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"Baby boomer" refers to a member of the generation born between the end of World War II and the mid-1960s. Because of their large numbers and the relative prosperity of the U.S. economy during their working careers, baby boomers as a group remain economically and politically influential.
The average life expectancy of baby boomers, Gen X, Millennials, and Gen Z are different. Compared to the 70-year life expectancy of baby boomers and the 85-year life expectancy of Gen X, Gen Z is predicted to have a life expectancy of over 100 years.
The flow of immigrants greatly increased after passage of the Immigration Act of 1965, just as the baby boom was ending. So one can use the figure 76.4 million (or round it down to 76 million) to approximate the number of baby boomers living in the U.S. today.
And by 2030, all boomers ? those born from 1946 through 1964 ? will be 65 or older. This means one in every five Americans will have reached the traditional retirement age. Retirement for boomers is different than it was for their parents in the so-called Silent Generation.
With 75 million Baby Boomers retiring by 2030, The Great Retirement is looking to supersede The Great Resignation as the biggest hiring trend for 2022.
In September, 40% of Boomers were retired, up from 39% in February. The recent increase in the share of those who have retired has been greater for some demographic groups.
Thus, the baby boomer term was born. These folks would be around 58 to 76 today, with all baby boomers over 65 by 2030. At one point, the Census Bureau projected that the baby boomer population would reach 61.3 million by 2029 and that the number of elderly folks over 65 would be 20% of the population by that time.
Much of this growth will be prompted by the aging of the Baby Boomers, who in 2030 will be aged 66 to 84?the ?young old??and will number 61 million people. In addition to the Baby Boomers, those born prior to 1946?the ?oldest old??will number 9million people in 2030.