Research Report It's All Relative
Understanding the Retirement Prospects of Baby Boomers
Barbara Butrica, Howard Iams, Karen E. Smith
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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.
Research Areas Aging and retirement
Tags Social Security Economic well-being Pensions Retirement policy
Policy Centers Income and Benefits Policy Center