How many baby boomers are there?
Baby boomers are people who were born between 1946 and 1964. More than 77 million Americans were born in the post-World War II era, and that makes the generation much larger than the generation directly before or after it.
States like Maine, New Hampshire, Montana, and Vermont all have more than 35 percent of their population made up by baby boomers. States such as Arizona, California, Georgia, Texas, and Utah have the lowest number of baby boomers in the U.S.
Baby boomers aren’t prepared for retirement
Baby boomers are swiftly reaching the retirement age, if they haven’t already reached it, and are finding that they are not well prepared.
Using the popular four percent rule for retirement preparations, most end up with an income of $7,112 each year in retirement. Even after factoring in Social Security benefits, the amount is not enough for retirees to live on.
The median amount of a 401k account balance for people between 55 and 64 is $177,805. Not only that, but 45 percent of baby boomers do not have any retirement savings.
In addition to a lack of savings, 65 percent of baby boomers plan to work past their FRA to increase their Social Security benefits.
Baby boomers reaching retirement daily
At least 10,000 baby boomers are aging into their Social Security benefits every day. According to AARP, that number is expected to continue well into the 2030s.
This is a large contributing factor that Medicare and Social Security program funds are projected to see financial struggles in the future.