The Boomers are Coming
According to experts, the longest living, most affluent, largest group of Americans in our history has no notion of what to do with their retirement savings.
A portion of the first Baby Boomers (76 million people born 1946-1964) to arrive at retirement age in 2008 will have retirement accounts. When they finally face up to it, Boomers will have to make choices concerning what they will do with their retirement money. They can:
- Rollover their assets to an IRA.
- Rollover their assets to the plan of a new employer.
- Keep the assets in the plan they already have.
- Spend the assets as income or withdraw it for other purposes.
The Enron scandal, United Airlines’ reduction of employee benefits, and other similar negative publicity has soured participants on the option of leaving assets in their current plan.
If moving assets into another retirement plan or utilizing funds for retirement living are not available, perhaps the best option for most retirees is moving their assets into an IRA.
Ideally, establishing an IRA as a separately managed account may be an excellent investment strategy to protect and enhance your assets. Talk to your financial advisor.
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