His bestselling book, "The Greatest Generation," popularized the term. Read More. John F. Kennedy, born in , was the first member of the Greatest Generation to become president. Lyndon B. Johnson, Richard M. Nixon, Gerald R.
Bush were also born between and The Silent Generation. Born Sometimes listed as A essay in Time magazine dubbed the people in this age group the "Silent Generation" because they were more cautious than their parents. The Silent Generation helped shape 20th century pop culture, with pioneering rock musicians, iconic filmmakers, television legends, beat poets, gonzo journalists and groundbreaking political satirists.
The Millennial generation continues to grow as young immigrants expand its ranks. Boomers — whose generation was defined by the boom in U. Population figures for and earlier years are based on Census Bureau population estimates vintage and available by single year of age. Population sizes for to are based on Census Bureau population projections released in and also available by single year of age.
This post was originally published on Jan. This latest revision reflects the newly available July 1, , population estimates released in April , as well as new Census Bureau population projections released in Because generations are analytical constructs, it takes time for popular and expert consensus to develop as to the precise boundaries that demarcate one generation from another.
In early , Pew Research Center assessed demographic, labor market, attitudinal and behavioral measures to establish an endpoint — albeit inexact — for the Millennial generation. Hence, the certainty of previously assumed dividends or return on investments is now uncertain. This was good for savers and terrible for homebuyers. This long decline in interest rates provided a great return to bond investors.
The boomers are facing the very opposite situation. Instead of an ever-declining interest rate, they are facing the likelihood of steadily increasing interest rates during their retirement.
The greatest generation might have had a lower per capita income , but many of its members also had corporate or union pensions, which could be a considerable amount after working for a lifetime for the same employer, as was once common. But the economy changed, many large corporations merged or disappeared, and unions dropped from Bureau of Labor Statistics. What's more, traditional corporate pensions have been largely phased out now, giving way to k plans, IRAs , and other investment vehicles that put the onus on saving on the individual.
Because they were the first generation to encounter these changes, most boomers didn't start saving enough or early enough. The IRS allows for increased contributions to retirement accounts for those age 50 and older, known as "catch-up contributions. As for the federal pension known as Social Security , there is concern that it could fall short.
The problem is that the baby boomer generation is much larger than previous generations; Generation X, which follows it, is much smaller; and even the larger-than-the-boomers millennial generation isn't large enough to offset the increased longevity of boomers.
Unless there are changes in how Social Security is structured, estimates are that there will not be enough tax-paying workers to support full Social Security payments to the retiree population, starting in During the years baby boomers began joining the workforce, the ratio of workers to retirees ranged from 5.
As of , that number fell to 2. In addition to many not saving enough money, boomers experienced the Great Recession at a crucial time for their retirement savings. Many boomers jumped into expensive investments, mortgages , and startups in the late s, only to find themselves struggling to make those payments a few years later; many found themselves completely tapped out or their mortgages underwater.
The subprime meltdown of in the mortgage industry and the following stock market crash left many boomers scrambling to piece together an adequate nest egg. Many of them subsequently turned to borrowing against the equity in their homes as a solution. While real estate prices rose again, some boomers still can't profit substantially from selling their current home in order to find a cheaper one.
For those with such debts, savings have been put on the back burner. Meanwhile, wages have not increased significantly for many parts of the population. Taking some of these steps could help baby boomers manage retirement. One idea might be the most non-traditional of all: don't retire. Or at least, delay doing so beyond the proverbial age 65, 66, or 67 depending on birth date.
Whether that means working longer, consulting, or finding a part-time gig, being part of the workforce can help boomers financially and emotionally. Finances permitting, boomers could also wait to take their Social Security benefits until they reach age This, combined with the increased income and savings from continuing to work will ease retirement.
Boomers, who came of age during the freewheeling s and s, often project an image that they will stay active forever; and indeed, many are in better shape than their forebears at the same age. Still, the human body isn't invulnerable. Obesity, diabetes, hypertension, and high cholesterol are inevitably all on the rise in the boomer population. Cancer and heart disease are the leading cause of death. The eldest boomers are still in their early 70s.
The flow of immigrants greatly increased after passage of the Immigration Act of , just as the baby boom was ending. So one can use the figure But keep in mind that of the 76 million babies were born in the United States during the baby-boom years to , only These The choices they make about whether to retire or continue to work will have profound implications for job openings and Social Security spending.
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