What's the difference between a Baby Boomer and an avocado? 🧐🥑 One is a soft, wrinkly vegetable. The other is an avocado. 🤣 Too far? Probably!
Before you think Boomers have unlimited funds to fight off avocado skin with pricey Botox, think again! 💸😛 While they do hold a ton of the country’s wealth, some of these stats may surprise you.
Here’s Five Fast Facts on Baby Boomer finances:
- 💰 Worth It - The Boom Squad built more wealth than any other generation, but the typical retiree is worth much less than you might think. The average Boomer has a net worth of about $1.6M, but the median is closer to $370,000. A small number of uber wealthy households pull the average higher.
- 🏘️ Nice Assets - A large share of Boomer wealth is tied up in homes and retirement accounts rather than cash. In other words, someone can have a high net worth on paper while still having a strict monthly budget in retirement.
- 🌊 Ebb & Flow - Net worth usually grows throughout a person's working years, but it often starts to fall after retirement. Many retirees begin spending down their savings instead of adding to them, so it’s normal for wealth to decline over time.
- 🎓 School’s Out - The biggest wealth gap among Boomers? Education. Households headed by a Boomer with a bachelor's degree have a median net worth of more than $1M. Those without a four-year degree have seen much smaller gains over previous generations.
- 🕳️ Mind the Gap - Baby Boomers are expected to control nearly $90T in U.S. household wealth, or more than half of the nation's total. Even so, the generation includes huge wealth gaps, making broad labels like "wealthy boomers" a poor fit for millions of retirees.
🔥Bottom line: Now that you’re all caught up, why not treat your favorite Boomer to some avocado toast? They’ll hate it. Thinking about adding a furry friend to the family? They’re cute, but some of those bills? Not so much. Before you bring Fluffy to her fur-ever home, read this article!
Are you a Baby Boomer?
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