Forget the pensions. Companies are shedding pension plans as fast as they
can. They are also cutting health care for retires even faster. Many of
those boomers (who start retiring in 2007, not 2010) will be faced with no
health care and will have to put off retirement. Many others will see the
promised benefits evaporate in a merger or a business decision based
bankruptcy. Most have only a modest 401(k) as the average holdings are
around $17,000. For many the biggest asset is the house and for many of
those it is mortgaged to the hilt. So for many the sooner the baby boomers
parents die off the sooner they can retire.
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