The average age for an American to retire is at age 62, which is three years shy of eligibility. Interestingly, many expect to retire at 67, yet data from the Transamerica Center for Retirement Studies shows that the reality often arrives 5 years earlier.A Growing Senior PopulationAmericans aged 65 and older now make up 18% of the population, or 62 million people, according to the U.S. Census Bureau. This growth is also fueled by the aging baby boom generation—those born between 1946 and 1964. The first of this cohort turned 65 in 2011. This led to a demographic shift that has increased the share of elderly Americans.In 2000, the U.S. had 62 million people aged 45 to 64, a group 77% larger than the 65-and-older population at the time. As these individuals aged, they significantly contributed to the growing senior population.The role of Life Expectancy in Aging PopulationLife expectancy also plays a major role in the increasing number of elderly people. Between 2000 and 2019, the death rate of people who are 65 or older also declined by 24%. This reflects the improved health and medical advancements. However, due to the COVID-19 pandemic, there was a 15% rise notice in the death rates for the same age group in 2020.Another reason why the aging population is increasing is migration. Between 2000 and 2020, 43 million people aged 45 and older died. Yet, as of 2020, the population aged 65 and older exceeded projections by nearly 790,000, attributed to net migration.Oldest States In US:Maine leads with a median age of 45.1, followed by Puerto Rico, New Hampshire, Vermont, West Virginia, and Florida.In Maine, out of the total population of 1,350K, 294K is aged over 65, which makes 21.8%. For Florida, out of the total population of 21,733K, 4,638K are over 65, making up for 21.3% of the total population.In West Virginia, people over the age of 65, makes up for 20.9% of the total population, whereas in Vermont, it is 20.6%.Youngest State:Utah, with a median age of 31.4 for men and 32.7 for women, has the nation’s youngest population. The total population of Utah is 3,250K, and 382k out of them are people over the age of 65, making it only 11.7% of the total population.Baby Boomers in Maine and FloridaMaine and Florida are two key states with large elderly populations:Maine: A significant share of its population consists of lifelong residents who have aged in place.Florida: Known for attracting retirees from across the U.S., Florida boasts the second-largest share of elderly residents, many of whom migrated there for retirement.What is the way ahead?The baby boomer generation will continue to reshape the U.S. demographic landscape as more of them enter retirement. Combined with longer life expectancy and migration trends, the share of elderly Americans will only grow, making retirement planning and eldercare increasingly important for the nation’s future.