Among the challenges facing the U.S. economy in the long run is the aging of the population, according to Federal Reserve Chairman Ben S. Bernanke.
By 2030, when most of the Baby Boomer generation will have retired, 19 percent of Americans will be 65 or older. And the population will continue to age after the Baby Boomers have retired because of rising life expectancy.
"In coming decades, many forces will shape our economy and our society, but in all likelihood, no single factor will have as pervasive an effect as the aging of our population," Bernanke said. "Americans should save more to prepare for the change."