As we all know, Baby Boomers' retirement plans have been greatly altered by the meltdown of 2008. The declining real estate market and stock market crash have put many retirements on hold.
Unlike our parents who typically worked their entire careers for one firm and then received a lifelong pension, we are largely 401(k)- and personal savings-dependent. The assets in these accounts in many cases have been greatly diminished. Ironically, financial advisors—those charged with helping others plan for their retirement—now find their own plans in greater disarray than most of their clients.
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