a long-term care system that is institutionally oriented and expensive compared with community and home-based care.
Source: Project 2030, a major initiative of the state of Minnesota, housed within the Minnesota Department of Human Services and carried out in partnership with the Minnesota Board of Aging.
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