Refreshing Our Memories re : Boomer Wave

Retiring Boomers Pose Policy Challenge

Starting Jan. 1, every 7.7 seconds a baby boomer will turn 60.


Boomers at a Glance

The sheer size of the baby boomer generation has meant that society in general has had to adjust to its needs, from a school building boom in the 1950s to the counterculture revolution of the 1960s.

A look at who the boomers are:

-- A boomer is any U.S. resident born between 1946 and 1964, when the country saw a bulge in birthrates.

-- More than 75 million adults are boomers.

-- Boomers make up 26 percent of U.S. population.

-- Starting Jan. 1, every 7.7 seconds, a boomer will turn 60

-- The number of retirees will soon be growing much faster than the number of new workers.

-- Average median boomer household income: $60,000.

-- Average median household income: $44,500.

-- 26 percent of boomers expect to live comfortably in retirement.

-- 17 percent say they won't have enough money to cover basic needs.

-- 21 percent expect Social Security to be their main source of income.

-- 33 percent expect to have a more comfortable retirement than their parents' or their children's generation.

Source: Pew Research Center, "Baby Boomers Approach Age 60"