Mar 18, 2026
Today, baby boomers enjoy the highest distribution of wealth in the U.S. at $88 trillion. It’s a common refrain that boomers have had an easier time building wealth than any generation after them.
But how did they stack up against their parents and grandparents?
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Pretty well, actually. According to a new Pew Research Center analysis, citing government data, boomers have lived more comfortably than the Silent Generation and Greatest Generation at the same point in their lives (1). The median wealth of boomer households in 2022, when they were between ages 58 and 76, was $432,200 in 2024 dollars. The adjusted median wealth of Silent Generation households at the same ages in 2001 was $335,900, while for Greatest Generation households in 1983 it was $185,300.
So, yet again, baby boomers come out ahead. It’s more evidence of the advantages they’ve had, as experts explained to The Washington Post (2). Lower tuition costs allowed them to start building wealth early in their careers, including prime earning years during bull markets in the ‘80s and ‘90s. Many secured workplace pensions, while the rise in employer-sponsored 401(k) plans boosted their stock holdings. And, of course, housing prices have appreciated considerably since this generation started buying homes, which make up a large portion of their net worth.
Despite having an edge, however, not all boomers emerged wealthy, and younger generations have advantages of their own. A comfortable retirement may still be within reach for all if they lean into their strengths. Here’s what different generations can do to secure their financial futures.
Baby boomers
Baby boomers may be the richest generation of all time, but that wealth is not equally distributed. Pew’s analysis says, in 2022, while boomer households had a combined $77 trillion in wealth, the top 10% held 71% of that wealth.
While many boomers are already retired, those on the younger side of this cohort are still working and hoping to save as much as possible in the last few years of their careers. On top of making the most of added catch-up contribution limits to retirement accounts, if possible, those who haven’t already need to strategize when to claim Social Security. Delaying can boost their monthly benefit, so if they are still healthy, working a few years longer may offset the need to apply and give them more time to build their nest egg.
This generation should also consider the benefits of downsizing their home while looking for ways to scale back their lifestyle to fit their economic reality.
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Gen X
Gen X may face the toughest headwinds of all generations. They entered the workforce as defined pension plans were phased out while being among the first to navigate employer-sponsored retirement plans, which place the savings burden on workers. Many have also begun caring for aging parents and in some cases children who are late leaving the nest.
Research from the CFP Board finds that 53% of Gen X wish they'd started retirement planning earlier (3). Ways they can do that now include maximizing contributions to retirement accounts, including added catch-up contributions for those over age 50 and an even higher catch-up contribution limit for those aged 60 to 63 with an employer-sponsored plan. This generation should also focus on debt elimination, while planning for long-term health care expenses.
Millennials
This generation should be wary of debt eating into their monthly budgets. According to Experian, as of mid-2025, the average millennial had $132,280 in consumer debt, although this includes mortgage debt (4). Thankfully, some are at a young enough age where they can tackle debt while still having time to aggressively save for retirement.
For this generation, a plan that includes automating savings can help them save with minimal effort. Millennials might also consider meeting with an investment advisor to understand how to plan for a solid retirement while also balancing more near-term goals.
Read More: Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
Gen Z
The youngest generation of adults may also be the most likely to start preparing for retirement soonest. A 2025 survey by the Transamerica Center for Retirement Studies found that Gen Z investors started saving for retirement at a median age of 20 (5). Subsequent generations started saving at later ages.
In addition, Empower reported in 2024 that Gen Z adults had an average $78,300 in retirement across retirement and brokerage accounts (6). These motivated savers have the ability to take advantage of compound growth and see their early savings multiply over decades. One thing this generation could do more of is funnel enough money into their employer-sponsored accounts to get a full-match contribution from their employer — something only 62% were doing, per Empower.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Pew Research Center (1); The Washington Post (2); CFP Board (3); Experian (4); Transamerica Center for Retirement Studies (5); Empower (6)
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Rebecca Holland is dedicated to creating clear, accessible advice for readers navigating the complexities of money management, investing and financial planning. Her work has been featured in respected publications including the Financial Post, The Globe & Mail, and the Edmonton Journal.
