Aging Populations, Baby Boomers Create Opportunities/U.S. Pension Accounts Top $24.8 Trillion

According to the Investment Company Institute, Americans held $40.0 trillion in retirement and pension assets in the second quarter of 2024, including individual IRAs, employer-sponsored pension or savings plans and plans for government employees. (These numbers do not include life insurance plans, expected benefits from Social Security, privately held annuities or certain other types of retirement savings.) 2006 marked the year that the first Baby Boomers turned 60, meaning that many could take early retirement. By the year 2020, the total number of Americans over age 65 will be the highest in the history of the nation, at about 55 million, up from only about 20 million in 1970.

The term “Baby Boomer” generally refers to people born from 1946 to 1964. It evolved to include the children of soldiers and war industry workers who were involved in World War II. When those veterans and workers returned to civilian life, they started or added to their families in large numbers. As a result, the Baby Boom generation is one of the largest demographic segments in the U.S. Beginning with 2011, millions were turning traditional retirement age (65), resulting in extremely rapid growth in the senior portion of the population.

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Aging Populations, Baby Boomers Create Opportunities/U.S. Pension Accounts Top $24.8 Trillion, Business and Industry Trends Analysis

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