Generation Money: Baby Boomers' snapshot
Generation Money: Baby Boomers' snapshot
Generation Money: Baby Boomers' snapshot
09.16.2024
This year could mark a season of change for Baby Boomers, as 4.1 million Americans are set to turn 65 years old.
With half of the nation’s wealth in the hands of Baby Boomers, this generation has accumulated an average net worth of $1,652,385, according to Empower Personal DashboardTM August data.
They appear to be looking to keep that wealth safe, with Baby Boomer investors having holdings with less volatility. Fixed-income investments may be top of mind for this group more than any other generation. More than 10% of Baby Boomers’ asset allocation is made up of U.S. bonds, in comparison to Gen X, who hold only 5.89%, according to Empower data.
Cash is an essential aspect in Baby Boomers’ financial toolbox, too. More than 2 in 5 (42%) say they carry cash with them every day, and cash makes up 29% of Baby Boomers’ average asset allocation.
Baby Boomers Asset Allocation
In general, Baby Boomers have built a financial safety net for themselves, having a median emergency savings of $1,000 – the highest amount across all generations.
Baby Boomers Retirement Savings
With Baby Boomers saying they’d need $999,945 to feel happy, a comfortable retirement may be in the cards. Baby Boomers have an average retirement savings of $1,157,344, according to Empower data.
This group may also work to keep their wealth growing for years to come, as 64% of Baby Boomers say they may be in the job market post-retirement and are open to working indefinitely. They’ve accumulated an average 401(k) balance of $557,566 already, which could grow should they continue in the workforce.
Get financially happy.
Put your money to work for life and play.
RO3853424-0924
Want to stay in the know?
Power up with the latest money news, sent every week to your inbox.
*If you’re already registered with Empower, please use the same email address as your existing account.
The Currency editors
Staff contributors
The CurrencyTM, a publication from Empower, covers the latest financial news and views shaping how we live, work, and play. We keep you current on ways to plan, save, and invest for life.
The content contained in this blog post is intended for general informational purposes only and is not meant to constitute legal, tax, accounting or investment advice. You should consult a qualified legal or tax professional regarding your specific situation. No part of this blog, nor the links contained therein is a solicitation or offer to sell securities. Compensation for freelance contributions not to exceed $1,250. Third-party data is obtained from sources believed to be reliable; however, Empower cannot guarantee the accuracy, timeliness, completeness or fitness of this data for any particular purpose. Third-party links are provided solely as a convenience and do not imply an affiliation, endorsement or approval by Empower of the contents on such third-party websites.
Certain sections of this blog may contain forward-looking statements that are based on our reasonable expectations, estimates, projections and assumptions. Past performance is not a guarantee of future return, nor is it indicative of future performance. Investing involves risk. The value of your investment will fluctuate and you may lose money.
Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.