This year, the “Millennial” generation is projected to surpass the outsized Baby Boom generation as the nation’s largest living generation, according to the population projections released by the U.S. Census Bureau last month. Millennials (defined as between ages 18 to 34 in 2015) are projected to number 75.3 million, surpassing the projected 74.9 million Boomers (ages 51 to 69). The Gen X population (ages 35 to 50 in 2015) is projected to outnumber the Boomers by 2028.
The Millennial generation continues to grow as young immigrants expand their ranks. Boomers – a generation defined by the boom in U.S. births following World War II — are older and shrinking in size as the number of deaths exceed the number of older immigrants arriving in the country.
Will this affect the aging baby boomer? Maybe.
In the short term, the thinking is that the boomers who still control the wealth and influence in the United States will be just fine. But with political challenges opposing Social Security by those who believe it is an entitlement, the Millennials may feel that Social Security is being placed squarely on their backs, supporting a social system that is already in debt.
According to Pew Research,... "Generations are analytical constructs and it takes time for popular and expert consensus to develop as to the precise boundaries demarcating one generation from another."
In the coming years, Boomers will feel the pressure to maintain their lives as they desire,...to "sustain" their well being,... and continue to work well beyond the traditional age of retirement. Many boomer surveys have indicated that Boomers have an interest in a second or even third career AND that they may need to do so financially. Fewer and fewer jobs will be open to this aging population as the Millennials take over the workforce from both the Boomers and the Gen-X generations.
- Here’s a look at some additional generational projections provided by Pew Research.
- The Census Bureau projects that the Millennial population was 74.8 million in 2014. By 2015 Millennials will increase in size to 75.3 million and become the biggest group.
- With immigration adding more numbers to its group than any other, the Millennial population is projected to peak in 2036 at 81.1 million. Thereafter the oldest Millennial will be at least 56 years of age and mortality is projected to outweigh net immigration. By 2050 there will be a projected 79.2 million Millennials.
- For a few more years, Gen Xers are projected to remain the “middle child” of generations – caught between two larger generations of the Millennials and the Boomers. They are smaller than Millennials because the generational span of Gen X (16 years) is shorter than the Millennials (17 years). Also, the Gen Xers were born during a period when Americans were having fewer children than later decades. When Gen Xers were born, births averaged around 3.4 million per year, compared with the 3.9 million annual rate during the 1980s and 1990s when Millennials were born.
- Though the oldest Gen Xer is now 50, the Gen X population will still grow for a few more years. The Gen X population is projected to outnumber the Boomers in 2028 when there will be 64.6 million Gen Xers and 63.7 million Boomers. The Census Bureau projects that the Gen X population will peak at 65.8 million in 2018.