A bear market decline based upon demographics was something that I mused about on the old Moneyworld website about two years ago. At the time, I was shouted down but I still believe that the markets will suffer, especially in the US as the baby boomers reach retirement age and cash in their 401k plans and start drawing their pension. Not only will more money be leaving the market but less will be flowing into in. The demographic decline could be offset in other areas such as leisure and travel as all of the retirees with too much time on their hands turn to other activities.