I almost forgot to point out for you this column by Mark Hulbert in The New York Times May 27 Sunday edition (subscription required).
In it Hulbert observes that more than a few people have predicted a multi-decade bear market ahead for US stocks because the baby-boomers will be cashing in their retirement nest eggs.
But Hulbert counters this view with the results of a recently released economic study by three economics professors. They are J. M. Poterba (M.I.T), S. F. Venti (Dartmouth), and D. M. Wise (Harvard). Wise was a friend of mine when we both were in graduate school and I have a lot of confidence in his work. Their paper can be found here.
In this paper the three authors argue that the total of 401(k) assets plus corporate pension plan assets will in the year 2040 represent a significantly bigger fraction of that year's Gross Domestic Product than is now the case in 2007.
I think this punctures the bear balloon based on any baby-boomers asset bust. It is also consistent with the long term view I expressed here a short while ago.