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Federal Reserve Bank of San Francisco
FRBSF Economic Letter
Boomer retirement: headwinds for U.S. equity markets?
Zheng Liu
Mark M. Spiegel

Historical data indicate a strong relationship between the age distribution of the U.S. population and stock market performance. A key demographic trend is the aging of the baby boom generation. As they reach retirement age, they are likely to shift from buying stocks to selling their equity holdings to finance retirement. Statistical models suggest that this shift could be a factor holding down equity valuations over the next two decades.

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Zheng Liu & Mark M. Spiegel, "Boomer retirement: headwinds for U.S. equity markets?" , Federal Reserve Bank of San Francisco, FRBSF Economic Letter, number 26, 2011.
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Keywords: Stockholders ; Stocks - Rate of return ; Population aging ; Retirement
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