- Baby boomers are the post-World War II generation.
- The typical boomer has generated wealth for themselves thanks to a growing economy.
- But many say boomers didn’t think about the future and left a broken economy for younger generations.
Named for the wave of births that occurred from 1946 to 1964, baby boomers set the tone for a post- World War II America.
They were brought up during some of America’s biggest defining events in living history, from the Vietnam War and civil rights movement to Beatlemania and the moon landing. As they entered adulthood, they sought the American Dream marked by a steady career and a house, a car, and a family in the suburbs. But they developed a here-and-now mentality that disregarded the future, which many experts and media outlets have argued came at the expense of younger generations, like millennials.
They reaped benefits from low interest rates and inflated housing prices, which increased the value of their assets. As such, many boomers have acquired enough wealth to partake in the greatest wealth transfer in modern history, which will go to their children and philanthropy.
But not everything is bright for boomers. Many still have debt and don’t have enough money saved to sustain a full retirement. And there isn’t a long-term care system yet in place for all the boomers aging into their senior years.
Here’s what life looks like for the typical baby boomer.