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According to a recent report from the Board of Governors of the Federal Reserve Systems and the Financial Service Fact Book, credit unions’ share of individual retirement accounts has been steadily declining, falling from 2.1% in 2002 to 1.3% in 2006. Incidentally, commercial banks also saw a 1.7 percentage point drop in IRA market share–6.5% versus 4.8% in 2006.

These compelling statistics provide credit unions with good reason to not only pause but also take stock and position themselves to drive change in a new era. Baby boomers are entering their retirement years in droves. Indeed, the U.S. Census Bureau reported that 7,918 baby boomers turned 60 each day last year.

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