News
Baby Boomers Are Getting Richer With Age
Baby Boomers are the wealthiest generation in US history, and as they've matured the stock market has climbed, making them even richer as their retirement nears.
In 2011 Baby Boomers started turning 65, prompting many to retire, and since then the broad S&P 500 stock index is up over 90%, Bloomberg reports. And that growth has yet to stop—yesterday US stock hit a record high.
The stock market’s 269% surge since its 2009 low is helping retirees, especially since many Americans rely on investments to supplement Social Security in old age. According to a Texas Tech University study, the richest fifth of retirees are making 53% more from their investments than they are spending. [Bloomberg]
