How Many Boomers Are Retired?

The Baby-Boom generation is reaching the age of retirement. But what percentage of the generation has retired? According to a Demo Memo analysis of 2017 labor force participation rates by single year of age, 45 percent of the Boomers are retired—meaning they are not in the labor force—and 55 percent are still working. Here's the breakdown...

• 73 million Boomers were in the civilian noninstitutional population in 2017. 
• 32 million Boomers were not in the labor force (45 percent).
• 41 million Boomers were still in the labor force (55 percent).
• 26 million Boomers worked full-time—66 percent of Boomer workers and 36 percent of the Boomer population.

Most Boomer workers have full-time jobs regardless of age. Among the 39 percent of 65-year-olds in the labor force, fully 70 percent worked full-time. Among the 20 percent of 71-year-olds (the oldest Boomers) in the labor force, 51 percent had full-time jobs.

Source: Demo Memo analysis of Labor Force Statistics from the Current Population Survey

Workers with Median Annual Earnings of $100,000+

The Bureau of Labor Statistics divides the U.S. workforce into more than 800 individual occupations, and it tracks the earnings of workers in each one. In 2017, median annual earnings by occupation ranged from a low of $19,820 for "gaming dealers" to a high of $198,740 for "family and general practitioners." Median annual earnings were a modest $37,690 for all workers in 2017.

Of the 800-plus occupations, 51 have median earnings that exceed $100,000 a year. This high-earner club is composed of the usual suspects—CEOs, medical professionals, computer scientists, lawyers, and so on. But also on the list are air traffic controllers, political scientists, and astronomers.

The highest of high earners are the eight occupations with median annual earnings of $150,000 or more.  Notice how often dentists appear in this list...

Median annual earnings of $150,000 or more
$198,740: family and general practitioners
$192,930: internists
$190,840: specialty dentists (except prosthodontists)
$185,150: prosthodontists
$183,270: CEOs
$172,650: pediatricians
$165,120: nurse anesthetists
$151,400: general dentists

Source: Bureau of Labor Statistics, Employment and Wages by Occupation, May 2017

Gen Xers: Deepest in Debt

No generation is deeper in debt than Generation X. In part, that's because they are in the lifestage (middle age) when debt peaks. But it's also because they are the generation that was hurt the most by the Great Recession, many of them buying homes when housing prices peaked and losing wealth as housing values fell.

Only 8 percent of Generation Xers do not have some type of debt, according to TransAmerica's 18th Annual Retirement Survey of Workers. Fully 72 percent of Gen X workers say their financial priority is paying off debt, surpassing the 61 percent who say saving for retirement is a priority. Here's what Gen Xers owe...

Percent of Generation X workers with debt
66% have credit card debt
55% have a mortgage
48% have car loans
20% have student loans
16% have medical debt

The Great Recession's impact on Generation X is documented by the TransAmerica survey. Only 39 percent of workers in the generation say they either were not impacted or have fully recovered from the Great Recession. Another 38 percent say they have somewhat recovered from the Great Recession. Nearly one in four (23 percent) of Gen X workers say they have not yet begun or may never recover from the Great Recession, the largest share among the generations.

Source: TransAmerica Center for Retirement Studies, Wishful Thinking or Within Reach? Three Generations Prepare for "Retirement"

Most and Least Religious States

How religious are Americans? It depends, according to a Gallup analysis of religious fervor by state and region. Gallup identifies the "very religious" as those who say religion is important to them and they attend religious services weekly or almost weekly. By state, the percentage of the population that is "very religious" ranges from a low of 16 percent in Vermont to a high of 59 percent in Mississippi. These are the states in which at least half the population is "very religious" or "not religious."

Very religious
Mississippi: 59%
Alabama: 54%
Utah: 54%
Louisiana: 52%
Arkansas: 50%
South Carolina: 50%

Not religious
New Hampshire: 51%
Maine: 55%
Vermont: 59%

Source: Gallup, The Religious Regions of the U.S.

Who Is "Too Old" to Work?

At what age do you consider a person to be "old"? That question was asked by the TransAmerica Center for Retirement Studies in its 18th annual retirement survey of workers. The answer? It depends. The older you are, the older "old" gets. Millennials consider 65 to be the age at which a person is old. For Gen Xers, the age is 70. Among Boomers, it's 75.

The survey also asked, "At what age do you consider a person to be 'too old' to work?" Millennials said 70, while Gen Xers and Boomers said 75. But many respondents did not give an age at all and said it depends on the person—44 percent of Millennials, 54 percent of Gen Xers, and 69 percent of Boomers.

When asked how long they plan to live, every generation gave a median age of 90. Boomers expect to spend 20 years in retirement, Gen Xers 23, and Millennials 25.

Source: TransAmerica Center for Retirement Studies, Wishful Thinking or Within Reach? Three Generations Prepare for "Retirement"

Facebook Is a Big News Source for Millennials

The Millennial generation gets most of its news from the internet, according to a 2018 survey by the GenForward Project at the University of Chicago. The percentage of Millennials who say they get most of their news online ranges from a low of 61 percent among Hispanics to a high of 87 percent among Asians.

But what does it mean to get most of your news online? Does it mean going directly to a news site, or to a news aggregator (such as Reddit), or to a social media site (such as Facebook)? According to the results, the answer is yes to all three. Among Millennials who get most of their news from the internet, there is a fairly even split among the three types of news sources...

Get most news from a news website
Asians: 25%
Blacks: 30%
Hispanics: 28%
Non-Hispanic Whites: 40%

Get most news from a news aggregator
Asians: 31%
Blacks: 15%
Hispanics: 26%
Non-Hispanic Whites: 25%

Get most news from social media
Asians: 43%
Blacks: 54%
Hispanics: 44%
Non-Hispanic Whites: 35%

Regardless of race or Hispanic origin, Facebook dominates social media sites as a source of news for Millennials, according to the report. In the past week, 62 percent of Hispanics, 64 percent of Blacks, 67 percent of non-Hispanic Whites, and 74 percent of Asians have read news stories or headlines on Facebook.

Source: GenForward, Millennials and Technology: An Overview of Usage, News Consumption, the Future of Work, and Public Policy

The Racial Wealth Gap Is Replicating

Black households are more likely than White households to have student debt. This is a problem, according to a study by the Federal Reserve Bank of St. Louis. The disparity in student debt is replicating the racial wealth gap in the younger generation.

Using data from the 1997 National Longitudinal Survey of Youth, visiting scholar Fenaba R. Addo of the St. Louis Fed's Center for Household Financial Stability, examines the emerging racial wealth gap among those in the 1997 cohort (first interviewed when they were aged 12 to 16) who graduated from college. Among the graduates, Blacks were less likely than Whites to receive financial help from their parents in paying college expenses—58 percent of Blacks received help versus 72 percent of Whites. The Black college graduates who received help got less than their White counterparts—$4,200 for Blacks versus $11,700 for Whites.

These disparities occurred because Black parents are far less wealthy than White parents. The Black parents in the study had an average net worth of $48,500 versus $174,900 for the White parents. With parents less able to help out, Black students are more likely to depend on student loans, and this is replicating the racial wealth gap. By age 25, according to Addo's findings, the average net worth of the White graduates exceeded that of the Black graduates by 84 percent...

Average net worth of NLSY97 college graduates at age 25
Black: $20,186
White: $37,182

Source: Federal Reserve Bank of St. Louis, Parents' Wealth Helps Explain Racial Disparities in Student Loan Debt

County Extremes: Health Insurance Coverage

The percentage of Americans aged 21 to 64 who do not have health insurance varies greatly by county, according to the Census Bureau's small area health insurance estimates. At one extreme is Norfolk County, Massachusetts, where only 2.6 percent of people aged 21 to 64 were not insured in 2016. At the other extreme is Hidalgo County, Texas, where 40.9 percent were not insured.

A look at the Census Bureau's interactive map accompanying the data reveals Texas to be a hot spot of the uninsured. Of the 10 counties in the nation with the highest percentage of people aged 21 to 64 who are uninsured, all are in Texas. At the other extreme, 7 of the 10 counties with the smallest percentage of uninsured are in Massachusetts.

Source: Census Bureau, Small Area Health Insurance Estimates

52% of Non-Hispanic White Millennials Lean Democrat

The Millennial generation, more than any other, is politically aligned with Democrats, and increasingly so over the past few years. According to a Pew Research Center analysis of registered voters, the 59 percent majority of Millennials (defined by Pew as those born between 1981 and 1996) identified themselves as Democrats or leaning Democrat in 2017, up from 53 percent in 2014. A smaller 32 percent of Millennials identified themselves as Republican or leaning Republican in 2017, down from 37 percent in 2014. Millennials are the only generation in which Democrats have an advantage over Republicans even among non-Hispanic Whites...

Percent of non-Hispanic Whites who identify as Democrats/lean Democrat by generation, 2017
Millennials: 52%
Gen Xers: 41%
Boomers: 41%
Silent: 36%

Source: Pew Research Center, Wide Gender Gap, Growing Educational Divide in Voters' Party Identification

He Said She Said

Who is the most financially knowledgeable person in your household? Married couples were asked this question in FINRA's 2015 National Financial Capability Study, and the results reveal disagreement over who is top dog—especially among Millennials.

The 53 percent majority of Millennial wives say they are the most financially knowledgeable person in their household. But so do 72 percent of Millennial husbands...

Percent of wives (and husbands) who say they are the most financially knowledgeable person
Millennials: 53% (72%)
Gen Xers: 48% (68%)
Boomers: 40% (65%)

Despite evidence of potential marital conflict, there is plenty of good news in the FINRA report. Financial confidence is rising among Millennial and Gen X women. The percentage of Millennial wives who regard themselves as the most financially knowledgeable person in their household was a lower 47 percent when FINRA first asked the question in 2009. Gen X wives, too, are feeling more confident. Only 42 percent regarded themselves as the most knowledgeable person in their household in 2009. Among Boomer wives, the level of confidence was the same in 2015 as in 2009.

Source: FINRA, Gender, Generation and Financial Knowledge: A Six Year Perspective

A Case Study of Technological Whiplash

In 2005 the Bureau of Labor Statistics added a category to the Consumer Expenditure Survey—personal digital audio players. The phenomenal success of Apple's iPod demanded a new expenditure category, and four years after the iPod's introduction in 2001 it took its place in the survey. Alas, it was too late to capture the full arc of spending on new technology in an era of innovation—from zero to THE BIG THING and back to zero.

The first year in which personal digital audio players were included in the Consumer Expenditure Survey was 2005. But 2006 was the first full year of data collection—one year before the category was blown to smithereens by the introduction of the iPhone. The first full year of data collection was also the apparent peak year of household spending on personal digital audio players...

Average household spending on personal digital audio players, 2006 to 2016 (in 2016$)
2006: $20.73 (first full year of data collection and peak spending)
2007: $20.13
2008: $15.12
2009: $14.55
2010: $12.57
2011: $10.98
2012:   $7.75
2013:   $4.87
2014:   $3.07
2015:   $1.83
2016:   $1.76

Average household spending on personal digital audio players fell 92 percent between 2006 and 2016, after adjusting for inflation.

The average household spent more on iPods and their kin in 2006 than it did on a number of other entertainment categories, including bicycles, musical instruments, camping equipment, winter sports equipment, and streamed and downloaded audio and video. By 2016, spending on personal digital audio players was one of the smallest items in the entertainment category.

Source: Demo Memo analysis of the Consumer Expenditure Surveys

26% of Low-Income Full-time Workers Are Uninsured

Many low-income workers with full-time jobs are uninsured, according to a study by Jessica A Carson of the University of New Hampshire's Carsey School of Public Policy. The study defines low-income workers as those with household incomes below 200 percent of the poverty level—or an income below about $25,000 for a single person and below about $49,000 for a family with two adults and two children.

Among low-income full-time year-round workers aged 25 to 64, a substantial 26 percent were not covered by health insurance at any time in 2016 versus only 8 percent of their counterparts with higher incomes. Just 33 percent of the low-income workers were covered by their employer's health insurance plan versus the 57 percent majority of those with higher incomes.

When low-income workers were asked why they did not have health insurance through their employer, the largest share—40 percent—said their employer does not offer health insurance. Among higher-income workers, only 18 percent work for an employer who does not offer insurance. Other reasons given by low-income workers for not signing for employer-provided health insurance were cost and ineligibility—they worked too few hours, they were a temporary or contract employee, or they hadn't been on the job long enough.

"As changes to health insurance policy continue to evolve," the report concludes, "it is critical to keep in mind that full-time employment isn't necessarily a ticket to health insurance, and that access to employer-based health insurance is stratified by income and industry."

Source: University of New Hampshire Carsey School of Public Policy, Full-Time Employment Not Always a Ticket to Health Insurance

Baby Bust Is Hurting Rural America

Forty percent of the nation's 3,000-plus counties have experienced more deaths than births since 2010, according to the Census Bureau's latest county population estimates. The aging of the population (more deaths), drug overdoses (more deaths), and the ongoing baby bust (fewer births) has resulted in negative natural increase (births minus deaths) in huge swaths of the country.

Rural areas have been hit particularly hard by the one-two punch of more deaths and fewer births. Negative natural increase is a big reason for the population decline in many rural counties. Nearly half or more of the counties ranking 6, 7, 8, and 9 on the Rural-Urban Continuum experienced more deaths than births in the 2010-to-2017 time period.

The Rural-Urban Continuum (RUC) is the federal government's way of classifying counties by their degree of urbanity. The continuum is a scale ranging from 1 (the most urban counties, in metropolitan areas of 1 million or more) to 9 (the most rural counties, lacking any settlements of 2,500 or more people and not adjacent to a metropolitan area). If you sort the nation's 3,000-plus counties by their rank on the continuum, then measure the percentage of counties in each rank in which deaths outnumbered births from 2010 to 2017, this is the result...

Percent of counties with more deaths than births by RUC rank, 2010-2017
1. 13.2% of counties in metros with 1 million or more people
2. 26.7% of counties in metros of 250,000 to 1 million people
3. 27.5% of counties in metros with less than 250,000 people
4. 34.1% of nonmetro counties with urban pop of 20,000-plus, adjacent to metro
5. 23.9% of nonmetro counties with urban pop of 20,000-plus, not adjacent to metro
6. 48.6% of nonmetro counties with urban pop of 2,500–19,999, adjacent to metro
7. 48.7% of nonmetro counties with urban pop of 2,500–19,999, not adjacent to metro 
8. 68.3% of nonmetro counties with urban pop less than 2,500, adjacent to metro 
9. 59.1% of nonmetro counties with urban pop less than 2,500, not adjacent to metro 

The most urban counties were least likely to have negative natural increase—only 13 percent of big-city counties experienced more deaths than births since 2010.

Source: USDA, Economic Research Service, Rural-Urban Continuum Codes and Census Bureau, County Population Totals and Components of Change: 2010–2017

Fun Facts about the Generations

An article in the Monthly Labor Review provides a comprehensive look at the spending patterns of Americans by generation. BLS economist Geoffrey D. Paulin has done yeoman's work in analyzing and comparing the demographic characteristics and spending patterns of each generation using data from the 2016 Consumer Expenditure Survey. From average spending to shares of aggregate spending, he not only provides the details but also analyzes them. Want to know what share of the food dollar is devoted to eating out? The share is highest among Millennials (47 percent) and drops with each succeeding generation to a low of 30 percent among the GI generation. Who spends the most on entertainment? Not Millennials, who spend less on entertainment than every generation except GIs.

Here's one tidbit from the report. Take a look at the variation by generation in the estimated market value of owned homes in 2016...

Estimated market value of owned home
All owners: $162,700
Millennials: $65,900
Gen Xers: $173,400
Boomers: $203,400
Silent: $205,500
GI: $121,200

The article defines the generations as follows: Millennials, born in 1981 or later (average age, 27.5); Generation X, born from 1965 to1980 (average age 42.9); Boomers, born from 1946 to 1964 (average age, 59.7); Silents, born from 1929 to 1945 (average age 76.7); GIs, born in 1928 or earlier (average age 90.2).

Source: Bureau of Labor Statistics, Monthly Labor Review, Fun Facts about Millennials: Comparing Expenditure Patterns from the Latest through the Greatest Generation

64% of Older Americans Create Art

Most older Americans participate in the arts. A study for the National Endowment for the Arts examines arts participation by people aged 55 or older and, using 2014 data from the Health and Retirement Study, determines whether participation is linked to better physical and mental health. It is. Those who participate in the arts and/or attend arts events have higher levels of cognitive functioning and less physical disability than those who do not.

Few older Americans are not involved in the arts. Just 16 percent of people aged 55 or older neither created art nor attended arts events in the past year. Another 20 percent attended events but did not create art. The 64 percent majority of people aged 55 or older created art—49 percent both created art and attended arts events and another 15 percent created art but did not attend events. Here's what the 64 percent of doers create...

27% crochet, knit, quilt, sew, weave, do needlepoint, or make jewelry
24% dance, including social dancing
19% sing or play a musical instrument
13% do photography, graphic design or filmmaking
12% do woodwork, leatherwork, or metal work
7% paint, sculpt, or make ceramics
7% write stories, poetry, or plays
1% act in theater or film

Fully 43 percent of women aged 55 or older crochet, knit, quilt, sew, weave, do needlepoint, or make jewelry compared with only 4 percent of men. Conversely, 26 percent of men participate in woodworking, leatherwork or metal work versus only 3 percent of women.

Source: National Endowment for the Arts, Staying Engaged: Health Patterns of Older Americans Who Participate in the Arts

Big-City Counties Still Fastest Growing, but...

The nation's most urban counties continue to grow faster than any other county type according to the Census Bureau's 2017 county population estimates. A Demo Memo analysis of 2010-to-2017 county population trends along the Rural-Urban Continuum documents ongoing metro growth (the bigger, the better) and continuing rural decline. But the 2017 data reveal changing patterns of growth.

The Rural-Urban Continuum is the federal government's way of classifying counties by their degree of urbanity. The continuum is a scale ranging from 1 (the most urban counties, in metropolitan areas of 1 million or more) to 9 (the most rural counties, lacking any settlements of 2,500 or more people and not adjacent to a metropolitan area). If you sort the nation's 3,000-plus counties by their rank on the continuum, then measure population change between 2010 and 2017 for each rank, this is the result...

County population change 2010-2017 by Rural-Urban Continuum Rank
1. 7.1% for counties in metros with 1 million or more people
2. 5.5% for counties in metros of 250,000 to 1 million people
3. 3.5% for counties in metros with less than 250,000 people
4. 0.3% for nonmetro counties with urban pop of 20,000-plus, adjacent to metro
5. 1.6% for nonmetro counties with urban pop of 20,000-plus, not adjacent to metro
6. –1.0% for nonmetro counties with urban pop of 2,500–19,999, adjacent to metro
7. –1.4% for nonmetro counties with urban pop of 2,500–19,999, not adjacent to metro 
8. –1.3% for nonmetro counties with urban pop less than 2,500, adjacent to metro 
9. –1.7% for nonmetro counties with urban pop less than 2,500, not adjacent to metro 

Counties with a rank of 1 on the continuum (the most urban) have grown faster than any other county type in every year since 2010. But the pattern of growth is changing as the decade progresses. Average annual growth rates in smaller metro counties (rank 2 and 3) are increasing, while average annual growth is slowing in the largest urban counties. Some nonmetro counties saw their population losses turn to small gains in 2017 (rank 6 and 8). These emerging trends are signs that the economic recovery is increasingly widespread.  

Source: USDA, Economic Research Service, Rural-Urban Continuum Codes and Census Bureau, County Population Totals and Components of Change: 2010–2017

Who Eats Salad?

On an average day, 20 percent of Americans aged 1 or older eat salad, according to the USDA's Food Surveys Research Group. The group defines salad as a mixture composed mainly of raw vegetables and excludes such things as fruit, pasta, potato, chicken, and tuna salad. The data come from the 2011–14 National Health and Nutrition Examination Survey, which asks respondents to recall their food consumption for the previous 24 hours.

Females (23 percent) are more likely than males (16 percent) to eat salad on an average day, and older people are more likely than younger. Among adults aged 20 to 39, 18 percent eat salad on an average day. Among adults aged 40 or older, a larger 26 percent do. Those most likely to eat salad on an average day are women aged 60 or older (31 percent). Salad consumption also rises with income. Only 13 percent of people aged 1 or older from households with the lowest incomes eat salad on an average day versus 26 percent of those from households with the highest incomes.

Salads can contain a variety of ingredients, and most of the salads reported by survey respondents contained at least two raw vegetables. Here are the percentages of salads consumed on an average day that contained the following ingredients: 86% lettuce or leafy greens; 86% salad dressing; 43% tomatoes; 34% carrots; 27% onions; 25% cheese; 20% cucumbers; 19% meat, poultry, or fish; 10% croutons; 9% sweet peppers; 8% nuts or seeds; 7% olives; 7% celery; 5% avocado; 5% egg; and 5% broccoli.

Source: USDA, Food Surveys Research Group, Salad Consumption in the U.S.

Digital Economy is 6.5% of GDP

How big is the digital economy? If you've been trying to figure this out, you're in luck. The Bureau of Economic Analysis has produced the first estimates of the size of the digital economy "within the framework of the national accounts." Of course, defining what is and is not a part of the digital economy is a difficult task, and the BEA struggles with it. This first estimate includes only goods and services that are exclusively or primarily digital. It excludes the IoT (internet of things). And the BEA invites the public to improve upon its work, providing an email address for feedback.

• In 2016, the digital economy accounted for 6.5 percent ($1,209.2 billion) of the nation's $18,624.5 billion GDP. It ranks 7th among industries in its share of GDP—just above wholesale trade and just below professional, scientific and technical services.  
• The digital economy accounted for 5.9 million jobs in 2016, or 3.9 percent of the total. The digital economy's share of employment is lower than in its share of GDP, ranking 12th among industries in employment. 
• The digital economy pays more than the average industry. Workers in the digital economy earn an average annual compensation of $114,275, much higher than the $66,498 annual compensation for the average worker.

Source: Bureau of Economic Analysis, Defining and Measuring the Digital Economy

26% Online "Almost Constantly"

How often do you go online? If that seems like a silly question because you're always online, join the crowd. More than one in four American adults (26 percent) reports going online almost constantly, according to Pew Research Center. Another 43 percent go online several times a day, 8 percent once a day, 11 percent less than once a day, and another 11 percent do not go online at all. By age, the percentage who report going online almost constantly looks like this...

Percent who go online almost constantly
Aged 18 to 29: 39%
Aged 30 to 49: 36%
Aged 50 to 64: 17%
Aged 65-plus: 8%

Source: Pew Research Center, About a Quarter of U.S. Adults Say They Are "Almost Constantly" Online

20% of Older Americans Have Diabetes

Diabetes has become a common health condition among older Americans, according to the National Center for Health Statistics. Overall, 8.8 percent of Americans aged 18 or older had been diagnosed with diabetes as of the first half of 2017, up from 5.3 percent two decades ago in 1997. The percentage with diabetes rises steeply with age...

Percent diagnosed with diabetes, January–September 2017
Aged 18 to 44:   2.8%
Aged 45 to 54:   9.6%
Aged 55 to 64: 15.7%
Aged 65-plus:  19.6%

One factor behind the rise of diabetes is growing obesity. The percentage of adults who are obese (defined as having a body mass index of 30 kg/m² or higher) climbed from 19 percent in 1997 to 31 percent in the first half of 2017. But this estimate of obesity is conservative because it is based on self-reported rather than measured heights and weights. When self-reporting, inches are gained and pounds are shed. According to a 2015–16 NCHS survey of measured heights and weights, a stunning 40 percent of American adults are obese.

Source: National Center for Health Statistics, Early Release of Selected Estimates Based on Data from the January—September 2017 National Health Interview Survey