Out of necessity or otherwise, many Baby Boomers will continue working well-past retirement age. In truth, if all the Baby Boomers who begin turning 65 in 2011 retire on schedule, the effect on national productivity, not to mention the financial markets, will be enormous. As the Baby Boom generation moves toward retirement, concerns about retirement income security are catching the attention of policymakers. As a result, policies urging Baby Boomers to remain in the labor force will be a necessity, as will reform of the Social Security retirement system, and the encouragement of private savings and investment.

At the same time, attitudes toward risk are changing. Today's retirees are healthier, wealthier, and better informed than earlier generations. People are not only living a lot longer, they are better prepared to accept investment risk in maximizing their returns to help ease their retirement years. This is apt to enhance the growth of annuity markets, especially investment-linked contracts.

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