Former Fed Chairman Alan Greenspan urged Boomers to take more responsibility in planning for retirement, noting “we’ve never had such a huge group of individuals going into the [retirement] system at once and then living so long in their retirement years.” Speaking at a conference for financial planners, Greenspan said government would have increasing difficulty meeting its obligations in programs like Social Security and Medicare as the Boomer age wave hits. But he also predicted Boomers will get creative in planning for the years ahead, “determining the resources at their disposal, and ultimately making decisions to best prepare for their future.”

It’s not the first time Greenspan has worried out loud about the looming economic impact of aging. In a March speech to the Futures Industry Association, he described the retirement of the Boomer generation as a “seminal event” of the 21st Century.

Earlier discussion of the economics of aging is here.

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