Minnesota’s Aging Population Poses Budget Challenges
ST. PAUL (AP) – Minnesota is headed toward a significant milestone in which more of its residents are senior citizens than school-aged.
State Demographer Susan Brower told a panel of top legislators on Monday that Minnesota is on course to reach that point in 2020. It represents the point when those older than 65 years are a bigger share of the state population than those between 5 and 17 years old.
The demographic trends are important because they suggest where future budget pressures lie. Medical and long-term care costs the state subsidizes are already rising fast, crowding out available money for other things. And more retirees mean fewer income tax dollars will be coming in.