Managing Boomers' Savings; This Generation Has Stowed Away $9 Trillion in Assets

The generation born between 1946 and 1964 has amassed some $9 trillion in private retirement assets. In contrast to the common perception that boomers have been a happy-go-lucky generation, preferring to spend than to save, a recent study by Smith Barney found that, as of 2002, the average 50-year-old American had saved 20 percent of after-tax income nearly twice the savings rate at that age of Americans born a few years earlier, during the war. Unlike their parents, who sheltered their nest eggs in company and government-backed pension plans that delivered guaranteed distributions, boomers have been socking away the majority of their retirement assets in self-funded 401K and other defined-contribution plans.

Managing Boomers' Savings; This Generation Has Stowed Away $9 Trillion in Assets
Source: Insurance News Net