A new AARP study shows the strong and growing contributions Americans over 50 are making to the economy. Pennygem’s Elizabeth Keatinge has more.
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00:00Don't underestimate grandma. New research shows that aging Americans are fueling economic
00:09growth, stimulating jobs, and creating opportunities. AARP just published its Longevity Economy
00:16Outlook report. According to the research, the 50-plus population contributed $8.3 trillion
00:22in economic activity to the U.S. economy in 2018. They aren't stopping there. This is
00:28expected to more than triple to $28.2 trillion in 2050. This group contributes significantly
00:34to local, state, and federal taxes, like to the tune of $1.4 trillion in 2018 and $5.8
00:42trillion expected in 2050. Americans over 50 pay 59 percent of the total income taxes
00:48paid in 2018. Oh, and don't forget, they contribute to society by volunteering, contributing
00:53to charities, caring for family members, and helping to raise grandchildren.