Plenty of the Baby Boomers have been hurt by the economic challenges and financial crashes of the 21st century.
A surprising number of boomers face serious financial issues during, or as they start, retirement.
The number of boomers on the planet is in decline.
Let’s look at some baby boomer statistics.
- 1 Key Statistics
- 2 Top Baby Boomer Statistics in 2024
- 2.1 1. There Are 76.4 Million Baby Boomers In The US
- 2.2 2. All Baby Boomers Will Reach Retirement Age By 2031
- 2.3 3. Maine Has The Highest Concentration Of Baby Boomers
- 2.4 4. Baby Boomers Want To Preserve Medicare And Social Security
- 2.5 5. Most baby Boomers Are Still Supporting Their Children
- 2.6 6. 65% Of Baby Boomers Don’t Intend To Retire At 65
- 2.7 7. 45% Of Baby Boomers Consider Themselves Entrepreneurs
- 2.8 8. Baby Boomers Control 66% Of US Disposable Income
- 2.9 9. Baby Boomers Will Enjoy Longer Retirements Than Their Parents
- 2.10 10. 90% Of Baby Boomers Are Married
- 2.11 11. 18% Of Boomers Shop For Groceries Online
- 2.12 12. 31.1% Of Boomers Have A Bachelor’s Degree Or Higher
- 2.13 13. 78% Of Baby Boomers Are On Facebook
- 2.14 14. 80% Of Baby Boomers Still Want To Visit New Places
- 2.15 15. Apple Was Invented By A Baby Boomer
- 2.16 16. Baby Boomers Have Commonly Occupied Administrative Positions
- 3 Summing Up
- There are 76.4 million baby boomers in the US
- All baby boomers will reach retirement age by 2031
- Maine has the highest concentration of baby boomers
- Baby boomers want to preserve Medicare and Social Security
- Most baby boomers are still supporting their children
- 65% of baby boomers don’t intend to retire at 65
- 45% of baby boomers consider themselves entrepreneurs
- Baby boomers control 66% of US disposable income
- Baby boomers will enjoy longer retirements than their parents
- 90% of baby boomers are married
- 18% of boomers shop for groceries online
- 31.1% of boomers have a Bachelor’s degree or higher
- 78% of baby boomers are on Facebook
- 80% of baby boomers still want to visit new places
- Apple was invented by a baby boomer
- Baby boomers have commonly occupied administrative positions
Top Baby Boomer Statistics in 2024
1. There Are 76.4 Million Baby Boomers In The US
According to US official records, there were 76 million babies born between 1946 and 1964.
That is the highest figure which can be used for US-born baby boomers, but not for US baby boomers!
Today, the latest figures show there are 76.4 million baby boomers in the US, more than were born during the relevant period.
Alongside this, according to the 2012 census, almost 11 million baby boomers had already died, leaving approximately 65 million baby boomers.
The difference is made up by immigrants.
In 1965, at the end of the baby boom years, the 1965 Immigration Act was introduced.
This allowed a massive increase in immigrants legally allowed to live and work in the US.
Millions of people used this act to gain entry to the US and become active members of the workforce.
That’s why there are currently 76.4 million baby boomers in the US.
(Population Reference Bureau)
2. All Baby Boomers Will Reach Retirement Age By 2031
Most of the early baby boomers will reach retirement age at 65.
However, some of those born toward the end of the generation may not qualify for full social security benefits until they reach 67.
That means, by the end of 2031, all baby boomers will have reached retirement age.
Of course, that doesn’t mean all baby boomers will be retired.
But, their earning power will certainly start to reduce.
According to the latest surveys and estimates, it seems likely that not all boomers will make it until 2031.
Current estimates suggest the number of boomers in 2031 will have dropped to 58.2 million.
It’s worth noting that this influx of boomers into retirement age is likely to push the percentage of people in the US older than 65 to rise from 14% to 20%.
Approximately 10,000 baby boomers are reaching retirement age every day, it’s going to place a colossal strain on Medicare and Social Security.
(Population Reference Bureau)
3. Maine Has The Highest Concentration Of Baby Boomers
Baby boomers can live and work anywhere in the US.
However, some states have ended up with a higher concentration of boomers.
The statistics don’t show why this is the case.
Maine is currently coming out on top.
The latest census shows that 36.8% of people living in Maine are baby boomers, more than any other generation in the state.
Other states which have a high proportion of boomers include New Hampshire, Montana, and Vermont.
All these states have a concentration of boomers which is over 35% of the population.
Interestingly, the southern states such as California, Texas, Arizona, Georgia, and even Utah have much lower concentrations of baby boomers.
Of course, as more reach retirement age it is possible they will relocate to southern states to enjoy the sunshine.
Only time will tell.
(US Census Bureau)
4. Baby Boomers Want To Preserve Medicare And Social Security
It’s no secret that the Social Security and Medicare systems are struggling.
They are underfunded, have large deficits, and the problem is only going to get worse.
With so many boomers reaching retirement age within the next seven years it seems likely that something will need to be done to save these systems.
Surprisingly, the majority of baby boomers are very concerned about the state of these systems.
While it’s possible that the systems will collapse within their lifetimes, most baby boomers are more concerned about future generations and their ability to access these benefits.
In fact, 66% of baby boomers believe saving Social Security and Medicare is more important than reducing the national deficit.
As many as 87% of early baby boomers and 77% of later baby boomers feel that these systems must be saved even if it means increasing the amount of social security taxes paid by everyone.
Impressively, 81% of early boomers and 71% of later boomers also feel that social security benefits should be increased.
(National Academy Of Social Insurance)
5. Most baby Boomers Are Still Supporting Their Children
Baby boomers have generally been lucky enough to be a prosperous generation.
They are usually seen as a hard-working generation and one that faces unique challenges.
Alongside living through several economic crises, baby boomers are enjoying an extended lifespan.
This means they have been able to work for longer.
However, thanks to the pressures facing the younger generation, as many as 59% of boomers are currently helping their adult children out financially.
Specifically, children aged between 18-39.
The reasons why this is necessary range from the cost of education and resulting student debt, to a struggle to get high-paying jobs, and perhaps even an increase in divorce rates.
Whatever the reason, many boomers are feeling the drain on their funds as they help their adult children navigate the complexities of life in the 21st century.
(National Endowment For Financial Education)
6. 65% Of Baby Boomers Don’t Intend To Retire At 65
Advancements in healthcare and changes in lifestyles mean that people are staying alive for longer and feeling healthier in the process.
For many, reaching retirement age is no longer the beginning of the end.
It’s an opportunity to do new things and even start traveling.
Of course, for many that’s easier to afford if they continue to work and there is no reason to stop.
In fact, according to the latest survey, 65% of boomers have no intention of stopping work at retirement age.
It is worth noting that 60% of those who are retired stopped working earlier than they intended.
This was usually a result of either layoffs and an inability to find alternate work or health issues.
Problems with health are the biggest reason why people claim social security at 62 instead of waiting for retirement age.
A report from Vanguard also discovered that the average balance of a 401 (k) for someone aged between 55-64 is $177,805.
That translates, with the 4% rule, as an income of $7,112 a year.
Combined with social security benefits it is still nowhere near enough for most boomers to sustain their current lifestyle.
(National Endowment For Financial Education)
7. 45% Of Baby Boomers Consider Themselves Entrepreneurs
Most people think of Millennials as being entrepreneurs, creating new businesses, moving away from traditional work styles, and embracing remote working.
However, they aren’t the first to do this.
According to studies, 45% of baby boomers see themselves as entrepreneurs.
The study highlighted the number of baby boomers who have started businesses or intend to start a business in the near future.
Alongside this, the study found that baby boomers are twice as likely to have started or to start a business compared to Millennials.
Of course, not all business ventures work out which may be why 45% of baby boomers don’t have any retirement savings.
The good news is, with such entrepreneurial spirit, there is still time and opportunity for those baby boomers to create the nest egg they need.
8. Baby Boomers Control 66% Of US Disposable Income
Until recently baby boomers were the biggest generation.
While the number of boomers has declined, their buying power has remained impressively high.
It’s a result of years of work and the sheer number of baby boomers.
According to estimates, nearly 70% of all the disposable income in the US will be in the hands of baby boomers within the next five years.
It’s not surprising, baby boomers are aging and finishing paying mortgages and other debts, they are the generation who are still earning and have less drain on their finances.
Alongside this, official figures suggest they may inherit approximately $15 trillion in the next twenty years.
Surprisingly, this generation is rarely targeted by marketing professionals.
According to reports, between 5-10% of marketing efforts are focused on baby boomers!
9. Baby Boomers Will Enjoy Longer Retirements Than Their Parents
Baby boomers are also referred to as the first generation of longevity.
In other words, medical advancements and lifestyle changes have made it possible for people to live much longer lives without losing quality of life quality.
At the moment, the average American man can expect to live to 82, while a woman can expect to reach 85.
There’s a significant number of Americans living well into their 90s and even past 100.
That wasn’t an option for previous generations.
Of course, being able to enjoy longer retirements is a good and bad thing.
People need money to enjoy retirement and that’s harder to earn as you age.
Alongside this, the cost of medical bills and other expenses can also increase.
That’s why, despite potentially having longer retirements, the majority of baby boomers are choosing to work past retirement age.
10. 90% Of Baby Boomers Are Married
This statistic, uncovered in a recent survey by Pew Research, highlights the difference between baby boomers and subsequent generations.
Baby boomers come from a time when it was traditional to get married and to marry for life.
It’s an established tradition they have stuck to, with 90% of baby boomers being married.
In contrast, just 33% of Millennials are married.
Millennials may be leaving it until later in life to get married.
However, when you look at marriage rates and ages for baby boomers, you’ll find that 49% of boomers were married between the ages of 18-33.
Look at Millennials in the same age range and just 28% are married.
In addition, it’s estimated that 25% of Millennials will never marry, compared to just 10% of boomers who have never married.
The number is even smaller for the Silent Generation, of which only 4% never married.
11. 18% Of Boomers Shop For Groceries Online
This fact may surprise many younger generations.
Baby boomers weren’t brought up with computers, the internet, and other digital devices.
Many were midway through their lives before they started using the internet.
However, this hasn’t stopped them from adopting technology.
The latest research shows that 18% of boomers regularly complete their grocery shoppîng online.
Granted, the majority of boomers prefer shopping in-store.
However, an increasing number are open to the idea of online shopping.
For example, in 2015 just 12% of boomers undertook grocery shopping online.
Today, that figure has risen to 18%. Who knows how high it will be in another five years?
It’s interesting to note that Generation Z is the only generation that prefers shopping online.
In a recent survey, 51% of them said they would rather shop online than in a physical store!
12. 31.1% Of Boomers Have A Bachelor’s Degree Or Higher
Every generation likes to blame the one that went before it.
As far as people are concerned the previous generation wasn’t as mature, responsible about the environment, educated, or simply evolved.
It makes it interesting to compare educational qualifications.
According to a recent survey, almost one-third of boomers have a Bachelor’s degree or higher.
This is better than the average American, of whom just 24.1% have a Bachelor’s degree or higher.
However, Millennials are better educated at this level.
An impressive 34.6% of them have a Bachelor’s degree or higher.
34.6% of Generation Z fall into the same category, also beating boomers.
But, that’s not the end of the story.
There may not be as many boomers with Bachelor’s degrees, but they are more likely to have a Master’s.
Approximately 9% of boomers fall into this category, just 7% of the Silent Generation do and 7.9% of Millennials.
Of course, millennials have more time to get a Master’s and change these numbers.
13. 78% Of Baby Boomers Are On Facebook
Baby boomers may not have been brought up with all the technology that surrounds Generation Z, but that doesn’t mean they can’t adapt and use it.
According to the latest research by Statista, 78% of baby boomers are active on Facebook.
They predominantly use it to connect with others.
Baby boomers are also using Pinterest, with at least 40% of baby boomers having active accounts.
Interestingly, only 2% of baby boomers are currently using TikTok, which is seen as a young person’s social media space.
The majority of people aged under 18 are on TikTok, perhaps confirming why baby boomers aren’t.
It’s worth noting that 70% of baby boomers are on YouTube and actively watch videos on this channel daily.
Some baby boomers even post to YouTube as creators.
This is particularly relevant as approximately 70% of all generations are also on YouTube, making it the common denominator for all age groups.
14. 80% Of Baby Boomers Still Want To Visit New Places
A common misconception of older people is that they are stuck in their ways and not ready to try to learn new skills.
However, this isn’t always the case.
A recent survey highlighted that 80% of baby boomers still want to visit new places and have new experiences.
The truth is baby boomers are still curious about what else is available and they generally have the means to try new experiences.
The issue, and reason why baby boomers can appear to be stuck in their ways, often lies with their responsibilities.
The majority of baby boomers are supporting adult children and helping with grandchildren.
Getting time for themselves to experience new things can be hard.
(How Stuff Works)
15. Apple Was Invented By A Baby Boomer
Baby boomers are often seen as the older generation with little to offer Generation Z or even Millennials.
However, much of what the younger generations take for granted is only possible because baby boomers invented it.
Steve Jobs is famous for creating Apple, along with Steve Wozniak.
Both were born in the 1950s and are classified as baby boomers.
Apple was created in 1976 and it’s fair to say it changed the world.
Many people rely on Apple products today, and they are the product of the boomer generation.
That’s not the only thing invented by a boomer.
The portable dialysis machine, DLA fingerprinting, and even synthetic skin products are just a few of the inventions taken for granted today.
All of which were invented by baby boomers.
16. Baby Boomers Have Commonly Occupied Administrative Positions
Baby boomers have generally undertaken a wide variety of occupations throughout their careers.
They were the last of the generation that saw a job as guaranteed for life and the first who felt changing careers midlife was acceptable.
As such, many baby boomers ended their careers in administrative roles.
The most popular of which were office /administrative assistants.
Other careers which baby boomers had at the time of retirement include accounting, sales, construction, law enforcement, teaching, and healthcare.
These have generally been viewed as lucrative and reliable positions for those nearing the end of their time as part of the active workforce.
The above baby boomer statistics illustrate perfectly how this generation has helped to shape the economic and political landscape.
More importantly, they are likely to continue dominating these arenas for many years to come.
The statistics also show how important boomers have been in creating the world we all know today.
One that many other generations take for granted.
Boomers are aging, they are no longer the biggest part of the population and they’ll continue to shrink.
But, they still need to be considered, they’ve achieved a lot and have a lot left to give.
Take a moment to think about the boomers in your life and perhaps show them that you’re grateful for them.
It can’t hurt to share the love.