The Boomer generation grew up in an era with many advantages, including thriving industries, cheaper homes, and stable jobs.
In this article:
- Baby Boomers
- The Era of Beatlemania
- Late Boomers Set for Tough Retirement
- Researchers Compare Wealth Between Generational Groups
- Saving of Early and Middle Boomers
- Blame It on the Great Recession
- Beatlemania Boomers Miss Out on Savings
- Retirement Funds Take a Hit
- Survivor of the Great Recession
- Late Boomers Try to Balance Savings and Inflation
The later groups of Boomers, born during the iconic era of Beatlemania, seem set to suffer when they retire due to a lack of savings and lower retirement wealth, according to a report from Boston College.
Baby Boomers
The age group known as Baby Boomers consists of anyone born between 1942 and 1954. A second group, Generation Jones, was born between 1955 and 1964.
The Era of Beatlemania
During the early to mid-'60s, a female-led fan culture followed the Beatles across the U.K. and beyond, creating a cult-like following.
Late Boomers Set for Tough Retirement
The late Boomers born during the Beatles era won't be celebrating when they retire due to a lack of savings.
Researchers Compare Wealth Between Generational Groups
Researchers at Boston College compared the wealth of late Boomers with older generations, producing startling results: late Boomers had around $280,000 saved versus $50,000 more for earlier generations.
Saving of Early and Middle Boomers
Early Boomers had over $345,000 in total savings. Mid-Boomers had approximately $332,000.
Blame It on the Great Recession
Researchers theorize the Beatlemania Boomers may have less savings due to the financial impact of the Great Recession between 2007 and 2009.
Beatlemania Boomers Miss Out on Savings
This tough financial period hit when Beatlemania Boomers would have been in their 40s, their prime working years.
Retirement Funds Take a Hit
Late Boomers' salaries, investments, and savings all suffered during the Great Recession.
Survivor of the Great Recession
One Beatlemania Boomer described losing her job and struggling to pay rent during the Great Recession.
Late Boomers Try to Balance Savings and Inflation
This age group will ultimately find themselves living a lower quality of life as they age in retirement, balancing rising inflation with lower savings.