Older voters have strikingly different wealth and income profiles than younger voters. Four out of five older families own homes, compared to just one in four younger families. Most own stocks and a large plurality are business owners. Nearly 1 in 9 older households are millionaires and, according to a 2015 study, are the only age group in America whose net worth has increased since 1989.

Politically speaking, this means older households have a profoundly different narrative of the U.S. economy than every other cohort. Gen Xers and millennials, who have seen their incomes stagnate and their living costs explode, are gravitating toward candidates who prioritize issues like student debt and income inequality. Older voters, by contrast, will be more likely to vote for candidates who promise to boost the stock market, lower taxes and push up property values.

The widening gap between the economic realities of older and younger voters could become an even more prominent feature of American politics. According to a 2018 study, the poorest Americans die an estimated 12.7 years earlier than the wealthiest Americans. This means that, over time, as the rich retire and the poor pass away, the government will be spending an increasing percentage of its Social Security and Medicare resources on its wealthiest population.