The near future "is not going to be a fun time for pensioners," warned John Bogle, senior chairman and founder of the Vanguard Group of mutual funds, in the opening keynote on Thursday of the Fifth Annual Retirement Income Symposium.
Underfunded pensions, flawed "thrift plans" purporting to be retirement plans, and the difficulty of earning a decent amount of investment income will collide in a train wreck unless action is taken quickly, he predicted. Advisors with baby boomer clients in or those near retirement should focus on long-term, low-cost investments, not on trying to goose short-term yield by taking on more risk.
Prevented by health concerns from joining the symposium in Boston, Bogle, 83, spoke by Skype from a den lined with bookshelves and a model of the frigate U.S.S. Constitution.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
