What crises? Stock markets are at all time highs. Many 401k and IRA balances are booming.
Yet according to famed economist and Nobel prize winner Robert C. Merton retirees are facing a future financial crises.
Baby boomers are the first generation forced to deal with the widespread transition from defined benefit retirement plans to the do-it-yourself plans like 401ks, IRAs, 457s and other defined contribution plans.
It is accurate to call them do-it-yourself because with these plans it is entirely the participants responsibility to manage them after retirement. Management that not only includes investing and protecting these money but most important of all, how to generate reliable income to last a lifetime.
When it comes to your future retirement security there is little room for mistakes.