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As US baby boomers retire, a generation that lived through unprecedented prosperity—and has correspondingly high hopes for its golden years—must cope with significant financial, physical, and social challenges. By 2015, the United States will have more than 45 million households with people from 51 to 70 years old, compared with about 25 million for the “silent” generation, born from 1925 to 1945. Their real disposable income and consumption will be roughly 40 percent higher, and they will control nearly 60 percent of US net wealth.
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Nonetheless, reality may fall short of their expectations. McKinsey research reveals that 60 percent of the boomers won’t be able to maintain a lifestyle close to their current one without continuing to work. The same percentage of older boomers already suffers from chronic health problems. Not surprisingly, 43 percent already are frustrated that they aren’t leading the lives they expected. To learn more about the future of retirement, read “Serving aging baby boomers” (November 2007).
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