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In the third quarter of 2020, about 28.6 million Baby Boomers – those born between 1946 and 1964 – reported that they were out of the labor force due to retirement. This is 3.2 million more Boomers than the 25.4 million who were retired in the same quarter of 2019.
Born after World War II, from 1946 to 1964, the oldest boomers will turn 74 next year. When the last census was taken in 2010, the oldest had not even turned 65. Since then, about 10,000 a day have crossed that age threshold and by 2030, all boomers will be at least age 65.
This article takes you through the statistics surrounding the imminent retirement of the baby boomer generation and explores its implications on the economy, job market, Social Security, and the changes in retirement planning.
2024 will be a record-breaking year for retirement in the U.S., with an average of 11,000 Americans a day expected to celebrate their 65th birthday from now until December.
The right axis indicates the number of people turning 65 each month, which is an easier number to compare with the BLS monthly report on the current employment situation in the U.S. Not surprisingly, the peak corresponds to the retiring of the baby boomers.
A Boomer born in 1955 would reach full retirement age of 66 years and 2 months in 2023, with an average Social Security benefit of $1,668 per month as of spring 2022. Delaying benefits for...
The average boomer at retirement age has less than $100,000 in savings and is planning to live off Social Security benefits. Many boomers are still paying off mortgages.
Baby Boomers have an estimated median retirement savings of $194,000 as of late 2023, according to the TransAmerica Center for Retirement Studies. The survey found that though 44% if Baby...
The graying of the baby boomer generation will have a huge impact on retirement planning, health care, Social Security, taxes and investing in 2024 and beyond.
As Baby Boomers began retiring, the percentage of retirees in the U.S. population grew to 18.3 percent in February 2020, the eve of the COVID-19 outbreak. The percentage then increased at a much faster rate, reaching 19.3 percent in August 2021.