4
Jun

For Many Boomer Immigrants, Rough Times Ahead

The state of aging immigrant boomers is an under-reported story. Here is a basic overview. For Many Boomer Immigrants, Rough Times Ahead. Often, their savings are low and family needs are high

Lake Street is an historic immigrant artery in Minneapolis, Minn. In the early 20th century, the urban thoroughfare was a thriving home for newcomers from Scandinavia. But the children of Scandinavian immigrants left for tonier neighborhoods and the suburbs following the Second World War. Lake Street fell on hard times, and by the 1980s many businesses were boarded up.

The first Latino immigrants and East African refugees moved to Lake Street in the early 1990s, however, looking for cheap storefronts and housing. The urban core is now flourishing with immigrant-owned restaurants, hairdressers and other small businesses and nearby neighborhoods crowded with working families.

The story of Lake Streets is familiar all over the country and the modern wave of immigration is one of the great human dramas in American history. New York, Miami, Los Angeles and other major metros are immigrant capitals; venture anywhere in the heartland and you’ll run into plenty of foreign accents. Some 13 percent of the U.S. population was born abroad, up from nearly 5 percent in 1970.

Concerns for Boomer Immigrants

But how is the immigrant baby boom generation doing and what does their financial future look like? Their numbers are significant. Immigrant boomers represent a majority of Hispanic and Asian newcomers and the number of immigrants age 65 and over has nearly doubled, to some 5 million since 1990.

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