Baby boomers are Americans born between 1946 and 1964. They form a large demographic cohort—about 20 percent of the American population—so they’ve had a huge influence on all aspects of American culture. The financial industry was quick to cater to their needs, which for decades concerned investment growth. But in 2011, the oldest boomers reached age 65 and began retiring in droves, at the rate of 10,000 per day! With an average life span longer than that of preceding generations, a boomer may enjoy a retirement as long as their career. Funding this 30- to 40-year period is a big problem and a big business.

In the years ...

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