Baby Boomers are the largest part of the aging population in the United States and the world.
In recent years, Millennials have outpaced the global numbers of the Boomer generation.
The Boomer generation are retiring and passing away as Millennials overtake the largest portion of generational individuals.
So, how many Boomers are there as of 2024?
We will explore the numbers of Baby Boomers and address the potential future of this aging population.
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Key Statistics
- The U.S. Census Bureau reports that there are 76.4 million Baby Boomers in the U.S.
- Baby Boomers are people born between 1946 and 1964.
- The youngest Boomer will turn 59 by the end of 2023.
- The oldest Baby Boomer will be 77 by the end of 2023.
- By the end of 2029, all Boomers will have passed the 65-year-old threshold.
- The last of the Boomers born will turn 67 by 2031 and can receive their full Social Security benefits.
- Baby Boomers account for approximately 25% of the U.S. population.
- The record for the most babies born occurred in 1957 when 4.3 million babies were born.
- In 1964, Baby Boomers accounted for 37% of the U.S. population.
- Baby Boomers account for just over 20% of the global population.
How Many Boomers are There?
The U.S. Census Bureau reports that there are 76.4 million Baby Boomers on the globe.
In the United States, Baby Boomers account for 20.56% of the population.
Baby Boomers are the people who were born after World War II (1946-1964).
Therefore, the youngest Baby Boomer would turn 59 in 2023 and the oldest would turn 77.
This is the marketing audience age range for Baby Boomers if this is your target demographic.
Moreover, Baby Boomers will all pass the 65-year-old threshold by the end of 2029.
In 2012, Baby Boomers born in the United States included 65.2 million.
When you count those who immigrated to these numbers, there were 76.4 million Boomers living in 2012.
The projected figure for Baby Boomers in the American population for 2029 is 61.3 million with the youngest of them all being 65 years old.
Additionally, Boomers born in 1964 will be old enough to get their full Social Security retirement benefits at 67 years old.
(AP News, PRB, Statista, U.S. Census Bureau)
Historic Baby Boomer Facts
We have gathered some historical facts about Baby Boomers to show the cycle of life among this generation.
In 1957, 4.3 billion babies were born in the United States.
This set the record for the most births in a single year.
In 1946, the first year of Boomer births, 3.4 million births were recorded.
In 1964, the last year of the Boomer generation saw over 4 million births.
Furthermore, in 1964, the Baby Boomer generation accounted for 37% of the entire U.S. population.
In 2015, Boomers accounted for 24% of the whole population.
Women account for 52% of the U.S. Baby Boomer population, according to the 2014 U.S. Census forecast.
For reference: As of 2023, Gen X accounts for 65 million U.S. adults.
This generation was born between 1965 and 1980.
As of 2022, Millennials account for the largest generation in the United States.
This generation was born between 1981 and 1996.
Statista reports that there are over 72 million Millennials in the U.S. as of 2022.
Millennials account for 1.8 billion global citizens, which represents 23% of the world’s population, making this generation the largest in the world.
(Investopedia, Love to Know, WEForum)
Baby Boomers Money, Work, and Education Statistics
In this section, we will discuss some historic data to present regarding Boomers’ work and education statistics.
Money
First, in 2023, 53.2% of the U.S. personal net worth belongs to Boomers.
Therefore, if you market to this generation, you should know they still have substantial political and economic influence across the globe.
The Boomer generation is closing in on retirement and they have a higher life expectancy compared to their parents.
So, they will be spending more time in their retirement years, which means they will also still be solid consumers.
The life expectancy of most boomers is expected to be between 82 and over 100.
Sadly, this could result in breaking the Social Security system if it’s left to thrive on its own leaving millions of Boomers and following generations without proper retirement funds.
(Investopedia, Investopedia²)
Education
Baby Boomers haven’t accumulated the educational debts that plague Millennials and Gen Z today.
Therefore, most of them aren’t indebted to the education system.
However, there are several Boomers still paying for their children’s education and some paying for their grandchildren’s education.
These are factors to consider when you’re targeting the Boomer generation with your goods and services.
(Investopedia², Love to Know)
Work
A large portion of Baby Boomers have stayed in the workforce.
However, 2018 saw a rise in Boomer job applications of 29% of those aged 65 to 72 seeking work, or already working.
This is much higher than the former Greatest Generation (19%) at the same age.
In 2011, the first of the Baby Boomer generation turned 65, which is retirement age, but most of them didn’t retire then and some still haven’t retired.
Although they aren’t retiring, they are seeking other careers or jobs that don’t require full-time work.
They prefer to work part-time, perform volunteer work, or to start on creative pursuits.
While Baby Boomers may not embrace the remote work ideal, many of them like that they can make their own hours.
This generation is less apt to want to isolate than newer generations.
If you’re a business or company in need of self-sufficient workers who have a great work ethic and solid decision-making skills, consider hiring Baby Boomers.
Baby Boomers were taught good worth ethics and know the value of working for a living more than generations after them.
They often bring optimism, enthusiasm, motivation, and high morale in the workplace.
(Indeed, Pew Research)
Baby Boomer Lifestyle Statistics
We have learned that Baby Boomers aren’t retiring like former generations at 65-72 years old.
They are waiting to retire, though they are choosing to work less.
Baby Boomers are also business owners that are self-reliant and over time will be selling or closing their businesses to younger generations.
One of the most significant lifestyle factors of Baby Boomers is that many of them are choosing to live alone.
According to Forbes, 26 million American Boomers (over 50) have chosen to live alone in their golden years.
It’s expected that by 2030 Baby Boomers will either be in full retirement or close to it.
(Forbes, Indeed)
FAQs
Do Baby Boomers use the internet?
If you’re the child or grandchild of a Baby Boomer, you know your parents and grandparents are using the internet.
In fact, one Google study in 2013 revealed that 78% of Baby Boomers go online.
Also, over 30% of this generation says they are “heavy internet users”.
Additionally, 82% of Baby Boomers say they have at least one social media account.
Moreover, they spend more time online weekly than Millennials.
How do Boomers spend money?
Naturally, Boomers spend money.
After all, they have to eat and live, right?
However, Boomers are thrifty without being cheap.
This is an important factor to consider for brands and marketers.
Boomers don’t spend their money needlessly.
In fact, 79% of them think that buying generic/store brands is just as good as buying brand names in most instances.
Where do most Baby Boomers live?
In the United States, Florida tends to be a popular retirement destination, but it’s not where most Boomers live.
It may surprise you to know that nearly 40% of American Baby Boomers live in the Northeast of the country in Maine.
Florida isn’t even in the top five of retirement places for Boomers.
Besides Maine, Boomers live in New Hampshire, Montana, Vermont, and West Virginia.
Aren’t Baby Boomers old people?
While we all might consider Baby Boomers as old, they are still very energetic and active.
Look at Stevie Nicks for instance.
She’s a 75-year-old Baby Boomer still living in the spotlight and being very active.
You may not realize that George Clooney (62) and Jerry Seinfeld (69) are also Baby Boomers.
You might be surprised to find that many of today’s popular celebrities are Boomers and older still actively working in their craft.
Boomers are proving that aging doesn’t have to mean slowing down.
This generation is an inspiration to us all.
Conclusion
Now we know that Baby Boomers are shrinking in numbers, but they are still a dynamic force in the political, employment, business, and consumer realm.
As a marketer, brand, or business, you should take these Boomer statistics seriously and use them accordingly for your purposes.
Don’t count them out yet.
While Millennials are making up a larger portion of the consumer base today, Boomers have over half the total money, at least in the United States.
