The boomers’ first chance is not likely to come soon enough for them to catch up on their savings.
They have amassed a nest egg worth about $100 trillion, according to a new study.
The median American household had $11,500 in the bank at the end of last year, the largest since World War II, according a report released Tuesday.
But the boomers are also in the middle of a record-high housing bubble.
And they are still in the midst of the worst economic crisis since the Great Depression.
The U.S. economy was in freefall at the start of the year and it has been in free fall since March.
The economy contracted by 2.5 percent in March and by 1.9 percent in April.
The housing crash and its aftermath has put a crimp on spending, which helped fuel a 3.6 percent drop in the first quarter, the weakest pace since April 2009.
With that backdrop, the survey by the Pew Research Center shows the booming generation is facing an uphill battle to catch-up.
The survey showed that the median age of the population has jumped by four years to 35.
By contrast, the median income for the age group has increased by less than one-third.
And the median household income has dropped by nearly $2,000 over the past two years.
“The boomers have made huge sacrifices in their own careers, including the early retirement age,” said Mark Perry, the co-author of the study and senior director of research for Pew.
“But they still have enough disposable income to live comfortably, but they don’t have enough money to pay their mortgages or rent, which means they’re stuck in an ever-escalating housing bubble.”
The boom in household wealth, along with the economy’s slow recovery, has put them in a bind.
They will be faced with the task of paying down debt while continuing to enjoy the economic benefits of living longer.
It’s a challenge that the U.K. is facing, too.
Prime Minister David Cameron recently unveiled plans to give the age of retirement to 67.
That’s a steep hike from the current age of 55.
It also comes on top of a $30 billion government cut to the age at which the U,S.
and Canada begin to phase out the death penalty.
“The problem is, the U of A is one of the wealthiest universities in the world,” Perry said.
“The government has tried to say to the universities that the pension will pay for itself.
But it’s going to take a decade.”
The biggest challenge for the U., the study found, is that the boom generation’s generation is still young, with the average age at first marriage falling from 37.9 to 36.5 years.
It’s a time when many young people may not have as much disposable income as their parents.
And because of the high cost of living, the boom-ers’ median monthly household income is also the highest in the OECD.
That said, the generation is also experiencing a period of slow growth.
In fact, the percentage of boomers with a college degree fell by nearly 7 percentage points to 46 percent in 2015 from 45.7 percent in 2010, according the Pew report.
That number is down from the peak of 64 percent in 1990.
It’s an issue that will likely be exacerbated by the looming expiration of the Bush tax cuts, which expire at the beginning of 2019.
That could force many boomers to spend more money, driving up their mortgage payments.
Another major concern for the boomer generation is the health care sector, which has seen a boom in spending in recent years.
The boomer population now accounts for about a third of the health spending, according Pew.
That includes health care spending for older Americans, the poor and people with disabilities.
In addition to the high-end health care industry, the financial sector has also seen a significant increase in spending, the study shows.
The number of households with credit cards increased by a staggering 35 percent between 2000 and 2015, according data from CreditCards.com.
And with more of their disposable income going into the stock market, many boomer households are also putting their retirement savings in the stock index.
While boomers can’t easily afford to put their money in the market, they do have the option to save for their retirement, the report shows.
As of last April, about one-quarter of the boom population had invested at least $1,000 in their retirement accounts, up from less than 10 percent in 1980.
But that number may be getting smaller, with about 30 percent of boom households having invested at the time of the survey, down from 43 percent in 2014.
The trend is due to a combination of financial regulations and the boom’s growing dependency on the federal government, the Pew study said.
The recession also has affected the boom.
The baby boom’s retirement age rose to 67 in 2009