Above is a graphic summary of some interesting research by “Financial Brand,” whose site also dives deeper into some brief facts for each generation. For example quoting their work on the Silent Generation:
Major Events Affecting The Silent Generation: World War II, The Great Depression, the 1929 stock market collapse, the Dust Bowl, the invention of movies with sound, the widespread adoption of telephones, radio, and television; the United Nations, the beginning of the Cold War
Silent Generation Financial Data:
- Average income before taxes: $41,876
- Average net worth: $253,200
- Average credit scores: 729.9
- Average non-mortgage debt (revolving & installment): $11,725
- Average mortgage debt: $163,254
- Primary source of wealth: corporate equities and mutual fund shares
Similar information is summarized for each of the other generations.
I was also interested in which years the Eldest and the Youngest in each generation reach Key Milestones related to retirement planning, such as the these milestones in the graph below:
The Age they turn in 2023.
The year they become Medicare Eligible (Age 65).
The last year they may delay claiming Social Security (Age 70).
When the YOUNGEST in each generation turn Age 65 and then Age 70, the following year is the year when ALL in that generation will be older than 65 or 70. The youngest Boomers are the next group where ALL in the Boomer generation will soon be older than Age 65, and of course 5 short years later, older than Age 70.