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Now, as companies try to raise their stock prices by cutting costs and eliminating jobs, particularly those of older people, organizations like AARP and publications like The New York Times and Consumer Reports are reporting that aging baby boomers should plan to work longer than many of them had expected to do. The mismatch between what stocks do and what people need is becoming ever more obvious. This mismatch is the most important theme of What if Boomers Can’t Retire?.
There is still pressure to divert Social Security funds to individual accounts that could buy stocks, and the financial services industry is still telling boomers and all Americans to bet on stocks to pay for their retirements. But nobody has explained how stocks can possibly do what is claimed for them—pay for the retirement of millions of boomers—and the devastating losses since the market peaked in 2000 show what can happen if they fail.
What if Boomers Can’t Retire? isn’t fun to read and some don’t like it. Most organizations and publications that cater to investors avoid mentioning it, but some people have said ruefully they wish they had read it when it came out. Against this backdrop, two things have not happened. No one has explained why the book’s main messages are wrong and no one has explained how retirement plans that are based on stock gains can work for boomers. If there is a significant flaw in the book, it should have surfaced by now, but I have not heard of one. Some people don’t believe the risks are as serious as the book indicates, but so far, they have not backed up their beliefs with facts or analyses.
So the book seems as correct as I tried to make it. Apart from Sept. 11, much that has happened after its publication should be seen as a preview of worse to come if Americans don’t wake up to the risks of expecting stocks to do what they can’t do.
On the bright side, more is being said and written about people in the U.S. and other developed countries who are finding fulfillment by simplifying their lives, doing work that they can enjoy in their later years, reducing consumption, and helping in their communities. These are paths that What if Boomers Can’t Retire? says most of us should take.
Thornton Parker August 8, 2002
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