Know your generations

Baby boomers -- nearly 73 million strong -- were the target of marketers, thought leaders and politicians. This group, now aged 52 through 70, were the engine of the American economy. But somewhere along the line Millennials -- those between 19 and 35 and numbering 75 1/2 million -- have become the sweet spot for retailers. Gen X-ers -- aged 36 to 51 and totaling almost 66 million -- are rarely even mentioned these days. But the biggest generation is just around the corner.

While you were sleeping nearly 78 million humans 18 and under now walk the nation. What can they expect for their retirement needs? Well, seriously? Less.

The so-called "greatest generation" (those 89 and older) and the "silent generation" aged 71 to 89 received and are receiving benefits guaranteed by Medicare and Social Security that have since been scaled back for younger Americans. For example, we've seen the full retirement age (FRA) go from 65 to 67 for younger generations. To be fair, longevity has increased dramatically since these programs were first introduced.

What's likely to happen? It doesn't take much imagination to expect that the full retirement age will gradually rise, perhaps to 70 or 72. Benefits will probably be "means tested" to a greater degree so that wealthier retirees will receive less.