Baby Boomers are typically broken up into two separate age demographics. Older Baby Boomers were born before 1956 for most statistics and the differences in age between older and younger boomers has created some unique facts.
In 1957, the most babies ever born in the United States was recorded in a 12 month period: 4.3 million.
Knowing the Baby Boomer age statistics is important because many of the younger Boomers are beginning to contemplate retirement. The youngest of all the Boomers hit the age of 50 on December 31, 2014. This means that as the population begins to age and change, the dynamics of the American society are going to change with it.
- Baby Boomers make up about 25% of the total US population right now.
- When the entire Baby Boomer generation is taken in its entirety, an estimated $8.4 trillion is expected to be transferred to boomers over the coming years.
- The 65+ population segment is projected to double to 71.5 million by 2030 because of the youngest Baby Boomers finally hitting the current retirement age.
- By 2029, when all of the baby boomers will be 65 years and over, more than 20% of the total U.S. population will be over the age of 65.
- As Baby Boomers continue to age, by 2056 as Generation X and Y begin hitting retirement age, the 65+ population is expected to become larger than the under 18 population.
- Although the fertility rates during the Baby Boomer were consistently higher than the baseline, they aren’t the highest fertility rates in US history. That honor belongs to the year 1909, where there were 30 births per every 1,000 people.
- The baby boomers who remain in 2060 will be 96 years and older.
With population groups aging and the future looking like there will be more people who are retired than people who are working, now is the time to shore up our finances. Pension funds are going to be hit hard because fewer workers are going to be paying into the system. Baby Boomers are also expected to live up to 15 years beyond their official retirement at 65, which means pensions, funds, and even Social Security are going to be hammered. This is especially true since 2 out of every 3 Baby Boomers believes that they haven’t saved enough for their retirement as of yet. With the youngest of the generation hitting 50 in 2014, there is still enough time to act, but time is running out.
How Many Baby Boomers Are Retiring?
- For the next 18 years, Baby Boomers will be turning 65 at a rate of about 8,000 a day.
- 61% of Baby Boomers say that they are feeling younger and more active than their age would imply.
- 9 years. That’s how much younger the average Baby Boomer feels in comparison to their relative age.
- 34% of Boomers believe their own children will not enjoy as good a standard of living as they themselves have now.
- The typical Boomer believes that old age doesn’t begin until age 72.
- Baby Boomers are very independent, supporting both President Obama and a full Republican congress in recent election results.
- Baby Boomers have seen the GDP of the United States increase from 28% to 62%.
- 68% of Baby Boomers oppose tax code changes that would eliminate deductions for home mortgage interest and health insurance benefits that are employer provided.
Baby Boomers are a unique generation who aren’t afraid to say what they think and feel. They’ve seen a lot of changes over the years, from the invention of the internet and cell phones to HDTV and other modern technology. Many of the things that we take for granted today were things that Baby Boomers could only dream about while growing up. Combine that with the fact that many boomers had parents who grew up through the Great Depression and it is understandable to see why their spending habits seem to be out of control in some areas.
What Are The Challenges That Baby Boomers Face?
- 86% of people age 65 and older receive monthly payments from Social Security.
- Only half of Baby Boomers are prepared to receive income from their retirement assets.
- 15%. That’s the number of Baby Boomers who are either already receiving or will be receiving a government pension.
- Baby Boomers will be the first generation that will not receive guaranteed benefits from their employers.
- Almost 3.6 million elderly people, or 8.7% lived below the poverty level in 2011.
- The median income for people age 65 and older was $27,707 for males and $15,362 for females in 2011.
- 18.5%. That’s the percentage of Americans age 65 and older who were in the labor force in 2012.
- 93% of Americans age 65 and older are covered by Medicare in some way in 2011 and 86% of seniors are paying for supplementary coverage.
Baby Boomers are the first generation that became responsible for their own savings and the transition has not been a pretty one. Many boomers haven’t done a great job at saving and part of that is simply because they did not have any experience with this type of retirement setup. In the past, businesses were seen as part of the overall community. People worked for the same company for their entire lives more often than not. That has changed to an average stay at an employer of about 3 years and the requirement to save in 401k plans or IRAs. The age statistics of Baby Boomers show that we’ve all got some work to do to make sure that everyone has what they need.