Retiree spending helped thwart a US recession. But boomers are losing a key financial advantage. [Business Insider]
Bank of America Corporation (BAC)
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Source: Business Insider
But annual payment increases are falling behind workers' wage growth, the note said. Some economists have said baby boomer spending helped ward off a recession in recent years. A baby boomer spending spree is losing momentum as retirees fall behind in income growth. Bank of America said retired consumers enjoyed greater spending power in the past two years as Social Security income got a boost. Known as the cost-of-living adjustment, or COLA, the payment increase occurs each October to adjust for inflation. The bank said it jumped 8.7% in 2022, marking the highest increase in four decades. "This was significantly greater than the wage growth that both Millennials and Gen X were experiencing at the time (the same is true for Gen Z)," the note said. "So, for a while, retiree incomes from Social Security were rising faster than the incomes of people in employment, which helped older generations grow their spending faster than younger ones." Since about mid-2022, a gap has em
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