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We are now at Peak65: More than 11,000 baby boomers are reaching age 65 every day. That means more than 4 million Americans, many of whom have money in 401(k) plans or rollover IRAs, will have their 65th birthdays this year and in the next three years.
For policymakers and financial professionals, this data highlights the question of how 401(k) and rollover IRA retirees will invest and withdraw their retirement money so that it lasts for their lifetimes—regardless of whether they live to age 80, 90, or 100. For context, the average 65-year-old participant in a retirement plan can expect to live approximately 20 years to age 85, and half will live longer than that.
The views expressed here are those of Fred Reish. They should not be construed as investment advice or as the views of Hartford Funds or the employees of Hartford Funds. They are based on available information and are subject to change without notice. The information above is intended as general information and is not intended to provide, nor may it be construed as providing, tax, accounting or legal advice. As with all matters of a tax or legal nature, please consult with your tax or legal counsel for advice. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Fred Reish.
MFDC082 3643606
JD, Partner, Faegre Drinker Biddle & Reath LLP
Fred Reish is an ERISA attorney whose practice focuses on fiduciary responsibility, retirement income, and plan operational issues. He has been recognized as one of the “legends” of the retirement industry by both PLANADVISER magazine and PLANSPONSOR magazine.