Meet the Youngest Boomers

Life has been a trial for the youngest Americans classified as baby boomers -- the ones born in 1964 and turning age 45 this year. Though stuck with the same age-group label, they feel distinct from the first-wave boomers (among whom the eldest turn 63 this year). Far from being "children of the '60s," they were actual children in the '60s. A MetLife Mature Market Institute report looks at some traits that characterize this cohort as it moves through middle age.One part of the report's polling (fielded in October) asked the youngest boomers to say what's the worst thing about turning 45. In widely scattered voting, the largest number (16 percent) went to "old age/getting older." Seven percent picked "aches/pains/stiffness," while 5 percent chose "appearance/physical changes" -- a category that apparently didn't include "wrinkles," cited by 3 percent. Surprisingly few (4 percent) spoke of "middle age/midlife crisis," perhaps because they don't yet feel old enough for it.While still a couple decades away from retirement, 45-year-olds are concerned about having enough money for those years. Concern doesn't always yield action, though. A bit more than one-third said they've "already achieved" their retirement-saving goals (2 percent) or are "on track" to do so (34 percent). Thirty-five percent are "somewhat behind," and 18 percent "significantly behind." Then there are the 4 percent who "haven't started" to achieve these goals and the 7 percent who "do not have goals."More broadly, 21 percent of the 45-year-olds said they've done an excellent or very good job so far of "saving and investing for your future." The report took an inventory of the financial-service instruments they own. Atop the list was life insurance, with 88 percent saying they've got some. Also high on the list were CD/savings account (77 percent) and 401(k)/403(b)/retirement plan (71 percent). Fewer said they have disability insurance (57 percent), an IRA (45 percent), stocks (40 percent) or mutual funds (34 percent). Fewer still reported having long-term-care insurance (27 percent) or an annuity (17 percent).The prospect of getting an inheritance factors into the financial outlook of some 45-year-olds, though perhaps not as many as you'd expect. Ten percent said they already have received an inheritance from their parents. Of the rest who still have a parent alive, 28 percent expect to get one. But it won't necessarily involve a vast trove of money. In fact, among those who expect to inherit, 37 percent anticipate getting less than $100,000. Just 23 percent think they'll get $250,000 or more, including 13 percent who expect to receive $500,000-plus.

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Meet the Youngest Boomers

Mark Dolliver

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Mark Dolliver