A wakeup call was sounded to all who attended MDRT’s Boomertirement industry summit in New York City in late April.
MDRT President Philip Harriman, CLU, ChFC, told attendees the organization is “deeply concerned” about the looming boomer retirement crisis.
And with good reason. Statistic after statistic revealed at the event backs up the premise that the majority of the country’s 78 million boomers are dangerously unprepared for retirement. While some presenters focused on opportunities the boomer retirement wave offers financial advisors, other presenters gave doomsday predictions about how unprepared boomers will devastate Social Security and Medicare.
“I don’t think we are ready for this,” said Dr. Alan Greenspan during his keynote conversation with Harriman. Greenspan, the former chairman of the U.S. Federal Reserve, warned that the government is falling short in collecting taxes for both Social Security and Medicare.
The Social Security crisis, he said, “could be solved in about 20 minutes,” by technically sound people of both political persuasions, taking that long only because the first 15 minutes would be devoted to pleasantries.
“The only thing missing is the political will to make it happen.”
We won’t hold our breath.