NEW YORK — With the first wave of baby boomers retiring this year, financial advisory firms that are not ready to advise on the distribution phase of their retirement funds could see a considerable outflow of assets, according to a new Celent report.

Beginning this year, 73 million baby boomers will start to retire or qualify for Social Security, putting $19 trillion in assets, $12 trillion of which are currently in retirement accounts, into liquidation mode, according to Celent's Retirement Income Distribution and Planning report authored by Robert Ellis, senior analyst. Pensions will continue to decline as a retirement income source, meaning individuals will be even more responsible for their retirement and healthcare costs.

Decisions about longevity and health, heirs and bequests can also affect distribution. For married couples aged 65, there is an 83.7% chance that one spouse will live to 85, and a 63% chance of living to 90. Poor distribution decisions, combined with the lack of assets to distribute, have impacted retirement as some older workers are forced back into the job market.