New York - April 27. Former Fed Chairman Alan Greenspan made headlines again this week - this time at a conference on the coming baby boomer retirement crisis. Greenspan warned that the government is going to find it “difficult” to keep all of its financial promises in coming years. He urged baby boomers to deal now with that, and a new complication - their increased longevity.
“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.â€
As life expectancy continues to increase, Greenspan believes that Baby Boomers will likely look for additional ways to remove the financial uncertainties that will come from a longer retirement. Those include analyzing their lifestyle, determining the resources at their disposal, and ultimately making decisions to best prepare for their future.
Greenspan encouraged Baby Boomers to take more responsibility to prepare for their retirement. Dr. Greenspan was the keynote speaker at the MDRT BoomertirementTM Industry Summit.
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