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Article: In the Service of Baby Boomers: A Seismic Mind Shift for Financial Service Providers
- Article from:
- The CPA Journal
- Article date:
- September 1, 2005
- Author:
CopyrightCopyright New York State Society of Certified Public Accountants Sep 2005. Provided by ProQuest LLC. (Hide copyright information)
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For half a century, the financial services community has focused on helping individuals accumulate wealth in preparation for buying homes, educating children, and ultimately for retirement. As baby boomers (those born between 1946 and 1964) begin to retire, however, financial advisors and the institutions serving this market must address the new and different financial needs this generation will have.
By 2010, 13% of the population will be of retirement age, according to Cerulli Associates. One of the most startling statistics it offers is that 61 % of households leaving the workforce will be unable to replace 75% of their income in retirement-a general benchmark often applied as the asset ...