California Faces Challenges as Aging Population Grows Rapidly

The state's elderly population is projected to rise significantly by 2040, raising concerns about workforce shortages and increased demand for services.

• By 2040, 22% of Californians are expected to be 65 or older, up from 14% in 2020, according to the Public Policy Institute of California.
• The older population is projected to grow by 59%, while the working-age population remains stagnant and the child population decreases by 24%.
• Governor Gavin Newsom's administration has introduced a Master Plan for Aging to address the needs of the elderly, including housing, healthcare, and support services.
• California faces workforce shortages in key sectors like healthcare and construction, exacerbated by high living costs and declining migration.
• Rising labor force participation among seniors, driven by economic necessity and changes to Social Security eligibility, highlights the challenges of an aging workforce.

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