There are about 80,000,000 Baby Boomers, those born in the post-war generation over the 19 year period between 1946 and 1965. Divided by 19 that comes to about 4.2 million per year on average. That means that 4.2 million Baby Boomers per year will be retiring, more than the cohort that preceded them or the cohort that will follow them, most of their incomes will fall dramatically, and they’re going to need to be a lot more careful with their money than they used to be.

Get used to a reduced level of personal consumption. It’s here for the next couple of decades.

I’d only add that a lot of them are shell-shocked right now due to the hits their nest eggs have taken over the past couple of years and might well overreact on the saving side.

The Boomers are going to continue to push this economy around until the last one of them is in the ground.