CONSUELO MACK: This week on WealthTrack, the new architecture for retirement. Personal finance pros Mary Beth Franklin and Kim Lankford discuss the different building blocks now needed for a secure financial future and why insurance will be an important part of the foundation, next on Consuelo Mack WealthTrack.
Hello and welcome to this edition of WealthTrack, I’m Consuelo Mack. What is the next big thing in investing? For your answer, think baby boomers and their retirement. The baby boom generation, some 71 million Americans born between 1946 and 1954, have had an outsized impact on the economy, markets and financial services industry from the beginning. As investors, we turned from the individual stock and bond choices made by our parents and grandparents to open-ended mutual funds, mostly actively managed ones to start, but in recent years passive ones, making the switch years after Vanguard founder Jack Bogle launched the first index fund in 1976. According to the Investment Company Institute, the mutual fund industry is now a $13 trillion plus behemoth.