Baby boomers are approaching 'peak burden' on the economy

Tech Insider : Economy, Economy
baby boomer

REUTERS/Mike Blake

  • The baby-boomer "time bomb" is finally upon us, economists say.
  • All boomers will be at least 65 soon, the generation's point of "peak burden" on the economy.
  • Future generations can take solace in the fact that no boomer-size generations are in the making.

A time bomb has been ticking in the US.

Meet a couple with 5 kids who are barely making it despite working 4 jobs: 'It shocks me that $100k feels like poverty'

Tech Insider : Economy
April Schultz and her husband
April Schultz and her husband make about $130,000 a year but barely have money for savings.

April Schultz

A 63-year-old working 2 jobs is worried about retirement. She says she's been overeducated and underpaid her entire career.

Tech Insider : Economy
A hand puts coins into a jar labeled
Cathy said she's nervous about retirement even though she's worked her whole life and has a master's degree.

Pinkomelet/Getty Images

10 cities where Social Security and retirement incomes are the highest

Tech Insider : Economy
Arlington, Virginia.
Arlington, Virginia, retirees have the highest retirement income nationwide.

Nate Hovee

Gen X can add one more financial problem to its list

Tech Insider : Economy, Economy
Gen X woman on a train
Gen Xers are already dealing with their own economic concerns.

FG Trade/Getty Images

China is in the middle of its own retirement crisis as many older people cannot afford to stop working

Tech Insider : Economy
An elderly lady washing vegetables inside a tulou in Fujian, China.
Elderly lady washing vegetables inside a tulou in Fujian, China.

Sheng Li/Reuters

A 64-year-old 'peak boomer' worries his savings and Social Security won't be enough to retire: 'My biggest fear is finding myself at 75 standing at the door at Walmart.'

Tech Insider : Economy, Economy, Politics
An older man sits on the beach, looking out at the sea
David Kirsch, 64, (not pictured) is worried his Social Security and 401(k) won't be enough to live off of in retirement.

Westend61 / Getty Images

America's facing a retirement disaster. There's a better way.

Tech Insider : Economy, Economy
Aerial view of Sydney Harbor, Australia
Australia requires that employers contribute to employees' retirement funds.

Michael Dunning / Getty Images

Why saving for retirement has never felt scarier — or more confusing

Tech Insider : Economy
An empty savings jar with a label that says
Instead of a golden sunset to look forward to, retirement has become anxiety-inducing for many Americans.

iStock; Rebecca Zisser/BI

House Republicans want to raise the Social Security age. It could hurt those who 'work their whole lives and die sooner,' the agency's head says.

Tech Insider : Economy, Politics, Economy
Martin O'Malley at confirmation hearing for Commissioner of Social Security
Former Gov. Martin O'Malley (D-MD), President Biden's nominee to be the next Commissioner of Social Security, arrives to his confirmation hearing before the Senate Finance Committee at the Dirksen Senate Office Building on November 02, 2023 in Washington, DC.

Kevin Dietsch/Getty Images

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