“The twilight of the US baby boom generation is approaching,” the McKinseyQuarterly reports “and with it deep, structural economic shifts whose impact will be felt for decades to come.New research from the McKinsey Global Institute (MGI) shows that there is only one realistic way to prevent aging boomers from experiencing a significant decline in their living standards and becoming a multidecade drag on US and world economic growth. Boomers will have to continue working beyond the traditional retirement age, and that will require important changes in public policy, business practices, and personal behavior.
“These adjustments have become even more urgent with the recent financial turmoil, which has sharply reduced the home values and financial investments of millions of boomers just as they approach retirement.”
They say that two-thirds of the oldest boomers are financially unprepared for retirement, and many are not even aware of their predicament.
Fortunately many boomers want to keep working, and the McKiney Quartely says the job of governments should be to make it easier for them to do that.
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