Understanding Baby Boomers’ Retirement Prospects
Understanding Baby Boomers’ Retirement Prospects
This chapter assesses Baby Boom retirement prospects, comparing the outlook for this cohort with experiences of previous generations. The impact of aging is assessed using the Social Security's Model of Income in the Near Term and project retirement incomes for a representative group of individuals born between 1926 and 1965. Results indicate that Baby Boomers can expect to have higher real incomes and lower poverty rates in retirement than current retirees. However, the gains in family income are not equally distributed: for instance, never-married Boomer women will be relatively better off while high school Boomer dropouts will be relatively worse off than current retirees. Boomers' post-retirement incomes are not predicted to rise as much as pre-retirement incomes. Additionally, certain population subgroups will remain economically vulnerable, including divorced women, never-married men, Hispanics, high school dropouts, those with weak labor force attachments, and those with the lowest lifetime earnings.
Keywords: retirement prospects, workforce aging, Social Security, Baby Boomer, retirement income, older population subgroups, Black, Hispanic, marital status, women
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