The Impact of Housing and Investment Market Declines On the Wealth of Baby Boomers
Topics: Retirement Security Subtopics: Social Security, The Aging of the Population
Aug 5, 2010
Authors: Greg Anrig and Millie Parekh
Publisher(s): The Century Foundation
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The bursting of the housing bubble in 2007, the financial meltdown in 2008, and the most severe recession since the Great Depression have destabilized the economic security of the baby boom generation of Americans—just at the time when they are approaching retirement. Savings plans, 401(k)s, Individual Retirement Accounts, and other investments have become depleted not only because of the market’s decline, but also because individuals withdrew funds during the crisis, often incurring penalties in the process. Even more significant for most baby boomers, the housing equity that they expected would be their major asset in retirement has plummeted in value and remains far lower than it was just a couple of years ago.
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