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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.

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