The Silver Tsunami
The trust deficit
- Baby boomers begin turning 65 years old in 2011 — the beginning of the Silver Tsunami
- Population of seniors expected to grow from 35 million in 2000 to 72 million in 2030 — 20 percent of the population
The retirement crisis
- Nearly half (46 percent) of investors said their trust in the financial services industry declined in 2010
- Trust increased for just 5 percent
- A majority of investors value honest communication (91 percent) and open and transparent business practices (84 percent)
- On the bright side, brokers, advisors, agents and bankers are seen as the most credible sources of financial information
These numbers were obtained from the Census Bureau, Edelman Trust in U.S. Financial Services Survey, Insured Retirement Institute, Social Security Administration and Employee Benefit Retirement Institute.
- 80 percent of workers say they are behind schedule in saving for retirement
- 40 percent of workers have less than $10,000 in savings
- Social Security is in big trouble — the trustees say the trust fund reserves will be exhausted by 2036
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