The Baby Boomers earned their moniker for shattering birth records in the late 1940s through the ’50s, becoming the largest generation the United States had ever seen. But as they’ve aged into retirement, it’s become clearer that the Boomer generation is actually two distinct generations in one.

Older Boomers are what we might call the “classic” Boomers, the ones who “fit the description,” so to speak. But younger Boomers, those born between 1954 and 1965, are in a category of their own. Because of the timing of their birth and the social, political, and economic changes at key points in their lives, this microgeneration known as Generation Jones is facing a different retirement reality than their older siblings.

It starts with when Gen Jones entered the job market

As Adam Shell explains for Kiplinger, “Generation Jones grew up during economic, political and technical upheaval, from Watergate to the Iran hostage crisis, inflation to a crippling oil shock.” When they entered the job market, they didn’t see the thriving economy older Boomers enjoyed as young adults. In fact, their woes largely parallel those of Gen Z today, starting their careers in an economy that isn’t optimal for their launch.

Personal finance expert Austin Williams shares a breakdown of the financial challenges Gen Jones has faced since they came of age, explaining why they haven’t experienced the prosperity their older Boomer counterparts enjoyed.

Older Boomers entered the job market between 1964 and 1971, during the “golden age of capitalism.” Unemployment was low, and it was pretty easy to find and keep a job. Even high school graduates with no college degree were able to start building careers with job training and long-term security in the form of pensions.

“But now, let’s look at the economy Generation Jones entered, from the years of 1972 to 1983,” says Williams. “By this time, the economy had changed drastically. And Generation Jones entered the era known as the stagflation era of slow economic growth, high unemployment, and rapid price inflation.”

The unemployment rate alone had doubled by the time Gen Jones were starting their careers. So from the beginning,........

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