According to a 2019 Congressional Budget Off ice (CBO) report, “Among the civilian noninstitutionalized population age 16 or older, the share of people over age 65 has increased from 16 percent to 20 percent over the past decade and is projected to rise to 27 percent by 2049.” Why is the over-65 population increasing so rapidly? What are the implications of this increase for future federal spending on Social Security and Medicare as a percentage of GDP? What choices do policymakers face in dealing with this issue?