It’s official! The U.S. Census Bureau reports that, as of July 1, 2019 (the latest date for which population estimates are available) Millennials age 23-38 outnumber the previously largest generational cohort—Baby Boomers, age 55-73—by just under a million individuals. The totals came to 72.1 million for Millennials vs. 71.6 million for Boomers.
Interestingly, as young immigrants come into this country, the Millennial generation is continuing to grow. Boomers, meanwhile, are seeing their cohort deaths exceed the number of older immigrants arriving in this country.
The Millennial population is projected to peak in 2033 at 75.9 million individuals. After that, when the oldest Millennials turn 52, mortality will start to outweigh net immigration.
Generation X-ers, currently age 39 to 54, are not projected to outnumber Boomers until 2028, when there will be 63.9 Gen Xers and 62.9 milling Boomers. The Gen X population peaked at 65.6 million in 2015, and will forever be a distant number three in the cohort sweepstakes. Generation Z, meanwhile, is still ramping up. The post-Millennial cohort was born anywhere from 1997 onward, so the Z generation is still being born while its oldest members are turning 22.
This article was written by an independent writer for Brewster Financial Planning LLC and is not intended as individualized legal or investment advice