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Introduction Baby boomers have often been characterized as a generation in love with consumption and incapable of accumulating assets for a rainy day — or retirement. But you couldn’t tell from the data. The Survey of Consumer Finances (SCF), the Federal Reserve’s comprehensive survey of household wealth in the United States, shows that the boomers…
Abstract That older people will need to work longer in order to ensure a secure retirement is undeniable. Social Security, the backbone of the retirement system, will not replace as much pre-retirement income in the future as it does today. Employer-sponsored pensions also involve considerably more uncertainty given the shift from defined benefit to 401(k)…
