[gizmo686]

> The wealthiest generation in U.S. history (boomers) are exiting the workforce, where will they park their retirement nest egg?

This seems like a demographic argument for a downturn. Standard financial advice is to transition more into bonds as you approach and enter retirement. I suspect most boomers with retirement accounts will do so; either explicitly, because they are in a target date fund, or because their pension fund decides it needs to de-risk. The known downside of inflation is less of a concern than the risk of a loss if you are forced to sell during a downturn.

However, I suspect that will be a relativly minor effect compared with the bigger issue. Workers park their retirement money. Retirees spend it. Demand (and therefore prices) of both stocks and bonds will fall as the boomers switch from buying to selling in order to fund their lifestyle without working.

At a societal level, the idea of retirement savings is little more than an accounting trick. As a generation, the boomers are going to stop working, but continue consuming. Society needs to pay for that (in goods and services) somehow, which means that there will be comparatively less stuff available for everyone else.