Using the Social Security Administration's Model of Income in the Near Term (MINT), this paper compares the retirement prospects of baby boomer retirees with previous generations. In absolute terms, measured by per capita income and poverty rates, baby boomers are projected to be better off than current retirees. In relative terms, however, many baby boomers will be worse off than current retirees. First, the relative ranking of important subgroups is expected to change over time. Second, baby boomers are less likely than current retirees to have enough post-retirement income to maintain their pre-retirement living standards. These findings hold up to various definitions of family income and replacement rates.
To reuse content from Urban Institute, visit copyright.com, search for the publications, choose from a list of licenses, and complete the transaction.