Douglas Sheahan Featured in Advisor Today Magazine
There are more than 76 million baby boomers in the U.S., but many of them don’t have nearly enough saved for retirement.
According to the TransAmerica Center for Retirement Studies, most people in their 50s and 60s only have $127,000 saved for retirement, far less than the $1 million they need to comfortably maintain their standard of living for the rest of their lives.
I recently wrote about this topic for NAIFA’s Advisor Today in article called “Closing the Gap”. The article focused on ways that baby boomers can better prepare for retirement and ways financial advisors can help this demographic. Less than half of baby boomers who save or invest for retirement use a financial advisor for wealth management, but it’s so important that people in this age group who are nearing retirement seek the advice of an expert. Long-term financial security doesn’t happen overnight, so baby boomers need to work with a professional to create a retirement readiness plan and identify short-term strategies for bolstering their retirement income.
Read the article to learn more about the best wealth management strategies for baby boomers.