Boomer Corner

Baby Boomers have always had an outsized presence compared with other generations. They were the largest generation and peaked at 78.8 million in 1999.

There were a projected 75.4 million Boomers in 2014. By midcentury, the Boomer population will dwindle to 16.6 million.

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These 75.4 million baby boomers represent close to one-quarter of the estimated U.S. population of 314 million. The choices they make about whether to retire or continue to work will have profound implications for job openings and Social Security spending.

The Census Bureau currently projects that the baby-boom population will total 61.3 million in 2029, when the youngest boomers reach age 65. By 2031, when the youngest baby boomers reach age 67 (the age at which persons born in 1964 can receive full Social Security benefits)

The aging of the baby boomers is creating a dramatic shift in the age composition of the U.S. population. Projections of the entire older population (which includes the pre-baby-boom cohorts born before 1946) suggest that 71.4 million people will be age 65 or older in 2029. This means that the elderly ages 65 and older will make up about 20 percent of the U.S. population by 2029, up from almost 14 percent in 2012.