BTW it is considered good manners to link to your articles. I went and found it and let's dig into it a little more....in the end you'll see it supports more of what I claim than what you do.
I went and found the PDF of it here.
The very next paragraph...
Despite the economic power of boomers, many aging ones face the
prospect of shattered expectations. A generation that lived through unprece-
dented prosperity and has correspondingly high hopes for its golden
years must cope with significant financial, physical, and social challenges.
New McKinsey research reveals that 60 percent of boomers wont
be able to maintain a lifestyle close to their current one without continuing
to work, that 60 percent of older boomers already suffer from chronic
health problems, and that by 2015 there will be 21 million single 51- to
70-year-old boomersmore than twice as many single households as
the previous generation had at the same age. Not surprising, 46 percent of
boomers fear ending up alone, and 43 percent already are frustrated
that they arent leading the lives they expected to.
Note the name of the thread... the boomer blindspot. Most Boomers have gone along doing what they have always done. Work hard, play hard, charge debt hard and often have their lives blow up every couple decades or so via divorces and other such things. They just roll up their sleeves and try to fix it all but Father Time is going to come calling for them this time. There isn't another decade to go buy and pay down the house the wife took this time. There isn't another 10 years left in those bodies to rebuild the retirement savings, refi the house and get it paid back down, or to ignore the problems any longer. Those numbers note the realize, 60% need to work and 60% already have chronic health problems. Those two are clearly on a collision course and it is deluded to believe otherwise.
They are richer than their parents, but their parents had to pay for wars and live through the Great Depression. Oh and they actually paid down those things, they didn't charge them and move on.
Companies considering the boomer market must grapple with a powerful
dichotomy. On the one hand, this group has enjoyed more opportunities
than any other generation in US history: boomers were born during the
years (194664) of postWorld War II prosperity, attained high levels
of education, and benefited from the rapid growth of the economy and the
stock market, during the 1980s and 1990s, while building careers. On
the other, although boomers have enjoyed certain advantages, our research
indicates that many are anxious, frustrated, and more concerned about
their future than were the members of the previous generation.1
The article notes what I note. They had the world handed to them on a string and were growing their careers during the 80's and 90's, the exact time frame you note the deficits rising. I could vote for the first time in 1988. The oldest person in my generation was 22 at the time Reagan was elected for the second time. You hold US responsible for events that began when I was ten.
Yet the boomers weren't ten then. A lot of them were turning 30 and wanting those breaks and benefits now.
One finding of our research was a segmentation (Exhibit 3) indicating that only about a quarter of the boomers are financially prepared for their twilight years. This
affluent segment is aging with confidence, and its wealth (average net
worth$1.2 million) exaggerates the financial well-being of the generation
as a whole.
This is where the breakdown happens and it shows very bad things. A quarter are well off, very well off and why shouldn't they be. Post war American was an incredible place to make money. The boomers lived through and helped create the computer revolution so obviously they made some money there. This 25% is doing great.
At the other end of the spectrum, disadvantaged boomers (representing
another quarter of the generations population) have an average income of
only $15,000 a year and a net worth of $75,000. They are concerned and
even depressed as they look to the future. Society will have to wrestle with
this large groups financial and health needs in the years ahead.
This is the other end of the spectrum. These are the folks who have had their entire lives to get it together and never have. They are limping into retirement making nothing and having next to nothing and they are 25% of the largest generation EVER.
Then we have that broad middle, how are they doing?
The rest of the boomers50 percent of the generations population,
controlling almost 25 percent of total US consumption by 2015envision a
comfortable three-quarters like that of the affluent but havent prepared for it. These unprepared boomers spend more than they earn and have an
average net worth of just 15 percent of their affluent counterparts. Yet our
attitudinal research indicates that nearly half of the unprepared boomers are
not aware of the difficult financial straits approaching and have attitudes
similar to those of the affluent segment: 55 percent are extremely excited
about their future prospects and 75 to 80 percent find it exciting to think
about the lifestyle changes they believe will be possible in retirement.
The numbers show that basically 75% of the boomers are broke and that 25% of them that very well off distort the numbers enough to make them look better.
Boomers face issues extending beyond finances; for example, they
have a higher divorce rate than any other generation in US history. Our
analysis indicates that by 2015 unmarried boomers will account for
21 million households, or 46 percent of all boomer households. In 1995,
when the members of the silent generation were 51 to 70 years old, it
had just 10 million unmarried households, 39 percent of all households in
that generation. Whats more, 51- to 56-year-old boomers have higher
rates of chronic health, drinking, and psychiatric problems than did the
members of the previous generation at the same age.3
Broke, boozing and alone is the summary there and at rates higher than the previous generation.
The point here, is that boomers attitudes don't reflect what their bodies can do. They operate in almost a delusional state. They believe the clock will never run out on them. 60% of them have chronic health issues, but they plan to work until they are 80 years old to maintain their rate of consumption. How do those two statements jibe together and knowing what we know about 75% of them and the realities of aging, which is more likely to be true, that their bodies will break down and their divorce, debt, and health will finally take them down financially or that it will all magically work out and they will defy that ticking clock. Your link consists of two parts. One is the numbers that reflect the reality of boomers. The other is discussing how to work with them, how to market to them and what their own attitudes are about how things are going to work out for them. Those are the numbers that don't work out.