Baby Boomer: Definition, Age Range, Characteristics, and Impact

A baby boomer is someone born between 1946 and 1964, part of a large post–World War II generation that reshaped demographics, culture, and the economy. Once the largest generational cohort in U.S. history, baby boomers continue to exert substantial economic and political influence as they move through retirement.

Key takeaways

• Born 1946–1964; peaked as the largest U.S. generation until millennials surpassed them.
• Long life expectancy and large cohort size give boomers continued economic and political power.
• Retirement for many boomers differs from previous generations because of longer lifespans, fewer traditional pensions, and concerns about Social Security’s long-term funding.

Origins and historical context

The baby boom followed World War II, when birth rates surged as returning servicemembers and others started families. Improved wages, expanding consumer goods, suburbanization, and policies such as the G.I. Bill shaped the generation’s early life. By adulthood, many boomers reacted against midcentury consumer culture and helped fuel the youth counterculture of the 1960s.

Size and demographic trends

• At its height, roughly 76 million babies were born in the U.S. during the boom years; estimates vary by source and year.
• Census and demographic analyses show the boomer population declining gradually as the cohort ages.
• Boomers are currently the longest-living generation to date and are central to the emerging “longevity economy.”

Economic influence

• Boomers held a majority share of U.S. household wealth in recent years and remain major consumers. One analysis estimated boomer spending at about $8.7 trillion in 2020, projected to grow substantially by 2030.
• Their wealth concentration gives them outsized influence on markets, politics, and public policy.

Retirement landscape for boomers

Several features make baby boomer retirement distinct from that of earlier generations:

Longer retirements and continued work

Rising life expectancy means many boomers may spend more years in retirement than their parents. Better health and flexible labor markets also increase the likelihood that some will remain employed past traditional retirement ages, supplementing income and delaying drawdown of savings.

Shift from defined-benefit pensions to defined-contribution plans

Traditional employer-funded pensions (defined-benefit plans) declined sharply over recent decades, replaced by employee-directed defined-contribution plans (e.g., 401(k)s). Between 1975 and 2019:
* Participation in private-sector defined-benefit plans dropped substantially.
* Participation in defined-contribution plans rose dramatically.

This shift transferred much of the retirement saving and investment responsibility from employers to individual workers.

Savings and reliance on Social Security

• Median retirement savings among boomer workers has been modest for many: one estimate put median boomer retirement savings around $289,000 in 2023.
• A significant share of boomers expect Social Security to be a primary income source in retirement.

Social Security and fiscal pressures

Social Security benefits are financed by current worker payroll taxes and trust-fund reserves. Trustees’ projections have indicated that the trust fund could face depletion within the coming decade, after which incoming payroll taxes would cover a reduced share of scheduled benefits. Demographic shifts—fewer workers per retiree now than in the mid-20th century—contribute to these fiscal pressures.

Subgroups and related generations

• Echo boomers: children of baby boomers born roughly 1976–2001. They overlap with Gen X, millennials, and early Gen Z.
• Generation Jones: a term for some later-born boomers (commonly cited as people born in the mid-1950s to mid-1960s) who experienced cultural and economic differences from earlier boomers.

Conclusion

Baby boomers have left and continue to leave an enduring mark on society, culture, and the economy. Their large numbers and relative wealth concentrate influence even as they age. At the same time, longer retirements, the decline of traditional pensions, modest personal savings for many, and pressure on Social Security create substantial policy and financial challenges for the generation and for societies that must support aging populations.