Meet the typical baby boomer: Worth $206,000, they've been blamed for ruining the economy for millennials and are in the midst of the 'gray tsunami'

Hillary HoffowerJan 2, 2022, 17:22 IST

Baby boomers have shifted demographics and the economy for the past 70 years.Javier Bragado/Getty Images

Baby boomers are the post-World War II generation.
The typical boomer has generated wealth for themselves thanks to a growing economy.

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.

The post-World War II generation, boomers have been shifting the structure of the US population and economy for more than 70 years.

Javier Bragado/Getty Images

They've witnessed some of the most important cultural and political events in American history, which have defined their upbringing.

In this July 1969 file photo, Astronaut Edwin Aldrin walks by the footpad of the Apollo 11 Lunar Module.NASA

Their coming of age experience taught the typical boomer that they should focus on the present.

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While this mentality has served boomers well, many have argued that it didn't serve future generations well. It's why boomers have typically been blamed for ruining the economy for millennials.

Matt Henry Gunther/Getty Images

While this mentality has served boomers well, many have argued that it didn't serve future generations well. It's why boomers have typically been blamed for ruining the economy for millennials.

But the typical boomer will help out their children in the long run. They're wealthy enough to pass down an inheritance in a process known as "The Great Wealth Transfer."

IRAs can be a good way to save for retirement, but there are different types to choose from, with each offering different tax benefits and rules.Marko Geber/Getty

But the typical boomer will help out their children in the long run. They're wealthy enough to pass down an inheritance in a process known as "The Great Wealth Transfer."

The typical boomer has a median net worth of $206,700.

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Much of that wealth comes from real estate. The typical boomer owns a home and doesn't plan on selling it anytime soon.

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But not everything is rosy for boomers. The typical boomer household still has debt, owing $28,672.

Marko Geber/Getty Images

It indicates that many boomers are indebted as they head into their retirement years. The typical boomer over age 65 has just $58,035 saved.

boonchai wedmakawand/ Getty Images

As boomers enter their golden years, the US is undergoing a demographic shift the Census calls the "gray tsunami."

An assumable mortgage lets you transfer the loan to another personWestersoe/Getty Images

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Meet the typical baby boomer: Worth $206,000, they've been blamed for ruining the economy for millennials and are in the midst of the 'gray tsunami'

The post-World War II generation, boomers have been shifting the structure of the US population and economy for more than 70 years.

They've witnessed some of the most important cultural and political events in American history, which have defined their upbringing.

Their coming of age experience taught the typical boomer that they should focus on the present.

While this mentality has served boomers well, many have argued that it didn't serve future generations well. It's why boomers have typically been blamed for ruining the economy for millennials.

But the typical boomer will help out their children in the long run. They're wealthy enough to pass down an inheritance in a process known as "The Great Wealth Transfer."

The typical boomer has a median net worth of $206,700.

Much of that wealth comes from real estate. The typical boomer owns a home and doesn't plan on selling it anytime soon.

But not everything is rosy for boomers. The typical boomer household still has debt, owing $28,672.

It indicates that many boomers are indebted as they head into their retirement years. The typical boomer over age 65 has just $58,035 saved.

As boomers enter their golden years, the US is undergoing a demographic shift the Census calls the "gray tsunami."