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December 15, 2008
By Laura M. High
Fort Worth Business Press

t began one second after midnight on New Years Day 2008. Every eight seconds a new baby boomer began to turn 62 (US Census Report 2007). And, yet, for many of these “boomers coming of age,” the finish line to their working life has moved further into the distance.

The devastating market losses are certainly playing a part, but couple that with the slow change in sources of retirement income and the picture for some looks bleak. Consider that in 1980, 60 percent of workers were covered by defined benefit plans (pensions) and just 17 percent relied on defined contribution plans like 401(k)’s. By 2004, however, only 11 percent of workers were covered by a defined benefit plan and 61 percent will rely on defined contribution plans for their post-working income (The Financial Crisis and Private Defined Benefit Plans, Brief by Alicia H. Munnell, Jean-Pierre Aubry, and Dan Muldoon November) That means most American workers have responsibility (and bear the market risks) of their own retirement portfolios. More than ever, proper planning and appropriate allocations are important not only for the baby boomers, but for every American worker.

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