Nevertheless, it is time to pass the torch once again, but the baby boomers are saying not so fast, and they are the ones holding the wealth and the purse strings. And they are living longer and spending more of their money. If this subject fascinates you I would recommend that you read some of the works of Ken Dychwald who is one of the most famous demographers of our time.
There is also an interesting book that I'd like to recommend to you about the economics, pension funds, retirement accounts, and transfer of wealth from the Boomers to the next generation. Now then I don't believe, or buy into all aspects of the information presented in this book, or the whole Generational Warfare assertions, but I still recommend the book. The name of the book is;
"Boomernomics - The Future of Your Money in Upcoming Generational Warfare" by William Sterling and Stephen Waite, Ballantine Books, New York, NY, (1998), 220 pages, ISBN: 0-345-42583-9.
The two authors are both quite notable. William Sterling is a Wall Street investment strategist and brings forth a rather interesting global perspective. He also has a PhD in economics from Harvard University, so he's no slouch in the academic world either. Stephen Waite is a portfolio manager and global strategists with a major Wall Street firm. He's also written several books on economics and he's been quoted in the Wall Street Journal, The Economist, and Business Week. He holds a Masters degree in economics from Pennsylvania State University.
In hindsight because this book was written in 1998 I would have to say that these two gentlemen got most of it right, but not all of it. For instance it doesn't appear that they saw the global economic crisis we just went through, or how much wealth was lost by the baby boomers in their pension funds and retirement accounts. Or the fact that they lost a lot of their real estate wealth, which will not be passed on.
But everything else they pretty much pegged including the technological revolution, Social Security challenges, and many of the industries they expected to prosper. Indeed, I hope you will please consider this book, because it is of interest. If this is a topic you'd like to discuss, you may send me an e-mail with your comments, questions, or concerns.
