Baby Boomers vs Their Parents: Economic Well-being and Health Status
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In this chapter, we use the Social Security Administration’s simulation model known as MINT (Modeling Income in the Near Term) to examine the projected health and economic status of Baby Boomers and their parents during retirement. Our projections indicate that boomers will enjoy higher levels of economic well-being and health than their parents, yet the distribution of income and wealth is more unequal among Boomers. For example, the ratio of income to poverty-level income grows three times faster at the 90th percentile than at the 10th percentile. Health problems are concentrated among persons of lower economic status in both generations, but the degree of concentration does not increase across generations.
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All findings, interpretations, and conclusions of this paper represent the views of the authors and not those of the Wharton School or the Pension Research Council. © 2006 Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.
The authors thank Andrew Biggs, Sharmila Choudhury, Lionel Deang, Edward DeMarco, Lynn Fisher, Howard Iams, Olivia S. Mitchell, Mark Sarney, and Dave Shoffner for their help and comments.
Date Posted: 28 August 2019