Puerto Rico Economic Pulse ©

June 2009: Let’s Not Forget Retirement!

What the current economic crisis entails for PR retirees

The current global financial and economic crises have generated major losses in banks; plunged stocks; blown up bankruptcies filings; escalated unemployment and beaten consumers’ pockets. But, there is another collateral damage that had not been completely realized. The collapse of stocks wiped out wealth and with it most retirement savings. As a result, one thing is sure for baby boomers on the verge of retirement: forget retirement! No doubt, many aging baby boomers will have to continue working past their traditional retirement age in order to enjoy the standard of living they dreamed. This is a dismal scenario but there are some positive outcomes too. This issue discusses how demographic pressures and the current economic crisis will affect our retirement plans.