With the first members of the baby boom generation starting to retire in about a decade into the twenty-first century, the ratio of retirees to workers will grow rapidly. This is expected to affect the Social Security program. Another possible effect of these demographic developments could be on pension plans and on investment rates of return. To meet retirement income needs, larger numbers of retired persons will be liquidating the pension and savings assets built up over their working careers. The possible impact on asset prices is discussed in this issue.
