 Offering his perspective as the Boomertirement keynote speaker, Dr. Alan Greenspan – U.S. Federal Reserve Chairman (1987-2006) – encouraged Baby Boomers around the world to take more responsibility to prepare for their retirement.
“We have to recognize that what we are going through is unique in world history,” said 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 that the government will find it increasingly difficult to keep all the financial promises it has made through Social Security, Medicare and other programs in the coming years. He added that the longer we wait to deal with these key issues, the more difficult they will be to address.
As life expectancy continues to increase, Greenspan continued, Baby Boomers will likely look for additional ways to remove the financial uncertainties that will come from a longer retirement. They will do this by analyzing their lifestyle, determining the resources at their disposal, and ultimately making decisions to best prepare for their future.
He advocated that Baby Boomers and all future retirees take action on their own behalf by:
- Considering working past traditional retirement age
- Saving more through investment vehicles that match their individual risk tolerance
- Protecting themselves against personal and market risk
- Seeking help from financial professionals
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