Like the dark shadow that hovered over J.R.R Tolkien’s Mount Doom, retirement shortfalls are expected to hit Baby Boomers hard, casting a bleak shadow over those “golden years” for millions of retirees.
The problem arose through a unique set of factors mostly connected to a worldwide baby boom that came about at the end of World War II. Still that’s little comfort to those within 10 to 15 years of retirement, some of who are just now emerging from the painful rupture of a historically devastating real-estate bubble.
Many soon-to-be seniors are just now coming to terms with the fact that they will have to invest heavily over the next decade in order to claim some of that longed-for leisure when they finally reach retirement day.
A savings plan is good for a rainy day, but those who face this looming crisis will find the situation calls for an ark, not an umbrella. So how do you reach those retirement goals? Do you go for the traditional approach?
It may not be the approach that is in question as much as it is the expertise of a particular advisor. Just as in any field, there are stellar performers as well as lackluster ones. Perhaps the best investment for those in their middle years is to find an advisor who has the credentials and the character to provide exemplary service — someone who has a track record in the industry.
The large investment firms serve a valuable purpose in our economy, although when they all dance to the same piper without question that can and did lead to a financial meltdown for the U.S. So remember to choose wisely.