The New Demographic Transition: Most Gains in Life Expectancy Now Realized Late in Life
Journal of Economic Perspectives, 2012 Forthcoming
63 Pages Posted: 18 Jun 2012
Date Written: June 11, 2012
The share of increases in life expectancy realized after age 65 was only about 20 percent at the beginning of the 20th century for the US and 16 other countries at comparable stages of development; but that share was close to 80 percent by the dawn of the 21st century, and is almost certainly approaching 100 percent asymptotically. This new demographic transition portends a diminished survival effect on working life. For high-income countries at the forefront of the longevity transition, expected lifetime labor force participation as a percent of life expectancy is declining. Innovative policies are needed if societies wish to preserve a positive relationship running from increasing longevity to greater prosperity.
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