Boomers enter the golden fifties

The baby boom generation has left its mark on the American society and economy at every stage of its life cycle. Now, the first wave of the baby boom generation has begun to reach its fifties--that stage in life which, for the majority of households and individuals, might be regarded as the "prime time" or "the golden era" in their lives. It is a period when discretionary incomes tend to be high, wealth accumulation takes place, family responsibilities are minimal and preparations for retirement come into greater focus. In terms of incomes, dual wage earners and education, the new generation of 50-year-olds seems better prepared than its predecessors. But the baby boomers face the possibility of later retirement than their predecessor generation and may have to accumulate more wealth to provide for a greater portion of their retirement needs.