The Census Bureau currently projects that the baby-boom population will total 61.3 million in 2029, when the youngest boomers reach age 65. According to American Community Survey data, about 68 percent of baby boomers were still in the labor force (including Armed Forces) in 2012. The choices they make about whether to retire or continue to work will have profound implications for job openings and Social Security spending. These 76.4 million baby boomers represent close to one-quarter of the estimated 2012 U.S. But keep in mind that of the 76 million babies were born in the United States during the baby-boom years (1946 to 1964), only 65.2 million of those babies were still alive in 2012, and the baby-boom age group (ages 50 to 68 in 2014) stood at 76.4 million in 2012 with immigrants included in the count. So one can use the figure 76.4 million (or round it down to 76 million) to approximate the number of baby boomers living in the U.S. The flow of immigrants greatly increased after passage of the Immigration Act of 1965, just as the baby boom was ending. However, when immigrants are included (the number of people coming into the United States from other countries, minus those moving the other way), the number grows to an estimated 76.4 million because immigrants outweighed the number of baby-boomer deaths. There were actually a total of 76 million births in the United States from 1946 to 1964, the 19 years usually called the “baby boom.” Of the 76 million baby boomers born, nearly 11 million had died by 2012, leaving some 65.2 million survivors. Census Bureau show that there are 76.4 million baby boomers.

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Management of Complex Technical Programs.Distilling Research for Non-Technical Audiences.Adaptive Learning and Knowledge Management.Family Planning, Maternal and Reproductive Health.As the old saying goes, “Give a man a fish and you feed him for a day teach a man to fish and you feed him for a lifetime.” But it seems as if someone broke millennials’ and Gen Zers’ fishing rod.

But boomers’ impact on younger generations’ financial futures can be positive-they’re set to provide a $72 trillion Great Wealth Transfer to their offspring, which could benefit millennials in the long run.īut that doesn’t solve the gaps in the system that leave the often derided and debt-ridden generations stuck. While many do feel financially stable, some only feel that way because they’re dependent on their boomer parents for help. No wonder financial anxiety is elevated for Gen Zers and at a peak state for millennials to the point where they’re feeling depressed. This will leave future generations saddled with substantial debt stemming from expenditures they didn’t benefit from proportionally,” Howard Marks, a billionaire and boomer himself wrote in a 2021 memo to clients, adding that because the generation is so big they have greater political and financial power to advocate for a system that benefits them. “Boomers have been and still are consuming more than their fair share of the pie. But boomers have inherited a sweeter deal than their kids, and they now hold more than half the nation’s wealth. Millennials and Gen Zers aren’t simply playing the blame game 71% and 70% respectively admitted in the survey that they’re responsible for their money habits. Of course, that’s not to say boomers didn’t have any hardships themselves or that they are entirely at fault for the economic plight younger generations are facing. Three-fourths of millennials and 82% of Gen Zers feel as though the current financial straits they’re in are partly due to boomers’ choices, the poll finds. Perhaps millennials and Gen Z are so worried about boomers’ impact on the future because they’re already feeling it today. Many Americans believe that Social Security will become less fruitful or die out soon, and the youngest cohorts are the most skeptical that they’ll ever see their investments.

Such a large generation is bound to leave a wave rather than a ripple of impact, as an aging workforce and population has outsized effects on everything from the job market to politics. “As they reach retirement age, there is a concern that the strain on government-funded programs like Social Security and Medicare may become unsustainable, potentially leaving younger generations to bear the financial burden of supporting these programs,” Jeff Biesman, chief marketing officer at National Debt Relief, wrote in a statement to Fortune.īoth political parties have questioned the sustainability of Social Security, sparking widespread concern among all generations. Boomers make up a large portion of the population, and therefore have a great impact on past and future programs.

Baby boom generation