GITNUX MARKETDATA REPORT 2024

Baby Boomers Retiring Statistics: Market Report & Data

Highlights: The Most Important Baby Boomers Retiring Statistics

  • 10,000 baby boomers are reaching the retirement age every day in the United States.
  • About 26% of the US population are Baby Boomers.
  • The median savings in a Baby Boomer's retirement account is $144,000.
  • 52% of Baby Boomers expect to delay retirement due to their financial situation.
  • 70% of Baby Boomers believe that they will work beyond the age of 65.
  • Baby Boomers hold over 50% of the wealth in the United States.
  • Over 30% of Baby Boomers had plans to travel once retired, but many have had to defer because of Covid-19.
  • 19% of Baby Boomers expect to rely on Social Security as their primary source of retirement income.
  • More than 73% of Baby Boomers plan to work in retirement.
  • 41% of Baby Boomers had no retirement savings in 2017.
  • 65% of Baby Boomers are at risk of not being able to pay basic living expenses or healthcare costs in retirement.
  • Less than 25% of Baby Boomers believe they will need long-term care, however the actual probability is double.
  • Baby Boomers retiring today are part of the first generation to do so with the majority relying on defined contribution (such as 401k) rather than defined benefit (pension) retirement plans.
  • Around 45% of baby boomers have no retirement savings.
  • Around 23% of Baby Boomers are outwardly postponing their plans for retirement.
  • More than 60% of Baby Boomers are more afraid of outliving their assets than dying.
  • Only 55% of Baby Boomers have some retirement savings and, of those, 42% have less than $100,000.
  • 72% of baby boomers agreed that they should have been saving more for retirement.
  • The average retirement savings for baby boomers in 2019 was $920,000.

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In the midst of an ever-evolving demographic landscape, the retirement of the Baby Boomer generation represents a significant societal shift. This blog post delves into the fascinating world of Baby Boomers retirement statistics, exploring critical deviations in retirement ages, pensions, post-retirement jobs and other financial circumstances. The analysis aims to give insights into the trends shaping this monumental generational transition, creating a comprehensive snapshot of the retirement realities for this influential cohort.

The Latest Baby Boomers Retiring Statistics Unveiled

10,000 baby boomers are reaching the retirement age every day in the United States.

Underpinning the avalanche of change that is poised to hit the US economy is a simple demographic trend: an overwhelming figure of 10,000 baby boomers sailing into retirement each day, serving as a poignant signal of shifting sands in the country’s socio-economic landscape. This seismic demographic shift, a vivid reflection of the baby boom period from 1946-1964, presents both challenges and opportunities, from strains on Social Security systems to potentially explosive growth in sectors tied to aging. The constant tidal wave of retiring boomers casts a lengthy shadow over governmental agencies, businesses, and healthcare providers, obliging a better understanding of the coming changes. Hence, the emphasis on relevant Baby Boomer retiring statistics in this blog post.

About 26% of the US population are Baby Boomers.

Highlighting that approximately 26% of the US population are Baby Boomers underscores the significant demographic shift poised to impact various sectors across the country. As this group enters retirement, it represents immense changes in economic trends, reshaping the health care system, housing market, social security demands, and even the workforce composition. Their retirement statistics, therefore, offer crucial insight into the prospective challenges and opportunities, facilitating better planning and decision-making for policymakers, businesses, and even individuals of the next generations.

The median savings in a Baby Boomer’s retirement account is $144,000.

Unveiling a stark revelation from the heart of the retirement prophecies, the median savings of $144,000 noted in a Baby Boomer’s retirement account is a litmus test for our understanding of the financial preparation or readiness of this preeminent generation as they advance into their retirement years. In the labyrinth of Baby Boomers retiring statistics, this number not only sketches the fiscal landscape they are treading upon, but also sharpens our insight about the socioeconomic challenges they might be facing or will encounter, thereby prompting a comprehensive discourse on our societal norms surrounding retirement planning and strategies.

52% of Baby Boomers expect to delay retirement due to their financial situation.

Highlighting the figure that 52% of Baby Boomers foresee postponing their retirement due to financial constraints underscores a significant trend affecting this influential generation. Rather than a serene transition into the golden years of retirement, the economic reality for over half of Baby Boomers is turning out to be far more challenging. In the landscape of the broader discourse on Baby Boomers’ retirement statistics, this figure provokes a deeper investigation into the financial preparedness of this demographic, the potential strain on social security systems, and the resultant socioeconomic impacts. As such, it serves as a critical anchor for our understanding and future predictions of retirement trends among Baby Boomers.

70% of Baby Boomers believe that they will work beyond the age of 65.

The statistic, ‘70% of Baby Boomers believe that they will work beyond the age of 65’ paints a vivid picture for a post discussing Baby Boomers Retiring Statistics. It projects an intriguing shift in retirement plans for this generation and indicates a changing social and economic trend. The implications of this statistical insight are plentiful, ranging from changes in labor market dynamics to implications on social security schemes and the economy as a whole. Consequently, it adds dimensional depth to the retirement narrative, highlighting the enduring work ethic of Baby Boomers and their potential influence on future retirement norms.

Baby Boomers hold over 50% of the wealth in the United States.

Peering into the financial landscape of the United States reveals a compelling narrative: Baby Boomers, the cohort born between 1946 and 1964, command over half of the nation’s wealth. This demographic bulge in the python of society is hitting retirement age, and their economic decisions will shape the country’s fiscal future. The magnitude of their financial influence reflects their disproportionate sway over market trends, retirement patterns, housing dynamics, and the transfer of wealth to younger generations. Discussions surrounding Baby Boomers retiring statistics cannot afford to neglect this important fact; it is an essential piece of the mosaic that portrays the evolving economic portrait of the United States.

Over 30% of Baby Boomers had plans to travel once retired, but many have had to defer because of Covid-19.

In the landscape of Baby Boomers retiring statistics, that over 30% had dreams of globetrotting post-retirement, yet had to postpone these desires due to the Covid-19 pandemic, gives us important insights into the retirement plans of this demographic. It not only uncovers a significant trend within the Boomer population – a passion for travel in their retirement days – but also emphasizes the significant impact that external factors such as global health crises can have on those plans. Consequently, this statistic prompts a key discussion involving anticipated lifestyle changes and the adaptability required in retirement, particularly in unexpected circumstances, which is essential to comprehend for readers who will be stepping into their retirement shoes soon.

19% of Baby Boomers expect to rely on Social Security as their primary source of retirement income.

The statistic indicates that 19% of Baby Boomers leaning on Social Security as their principal fund of retirement income plays a significant role in the broader narrative of Baby Boomer retirement trends. It highlights the reliance on governmental support amidst rising living costs and potentially inadequate savings, underscoring the economic challenges and uncertainties faced by a significant portion of this demographic. This percentage is a crucial barometer in understanding retirement strategies, public policy effectiveness and the potential social-economic impact on society at large as millions of Baby Boomers step into their golden years.

More than 73% of Baby Boomers plan to work in retirement.

Highlighting the fact that over 73% of Baby Boomers intend to continue working post retirement underlines the shifting attitudes and economic realities facing this generation. As this blog post sifts through the specifics of Baby Boomer retirement trends, this statistic serves as a stark reminder of the changing dynamics of retirement. It underscores the fact that for many Baby Boomers—once symbols of prosperity and leisurely retirement—financial necessity, increased life expectancy, or simply the desire to stay active and engaged, is redefining their golden years. Therefore, any conversation about the retirement scene for Baby Boomers cannot ignore this significant deviation from the traditional retirement norm.

41% of Baby Boomers had no retirement savings in 2017.

Highlighting that 41% of Baby Boomers had no retirement savings in 2017 sheds light on a pressing concern for a significant fraction of this generation. This alarming statistic underscores the potential financial vulnerability they face in their retirement years, potentially relying heavily on social services or family support. It indicates a need to focus on financial planning and saving strategies tailored to this demographic, for the sake of their independence and security after the end of their professional life. This facet of retirement should not be overlooked in discussions on Baby Boomers’ retirement statistics, as it sets a critical backdrop for understanding future challenges they might confront.

65% of Baby Boomers are at risk of not being able to pay basic living expenses or healthcare costs in retirement.

Delving into the alarming statistic that 65% of Baby Boomers may struggle to afford basic living expenses or healthcare costs during retirement unearths a significant societal issue. This poignant figure underscores the looming crisis that this active generation, a population often characterized by their post-war optimism and prosperity, is hurdling towards. The stark reality reflected in this statistic serves both as a wake-up call for policymakers to reinforce social safety nets and as a cautionary tale for younger generations to proactively prepare for their retirements. Therefore, this statistic is an eye-opening cornerstone within the broader discussion of Baby Boomers retiring statistics.

Less than 25% of Baby Boomers believe they will need long-term care, however the actual probability is double.

Painting a bittersweet portrait of the gray dawn, the statistic connotes that under 25% of Baby Boomers anticipate the need for long-term care, ironically belying an actual probability of twice that. This fascinating incongruity teases apart the often overlooked yet crucial facet of retirement planning among Baby Boomers, emboldening the narrative of our blog post regarding their retirement statistics. By drawing attention to the growing needs and underprepared state of this generation, it stirs conversation about sustainable retirement strategies, while underlining the urgency to bridge the perception gap in healthcare contingencies. The statistic emphatically reminds us of the impending wave of retirees and the looming healthcare challenges, making it a compelling touchstone for discussions on retirement preparedness.

Baby Boomers retiring today are part of the first generation to do so with the majority relying on defined contribution (such as 401k) rather than defined benefit (pension) retirement plans.

Delving into retirement statistics throws into sharp relief a seismic shift in dependence for Baby Boomers. Those entering the golden years of retirement today symbolize the first generation to largely bank on defined contribution plans, like the 401k, over the defined benefit retirement plans, essentially pensions. This evolution presents a dramatic change in the landscape of retirement finance, as it fundamentally transforms how retirees procure and manage their retirement income. Inherently, it necessitates a more proactive role in saving, investing and risk management, a game of financial chess defined by individual moves rather than institutional guarantees. In the frame of retirement statistics, it underscores a dramatic shift in financial self-reliance attributed to this generation.

Around 45% of baby boomers have no retirement savings.

The startling revelation that nearly half—45%—of baby boomers have no retirement savings shines a significant light on the looming social and economic crisis. Given that baby boomers are heading into their retirement years or are presently in them, this statistic underscores an urgent national concern. The absence of sufficient retirement savings could lead to increased reliance on social welfare programs or a depreciation in lifestyle quality—topics that demand attention and action in policies, personal financial planning, and a broader conversation about how we as a society care for our aging population. This data point is a potent and indicative symptom of a broader narrative around Baby Boomer retirement trends.

Around 23% of Baby Boomers are outwardly postponing their plans for retirement.

Highlighting that approximately 23% of Baby Boomers are choosing to delay their retirement plans underscores a key shift in retirement trends and behaviors amongst this generation. In the backdrop of a blog post about Baby Boomers Retiring Statistics, the figure prompts a vital discussion around the reasons behind these delays – whether they stem from financial necessity, improved health and longevity, or the desire to remain active and engaged in their careers. Plus, it offers valuable insight for prospective retirees, policy makers and even companies about the evolving dynamics of the workforce and associated retirement plans.

More than 60% of Baby Boomers are more afraid of outliving their assets than dying.

Delving into the depths of Baby Boomers’ anxieties, the hard-hitting statistic reveals that over 60% harbor greater fear of their resources ebbing away than meeting the end of life. In crafting a portrait of Baby Boomers’ retirement realities, this compelling numeric highlight underscores a profound economic concern gnawing at this generation’s long-term security and peace of mind. The figure brings to light an evolving trend among retirees, reversing once held notions about retirement as a carefree phase, and instead spotlighting anxiety over financial sustainability. All these revelations make this statistic crucial in comprehending and navigating the retirements of the Baby Boomer generation.

Only 55% of Baby Boomers have some retirement savings and, of those, 42% have less than $100,000.

The alarming data indicating that only 55% of Baby Boomers have some form of retirement savings and, moreover, 42% of those have less than $100,000, foreshadows significant economic and social implications. Baby Boomers, a substantial generational group, are currently transitioning into retirement age. Therefore, this modest saving profile suggests a considerable percentage may face financial challenges in supporting their desired living standards in retirement. With stretched governmental support systems and increasing life expectancies, the findings echo a potential strain on societal resources while underscoring the need for improved financial literacy and planning among this demographic.

72% of baby boomers agreed that they should have been saving more for retirement.

In the panorama of Baby Boomers retirement trends, the statistic that colorfully paints a picture of urgency and self-awareness is: ‘72% of Baby Boomers concede they should have been more prudent with retirement savings.’ This underscores a perceptible shortfall in retirement preparedness among this demographic, potentially leading to economic strain in their golden years. It also underlines a pressing narrative about the importance of adequate financial planning, imparting valuable lessons for succeeding generations. The stark candidness of the majority implies a critical need for robust financial solutions addressing this gap, thereby shaping the direction of retirement-related services and policies.

The average retirement savings for baby boomers in 2019 was $920,000.

Reflecting on the posted average retirement savings of baby boomers, standing at $920,000 in 2019, holds significant importance within the landscape of a blog exploration around Baby Boomers Retiring Statistics. It provides pivotal insights into their financial preparedness heading towards retirement. This figure helps us gauge the economic health of this demographic while also setting a benchmark for younger generations on the potential funds necessary to sustain a comfortable post-career life. Furthermore, it can guide policy makers and financial advisors as they shape more viable financial strategies, retirement plans and social policies, striving towards supporting this aging population more effectively.

Conclusion

The retirement of Baby Boomers signifies a major shift in our socio-economic landscape. Statistics clearly illustrate the dramatic impact as millions are exiting the workforce, with immense implications on areas like Social Security, healthcare, and the labor market. As this generation lives longer, retirement planning proves to be more important than ever before, not only for Baby Boomers but also for the younger generation who need to be prepared for a similar situation in the future. As such, the importance of understanding and acting upon these retirement statistics cannot be overstated.

References

0. – https://www.www.ssa.gov

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3. – https://www.www.aarp.org

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5. – https://www.www.pbs.org

6. – https://www.www.lifehealth.com

7. – https://www.www.insider.com

8. – https://www.www.businessinsider.com

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FAQs

When did Baby Boomers start retiring?

The Baby Boomer generation, typically defined as individuals born between 1946 and 1964, began reaching the retirement age of 65 in 2011.

What percentage of Baby Boomers have already retired?

As of 2020, approximately 75% of Baby Boomers have retired.

How is the retirement of Baby Boomers affecting the workforce?

As an increasing number of Baby Boomers retire, the workforce is experiencing a significant shift. There is a growing labour shortage in industries previously occupied by Boomers. Furthermore, the bulk of retirements are resulting in a loss of experience, leadership, and institutional knowledge in many fields.

How many Baby Boomers will retire in the next decade?

It's projected that over the next decade, about 10,000 Baby Boomers will reach retirement-age every day, corresponding to about 3.65 million each year.

Are Baby Boomers generally financially prepared for retirement?

Studies have shown varied results. While some Baby Boomers have secured retirement savings and pension plans, a significant portion also report that they are not fully prepared financially for retirement, with insufficient savings to cover their projected expenses. The economic uncertainties and fluctuations can also impact the retirement plans of many Boomers.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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