The economy and demographic have changed over the past 70 years.
The images are by Javier Bragado.
Baby boomers were born from 1946 to 1964 and set the tone for a post- World War II America.
They were brought up during some of America's biggest defining events, from the Vietnam War to Beatlemania. They wanted the American Dream as they entered adulthood, which included a steady career, a house, and a car. Many experts and media outlets have argued that the here-and-now mentality developed by them came at the expense of younger generations.
Low interest rates and inflated housing prices increased the value of their assets. Many boomers have enough wealth to participate in the greatest wealth transfer in modern history, which will go to their children and philanthropy.
Not everything is great for boomers. Many people still have debt and don't have enough money to retire. There isn't a long-term care system in place for boomers who are aging into their senior years.
The life of a baby boomer is shown here.
The images are by Javier Bragado.
Americans celebrated the end of World War II by getting busy in the bedroom. Births from 1945 to 1946 increased by 20%, peaking at 4.3 million in 1957, which was a number of "unprecedented" births.
The baby boomer generation now turns ages 58 to 76 this year. All boomers will be 65 by the year 2030. There are 73 million baby boomers in the US according to the most recent Census data.
The generation has earned record levels of income, generated great wealth, and spurred economic growth according to research from McKinsey Global Institute.
In this July 1969 file photo, the Apollo 11 lunar module is seen.
NASA.
Boomers are shaped by historical and cultural events. The Cuban Missile Crisis, the civil rights movement, and the Vietnam War affected baby boomers. They were in the Cold War when JFK was assassinated.
Woodstock, Beatlemania, and the moon landing were all defined by them. Boomer's were the first to see the advent of some of the technology we use today. Bill Gates and Steve Jobs were part of the baby boom.
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Neil Howe, the economist, historian, and demographer who came up with the term "millennial", previously told Insider that boomers were raised by the GI generation, who cared about building strong institutions and looking into the future. He said that boomers developed a "live-for-today attitude."
The boomer experience taught them to trust their gut and focus on what makes them feel good.
They were raised on the idea of the postwar American Dream, which they continued to chase as they entered adulthood. The good life in the suburbs with a house and a family was idealized by the goal-centered minds who valued hard work and relationships.
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Howe said boomers prefer to spend their money on things that change their lives now that they're older. He said that they don't want to make sure that the institutional framework is sustained over time.
A report byDeutsche Bank Research found that they reaped economic benefits from this mindset. Low interest rates and inflated housing prices increased the value of assets for boomers. They don't have to pay as much for education as the younger generation does, and they won't have to pay for the environmental damage caused by the companies they've invested in.
The boomers' votes and financial resources have given them enormous political influence over the last 40 years according to Howard Marks. The result has been extensive deficit spending on things the boomers want and a failure to modify benefit programs that need fixing, all at the expense of future generations.
The images are by Marko Geber.
That's across credit card, auto loan, and student loan debt. It's not as high as Gen X, who carries a median of $37,524 in non-mortgage debt, but more than the median $24,929 of the younger generation.
Credit card debt is the most common debt boomers are dealing with. They have the highest overall median balance of $3,958, and that's more than any other generation.
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The older population is becoming more significant according to the Census Bureau. The boomer generation will contribute to the overall aging of the US population in coming decades, as they age through their 60s, 70s, 80s and beyond.
According to the Census, older adults are expected to outnumber children under the age of 18 for the first time in US history in 2034. There is an increased need for health services for people over the age of 65.
"This is an enormous issue," Howard Gleckman, a senior fellow focused on health care at the Urban Institute, told CNBC. Technology and public health have allowed people to live longer in a condition of frailty, and we haven't developed a long-term care system to keep up with that.
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Baby boomers have wealth transfer.
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