The flagging economy is expected to hurt retirement prospects for Baby Boomers, who already face skyrocketing health-care costs and a shaky Social Security program.
To assist the Boomer generation, 11 nonprofits have created the Partnership for Retirement Education and Planning.
Members of the partnership, representing more than 200,000 financial-services professionals, will work to educate Boomers on retirement planning and enable them to maximize their savings.
“Recent research shows only one-third of retirees are very confident they will have enough money to take care of basic expenses,” Philip Harriman, past president of the Million Dollar Round Table and spokesman for the partnership, says in a statement. “Current market dynamics increase their anxiety.”
The partnership will help Baby Boomers with issues such as income, life insurance and government benefits.