As baby boomers begin leaving the workforce, the impending retirement crisis has become one of the most talked-of issues of the day. There are a number of factors that contribute to this crisis.

First, since the mid-1970s, when Congress approved 401(k) plans and IRAs, the majority of workers have begun to manage their own investment accounts. Historically and today, this has led to lower returns. 

Second, as baby boomers retire, there will be less working people that can be taxed by the government. And, boomers are expected to live longer than any previous generation, meaning the government will need to provide care over a longer period, with less income to do so.

Third, is the looming cloud of our government’s debt, which will lead to manipulated inflation rates, higher retirement ages, and lower Medicare benefits.

All of these factors mean that investors must take individual responsibility and make careful decisions, so that they understand how to stay on track for a secure retirement.

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