Friday, June 10, 2011

Unintended Consequences of an Aging Society

Brooke Astor
The Wall Street Journal:
About 35% of wealth is controlled by those 65 or older, Prof. Laibson said, and that number will grow as boomers age. The total balance sheet of U.S. households is $53 trillion, he says. As about $18 trillion hang in the balance among seniors, the question is, what will be done to help aging people from becoming another Brooke Astor?
Brook Astor's estate was looted by her son when she became too mentally incompetent to manage her own affairs. He was later convicted of the crime.  But the thought that so much wealth is tied up in the boomer generation which may become vulnerable to scheming relatives and other neerdowell characters is unsettling.

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