The baby boomer generation (those born after WWII till 1964) were lucky to have a period of extended peace, growth of assets, low food prices and secure career path. Many also have the benefit of a rock-solid pension scheme - a concept alien to the later generations.
One of the contentious debates in UK has been potential ways to fund the cost for the elderly. One such proposal with a cap on total government contribution was recently tabled.
Alan Buerger makes some interesting points on funding the cost of healthcare for US seniors. He proposes that special interest groups could use life settlements in a more creative way to generate income for the retiring baby boomer generation. We perceive that the biggest loser from such a scheme would be the life insurance companies as their lapse assumptions would go up in smoke. It will be educational to watch the life insurance companies arguing why proceeds of life settlements should no go toward the cost of care for elderly. Alan does understand why life settlement companies need to change, and he is correct that attrition is forcing some companies out of the market. We would not count on the survivors being paragons of value creation, however.