U.S. Baby Boomers Are Better Off Than They Think

Baby boomers--the generation born between 1946 and 1964--are haunted by the notion that they will fare far worse in retirement than their parents have. But a new study from the Congressional Budget Office (CBO) suggests that the baby boomers are much better off financially than their parents were at the same age. Incomes have risen, for one thing: Today, the median household income, adjusted for inflation, for the age group 25-34 is 35% higher than for the comparable group 30 years ago, while the median income for 35- to 44-year-olds has increased by 53%. Household wealth, too, has gone up substantially for both age groups.

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