Averting a Bust for the Boomers
Most discussion of the impending wave of Baby Boomers entering retirement age focuses on the capacity of entitlement programs to support them. Under-examined is the question of Boomers’ abilities to support themselves and what policy changes might be necessary to help them do so. The ongoing instability in financial markets and its effect on the assets that many Boomers have planned to tap for retirement add to the uncertainty. Macroeconomic developments, workplace norms and existing policy barriers all make the most obvious short-term solution to the problem—working longer and saving more—more difficult than many imagine. With this as a backdrop, New America’s Next Social Contract Initiative and the McKinsey Global Institute co-hosted, Averting a Bust for the Boomers: The State of Retirement Preparedness and How to Improve It on June 5 at the US Capitol Building. The event featured the official release of, “Talkin’ ‘Bout My Generation: The Economic Impact of Aging US Baby Boomers.”
Tags: baby boomers, Averting, mckinsey global institute, Boomers
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