Demographic Wave of Retirees Does Not End with Baby Boomers

LIMRA, which provides research support for the insurance and financial services industry, recently released a report concluding that "For years researchers suggested that as the Baby Boom generation begins to retire, they will create a large statistical bump, which will subside as members of the generation pass. That theory is not proving to be true." Baby Boomers will retire through 2029, and based on census data, roughly 4.1 million Americans will reach age 65 in 2023. When "Gen Next" begins to retire in 2023, slightly fewer people are expected to retire for most years from 2030 to 2050, but the decrease will be relatively minor, with the number retiring per year never expected to fall below 3.5 million per year. By comparison, 3.4 million people will reach age 65 this year.