What Happened to Late Boomers’ Retirement Wealth?

TitleWhat Happened to Late Boomers’ Retirement Wealth?
Publication TypeReport
Year of Publication2023
AuthorsChen, A, Munnell, AH, Quinby, LD
Series TitleIssue in Brief
Document NumberIB#23-16
InstitutionCenter for Retirement Research at Boston College
CityChestnut Hill, MA
KeywordsGreat Recession, late boomers, Retirement, Wealth

The brief’s key findings are:
Late Boomers have less retirement wealth than earlier cohorts, including surprisingly low 401(k) assets.
To explain this drop, the analysis explored both changing demographics and labor market experiences.
The results show that part of the drop is due to a decline in the share of Late Boomers who are White, married, and have college degrees.
The main factor, though, is that Late Boomers saw a weakening in the link between work and wealth due to the Great Recession.
The Great Recession story is a bit of good news for younger cohorts, as some of the downward pressure on their wealth holdings should abate.

Citation Key13485