Many Baby Boomer Executives Unprepared For Retirement
September 20, 2008
A leading executive benefits firm, recently acquired by Prudential Financial, warns that many Baby Boomers have not developed a plan to transition from wealth accumulation to distribution, and do not strategies in place for reducing their risk of outliving their assets.
MullinTBG, which has more than $21 billion in total assets representing almost 60,000 corporate executives, named five common mistakes executive Baby Boomers should avoid if they wish to maintain their current standard of living throughout retirement.
The mistakes include: not seeking financial planning advice; attempting to timing market swings; overlooking tax consequences of large distributions; disregarding annuities; and underestimating medical expenses not covered by Medicare.
The firm advises executives to use online financial planning tools or professional financial advisors to help them assess their risk tolerance, recommend asset allocations and establish short-and long-term goals.
MullinTBG also offers Continuum, an executive benefits program that provides comprehensive financial services for executives during and after their employment. For more information visit MullinTBG.com or MullinTBGAdvisors.com.
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