On Jan. 1, 2011, the oldest baby boomers began turning 65. Every day for the next 19 years, about 10,000 more boomers will experience that big birthday.
By 2030, when all baby boomers have turned 65, 18 percent of the nation's population will be 65 or older, according to Pew Research Center. Today, 13 percent of Americans are ages 65 and older.
As they age, baby boomers are more downbeat than other age groups about their futures and about where the nation is headed, reports the center.
Some of this pessimism is related to life cycle – for most people, middle age is the most demanding and stressful time of life. Some of the gloominess, however, appears to be particular to boomers, who began reaching adulthood in the 1960s with high hopes for changing society, but who've spent most of their adulthood trailing other age groups in overall life satisfaction, according to the center.
About 80 percent of boomers say they’re dissatisfied with the way things are going in the country today, compared with 60 percent of those ages 18 to 29 (Millennials), 69 percent of those ages 30 to 45 (Generation Xers), and 76 percent of those ages 65 and older (the Silent and Greatest Generations), reports a recent center survey.
Boomers are also more downbeat than other adults about the long-term direction of their lives – and their children's. In the survey, 21 percent say their own standard of living is lower than their parents' was at the age they are now.
The 79-million-member baby boomer generation makes up 26 percent of the total U.S. population. Boomers are expected to redefine old age in America, just as they've changed teen culture, young adult life, and middle age.
Boomers believe that old age doesn't begin until age 72, the center reports. About half of American adults say they feel younger than their actual age, but 61 percent of boomers say this. The typical boomer feels nine years younger than his or her chronological age.
On social issues, boomers are more accepting of changes in American culture and mores than are adults ages 65 and older, though generally less tolerant than younger age groups. On personal finances, economic security, and retirement expectations, they feel more damaged by the Great Recession than older adults.
Boomers are latecomers to the digital revolution, but are beginning to close the gap with younger generations. Among younger boomers (ages 46-55), half now use social networks, compared with 20 percent in 2008. That rate of growth is more rapid than for younger generations.
On politics, boomers have done some partisan switching in recent years. They narrowly favored Barack Obama for president in 2008 (by 50 to 49 percent), then supported Republican congressional candidates by 53 to 45 percent in the 2010 midterm elections, according to election day exit polls. In their political attitudes about the role of government, boomers are more conservative than younger adults and more liberal than older adults, according to another center report.
However, a new center survey finds little interest among boomers for deficit reduction proposals that would reduce their benefits or tax breaks. For example, 68 percent of boomers – compared with 56 percent of all adults – oppose eliminating the tax deduction for interest paid on home mortgages; 80 percent – compared with 72 percent of all adults – oppose taxing employer-provided health insurance benefits; and 63 percent – compared with 58 percent of all adults – oppose raising the age for qualifying for full Social Security benefits.
For more information on boomer attitudes, see the center’s "Baby Boomers Approach Age 65, Glumly."
Today, America’s elderly are living longer and the cost of health care is rising dramatically. The sad truth is that the vast majority of Baby Boomers have not adequately saved for retirement. For many of them, their home equity was destroyed by the recent financial crisis.