A Comparison of Income and Assets in the Early and Late Baby-Boomer Cohorts

Abstract

The early-cohort baby boomers, born between 1955 and 1963, have already entered their retirement years. In the next ten years, the larger late cohort, consisting of individuals born between 1964 and 1974 and aged 50 to 60 as of 2024, will have passed the statutory retirement age of 60. Given the high poverty rate persisting among the elderly, policy measures targeting these baby boomers should be designed with a clear understanding of their income and asset characteristics. This article examined the early and late cohorts, focusing on how they differ from one another in terms of income and asset situations, economic participation. The two cohorts differed in the accumulation and use of income and assets, likely due to the differing socioeconomic conditions of their respective economic engagement periods. This article further discusses the need for policy responses tailored to the characteristics of each baby-boomer cohort.