In 2008 the first baby boomers reached age 62, which is the earliest you can elect for Social Security retirement benefits. The last of them will reach full retirement age in 2031. Congress took action, raising the full retirement age to 67 and implementing taxes on benefits.
Boomers born in the 50s grew up with the Beatles, Dylan and the Stones, and protested the Vietnam War in college. The 60s Boomers caught the tail end of Vietnam, Watergate and Richard Nixon's resignation and Disco. A Boomer born in 1964 could be the child of a Boomer born in 1946.
Regardless of their longer life expectancy, baby boomers were more likely to have higher rates of hypertension, higher cholesterol, obesity and diabetes. These results indicate that seniors will push the cost of health care higher and increase the need for health care professionals as the boomers age.
There were some other positive effects of the Baby Boom as well. In order to keep up with all of the babies in the Baby Boom, more products had to be produced. Food, clothing, diaper and toy sales went up dramatically. So apparently, the Baby Boom not only raised the population, but the economy as well.
Baby Boomers: Baby boomers were born between 1946 and 1964. They're currently between 56-74 years old (71.6 million in U.S.) Gen X: Gen X was born between 1965 and 1979/80 and are currently between 40-55 years old (65.2 million people in U.S.) Gen Y: Gen Y, or Millennials, were born between 1981 and 1994/6.
What caused the baby boom? Victory and celebration of the end of WWII. Men and women returned from war and started having families. Also war refugees coming to America.
The baby boom began with the children whose birth their parents had postponed during the Depression, but two other factors also contributed to the boom. First, a larger proportion of adults married, and those who did had more children.
The baby boom lasted 20 years in Canada. During that time, more than 8.2 million babies were born, an average of close to 412,000 a year. In comparison, the number of births in 2008, when the population was twice as large as during the baby boom, was only 377,886.
High-Paying Jobs for Baby Boomers
- Chief Medical Officer, $300,700.
- General Surgeon, $285,900.
- Physician/Doctor, Emergency Room, $253,900.
- Psychiatrist, $215,200.
- Senior Vice President, Sales and Marketing, $208,500.
- President and CEO, $183,200.
- Dentist, $165,600.
Goal-Oriented: With increased educational and financial opportunities than previous generations, Baby Boomers are achievement-oriented, dedicated, and career-focused. They welcome exciting, challenging projects and strive to make a difference.
Lots of baby boomersThere are about 73 million boomers and many of the youngest ones recently entered the 55-plus bracket. That age group accounted for about half of the total 2.6 million increase in the U.S. labor force last year, according Moody's and Labor.
Every week, almost 5,000 baby boomers are retiring, according to Statistics Canada. It adds up to more than 250,000 retirements this year — akin to the entire population of Saskatoon exiting the workforce, and a jump of 52% from 20 years ago.
Baby Boomers are retiring in large numbers. Many do not have enough saved for their retirement. Beyond a lack of planning, a key reason Baby Boomers lack retirement savings is due to the 2008 financial crisis, as well as the chronic low interest rates since.
But ending it in 1964 has its logic: It was the last year more than 4 million babies were born in the United States until 1989. And it gives the boom a 19-year span, a corollary to what we think of as a generation. It's a good place to stop.
These effects cause a decline in young males' income relative to workers in their prime, a higher unemployment rate, a lower labor force participation rate and a lower college wage premium among these younger workers.
Dictionary.com has summed up “OK boomer” as “a viral internet slang phrase used, often in a humorous or ironic manner, to call out or dismiss out-of-touch or close-minded opinions associated with the Baby Boomer generation and older people more generally.” It's a helpful explanation for someone who is trying to figure
Baby Boomers represent the 76 million people born between 1946 and 1964. They were born during the post World War II baby boom. They rejected and redefined traditional values. They are also the wealthiest, most active and have the most disposable income for food, apparel and retirement programs.
Baby Boomers have always had an outsize presence compared with other generations. They peaked at 78.8 million in 1999 and remained the largest living adult generation until 2019. By midcentury, the Boomer population is projected to dwindle to 16.2 million.
