Several years ago at a speech in New York, I warned that “a future President Clinton or McCain would face a daunting budget challenge from population aging.” My political forecast was off, but my economic and demographic forecast is unchanged.
Recent posts tagged ‘Social Security’
Faced with a reduced (but recovering—so far) portfolio, children still in college, and not a clue what else I would rather do, I’ve given some thought to simply working forever. Not a bad plan, if I can manage it.
Many people think they’ll have to work forever—and they aren’t particularly happy about the prospect. By 2020, most baby boomers will be in their 60s, and about half of them think they will delay retirement beyond age 65. (We haven’t yet seen much evidence that the first wave of boomers to reach their 60s are choosing to delay retirement, but time will tell.)
On March 31, I was in New York City as a member of a panel speaking with a group of financial advisors on the issue of retirement income. Being back in the city brought back a lot of great memories, and it was fantastic to walk around my old neighborhood with my wife and our two young children.
I’ve been working on various aspects of retirement issues for more than 15 years now, both at Vanguard and before that in NYC, and I’m still amazed at how badly people want to think that there’s a “product” answer to retirement. I guess the grand vision is that people will get to retirement, drop everything, and put all their money into a perfect solution.