What is a Baby Boomer?

A baby boomer is someone born between 1946 and 1964, the time period following World War II.   This was a time of unprecedented prosperity in the U.S., and with thousands of GIs returning from the war, it resulted in a huge baby boom.  This huge baby boomer generation has affected everything in the United States, from home buying trends to now retirement trends. 

How many baby boomers are there?   Here are some baby boomer statistics:  During the 19 years of the baby boom, 76 million people were born.  This is in contrast to the 66 million people born in the following 19 years.  These baby boomer statistics can be daunting, particularly now that baby boomers are starting to collect Social Security (baby boomers started turning  65 in 2011).  In In fact, beginning January 1st, 2011, more than 10,000 baby boomers will reach the age of 65 every day.   This is going to happen every single day for the next 19 years.

So what is a baby boomer?  It is someone who has been promised Social Security benefits although Social Security will run out of money.  It is someone who will most likely have to keep working well past the traditional retirement age of 65.    It is someone who may well live to 100 years old and not be able to afford to do so.

So the question is, how is this baby boomer generation going to be supported in the coming years?   The baby boomers have had a huge impact on this country.  What the next 20 years holds is anyone's guess, but if anyone can figure out how to solve the looming financial crisis and baby boomer retirement, it is the baby boomers themselves, the most influential generation in this country's history.   Who would not want to be a baby boomer?

 

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