mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
This article is geared to financial planners and the like, but since they mention "mass affluent, with $500,000 to $2 million in investable assets" I thought that this gang would receive some benefit, or as L. "Yogi" Berra once noted~ "the future isn't what it used to be."
The Anatomy Of The Boomer Retirement Market
The Boomer Doomer
For retirement savings data, we turn to Employee Benefits Research Institute (EBRI) reports. For 2010, EBRI data shows that people over 60 employed for 30 or more years had about $200,000 in their 401(k) accounts, while people in their 50s are poised to retire with similar account balances. Even if we didn’t take living costs into account, it is obvious that these amounts are inadequate, even for two-income families. Moreover, the time required to undo such gross errors is running out.
The first thing to note is that the pending boomer crisis is real and immediate. There should be no illusions about this issue in the advisory community. The problem could be as big, if not bigger, than the 2008 financial crisis, which led to enormous bailouts. It’s big enough that it could require the involvement of Congress and new legislation if boomers are to have enough money in retirement, including Social Security and Medicare. Unless such basic benefits are secured, the retirement problems of boomers will worsen. There are 90 million boomers retiring betweeen 2010 and 2030, and they collectively own most of the nation’s assets. If they organized to fix this problem, they could become a huge political force of change. But in lieu of a grassroots movement, it is up to the advisory community to serve the children and grandchildren of those who fought World War II.
The Anatomy Of The Boomer Retirement Market