The Impact of Housing and Investment Market Declines On the Wealth of Baby Boomers, Millie Parekh, Greg Anrig, The Century Foundation, August 4, 2010
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 Americansthose born between 1946 and 1964just 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 markets 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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