Greenspan on Baby Boomers

Dr. Alan Greenspan – U.S. Federal Reserve Chairman (1997-2006) – encourages Baby Boomers around the world to take more responsibility to prepare for their retirement.

“We have to recognize that what we’re going through is unique in world history,” said Dr. Greenspan. “Retirement is a relatively new phenomenon. As a society we’ve dealt with it successfully in the past few decades but we’ve never had such a huge group of individuals going into the system at once and then living so long in their retirement years.”

Greenspan said the government will find it increasingly difficult to keep all the financial promises it has made through Social Security, Medicare and other programs in coming years. He added that the longer we collectively wait to deal with these key issues, the more difficult they will become to address.

Greenspan added that, as life expectancy continues to increase, Baby Boomers will likely look for additional ways to remove the financial uncertainties that will come from a longer retirement by analyzing their lifestyle, determining the resources at their disposal, and ultimately making decisions to best prepare for their future.

Source: Business Wire, April 24, 2007

Be sure to visit the Blogging Boomers Carnival #20 this week.