Baby, it’s over now: The last US baby boomer turns 50

On December 31 of this year we will pass a demographic milestone as the last US baby boomer turns 50. Globally, the transition of the baby boomer generations into retirement, on account of its sheer size also known as the "Silver Tsunami", is taking place. This will challenge the pension systems over the coming decades to an ever increasing extent.

 

This is one of the key findings of the current survey of Allianz International Pensions, entitled "Baby, it's over now: The last baby boomer turns 50."

 

Consequently, the ratio of older people over 65 to the working age population aged 15 to 64 will once more clearly shift at the expense of the younger generation. The pension expenditure of the 18 countries examined1 will rise by 29 percent on average when their boomers retire; many Anglo-Saxon countries being on the upper end of this range due to strong generations and long-lasting booms. The economic challenges of European countries are more likely to be put down to the comparatively old populations. Here the dramatic decrease in birth rates following the boom has a more significant impact than the baby boom itself. “It is as simple as that: The baby boomers did not have enough children themselves”, said Brigitte Miksa, Head of Allianz International Pensions.

 

1Countries surveyed: Australia, Austria, Belgium, Bulgaria, Canada, Denmark, Finland, France, Germany, Hungary, Italy, the Netherlands, New Zealand, Norway, Sweden, Switzerland, U.K., USA

“It is as simple as that: The baby boomers did not get enough children themselves”, said Brigitte Miksa, Head of Allianz International Pensions.
“It is as simple as that: The baby boomers did not have enough children themselves”, said Brigitte Miksa, Head of Allianz International Pensions.

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Petra Brandes
Allianz Group
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