Dr. Alan Greenspan Calls for Baby Boomers to Take Action in Preparing for Retirement

    NEW YORK CITY, April 24 /CNW/ - Dr. Alan Greenspan - U.S. Federal Reserve
Chairman (1997-2006) - today encouraged Baby Boomers around the world to take
more responsibility to prepare for their retirement. Dr. Greenspan offered his
perspective as the keynote speaker at the MDRT Boomertirement(TM) Industry

    "We have to recognize that what we're going through is unique in world
history," said Dr. Greenspan. "Retirement is a relatively new phenomenon. As a
society we've dealt with it successfully in the past few decades but we've
never had such a huge group of individuals going into the system at once and
then living so long in their retirement years."

    Greenspan said the government will find it increasingly difficult to keep
all the financial promises it has made through Social Security, Medicare and
other programs in coming years. He added that the longer we collectively wait
to deal with these key issues, the more difficult they will become to address.

    Greenspan added that, as life expectancy continues to increase, Baby
Boomers will likely look for additional ways to remove the financial
uncertainties that will come from a longer retirement by analyzing their
lifestyle, determining the resources at their disposal, and ultimately making
decisions to best prepare for their future.

    Currently being held in New York City, the Boomertirement Summit was
convened by MDRT - a leading non-profit association representing 35,000
financial services professionals around the world - to help lead the
development of solutions to the looming Baby Boomer retirement crisis. The
event brought together top economists, scholars, financial services industry
leaders and other thought leaders for two days of presentations and
interactive discussions.

    "The Boomertirement Industry Summit was designed to help facilitate
solutions to the looming Baby Boomer retirement crisis - and to encourage the
financial services community and Boomers to work together to implement those
solutions. At the end of the day, taking any action to better prepare for
retirement is better than doing nothing," said MDRT President Philip E.
Harriman, CLU, ChFC - a retirement, investment and estate planning advisor
from Yarmouth, Me. "Dr. Greenspan's unmatched insight and unique perspective
on economic issues - and his ability to create awareness and prompt action -
will certainly help us meet that goal."


    MDRT is The Premier Association of Financial Professionals. Founded in
1927, MDRT is an international, independent association of more than 35,000 or
less than 1 percent, of the world's best life insurance and financial services
professionals. With membership from 77 nations and territories, MDRT members
demonstrate exceptional professional knowledge, strict ethical conduct and
outstanding client service. MDRT membership is recognized internationally as
the standard of sales excellence in the life insurance and financial services

    By hosting the Boomertirement Industry Summit, MDRT is providing
leadership that will help the financial services industry provide solutions
that will encourage the biggest generation in history - Baby Boomers - to take
action to navigate the financial challenges they confront as they retire.


For further information:

For further information: Gibbs & Soell Kelly Galvin, 847.519.9150, ext.
2108 E-mail: kgalvin@gibbs-soell.com

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