A Pew Survey found that 4 in 10 of those aged 62 and over are extending their career due to the implosion of their net worth. And, those in the 50-61 cohort say they intend to work longer than they had expected. These folks aren't staying in the workforce or coming back to the labour market to seek out a job because the want to its because they have to. A $14 trillion loss of net worth is equivalent to a full year's worth of GDP!
Since these aging, but not aged, late boomers are seeking income in the labour market, rest assured that they are doing the same in the capital market when it comes to their portfolios. The U.S. household sector is massively underweight the fixed-income market bonds comprise less than a 7% share. This is the part of the asset pie that we feel will expand the most in coming years as capital preservation and income orientation enhance their positive secular characteristics
---Rosenberg, 9.3.09
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