X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

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. Traditional pension programs will continue to decline as a retirement income source, meaning individuals will be even more responsible for their retirement and healthcare costs. On average, half of all retirees need a post-retirement plan that considers a 30-plus year retirement horizon, the data showed.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.