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The term baby boom refers to a noticeable increase in the birth rate. The post-World War II population increase was described as a "boom" by various newspaper reporters, including Sylvia F. Porter in a column in the May 4, 1951, edition of the New York Post, based on the increase of 2,357,000 in the population of the U.S. from 1940 to 1950.
Canadian soldiers were repatriated later than American servicemen, and Canada's birthrate did not start to rise until 1947. Most Canadian demographers prefer to use the later date of 1966 as the boom's end year in that country. The later end to the boom in Canada than in the US has been ascribed to a later adoption of birth control pills. [25] [26]
A period of more than two million annual births from 1971 to 1974, with the number of births in 1973 peaking at 2.09 million, [14] is referred to as the second baby boom. However, unlike the first boom, this increase in the number of births is an increase in the number of births not accompanied by an increase in the total fertility rate.
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The median age of first-time homebuyers has reached a record high of 38 years old, the NAR says. Back in the '80s, people were buying their first homes in their late 20s.
Baby boomers now hold an unprecedented share of the nation's wealth, with those born during this specific period now officially holding approximately 51.8% of U.S. wealth as of the early 2020s.
The Woodstock pop festival (1969) was a defining moment for older Boomers; Generation Jones tends to remember the Watergate scandal (1972–1974) and the cultural cynicism it begat. While in high school, members of Generation Jones had a distinct feeling of having just missed the real hippie era.
Assuming you’re following the 4% rule for withdrawals, that would amount to $15,361 per year — an increase of $2,004 each year. Add more to your retirement savings