Baby Boomers are the 401(k) generation.
When Boomers started working, nearly every major company offered some form of pension providing lifetime income. Now, as members of this cohort are retiring in large numbers, pensions are nearly extinct outside of government employers.
The 401(k) was invented 40 years ago and now shares the retirement landscape with Social Security. Many Boomers have a good amount of money in their 401(k) accounts, but that doesn’t mean they can stop planning. In fact, this is when critical retirement planning begins.