Newswise — The recession has crimped the retirement dreams of America's aging Baby Boomers " and that's good news for the economy, said a noted financial planner and Texas Tech University professor.
Sagging housing prices and a skittish stock market have created a perfect financial storm for a generation prone to spending rather than saving, wiping out home equity and retirement plans that many Boomers were counting on as they crept up on retirement age.
Deena Katz, an associate professor of personal financial planning at Texas Tech University, said the unstable financial climate has made at least one thing fairly certain: Baby Boomers will keep working beyond retirement.
This will be a boon to the economy, as they bring years of education and knowledge to the table. And, perhaps more importantly, there aren't enough workers to replace them anyway, Katz pointed out.
Katz, herself a Boomer, is president and a partner of Coral Gables, Fla.-based Evensky & Katz Wealth Management. She recently testified during a fact-finding hearing of the U.S. Senate Special Committee on Aging as Congress considers ways to help mend the Boomers' parachute.
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