Retirement News : Seniors : Greenspan Again Warns Baby Boomers of Retirement Threats

Greenspan Again Warns Baby Boomers of Retirement Threats

Date Added: 05-12-2005

A soaring federal deficit could lead to lower retirement expectations for baby boomers, says Federal Reserve Bank Chairman Alan Greenspan.  Read the excerpt below.

SeniorJournal.com - San Antonio,TX,USA

By Tucker Sutherland, editor

Dec. 2, 2005 – Once again baby boomers are being warned that unless something is done about the soaring federal deficit their retirement years may fall far short of expectations. It has become a consistent theme of Federal Reserve Bank Chairman Alan Greenspan, who spoke again today expressing his fear "that we may have already committed more physical resources to the baby-boom generation in its retirement years than our economy has the capacity to deliver."

He did not mention senior citizens, those already eligible for Social Security and Medicare, but certainly the looming financial crisis created by the retiring baby boomers and escalating health care costs will put pressure on the federal government to consider cost reductions for this group, too.

The problems ahead, says the soon-to-retire chairman, are the growth in the number of retirees, health care costs and the lack of spending restraint by the President and Congress. He spoke at the Federal Reserve Bank of Philadelphia's Policy Forum.

Read the entire article below:

http://www.seniorjournal.com/NEWS/Boomers/5-12-02-GreenspanWarnsBoomers.htm