In the quirky 2013 film Nebraska, the main character ventures off on a cross-country trek to collect a million dollar jackpot to fund his golden years. In the end, he discovers it was a scam.
While this tale of irrational retirement dreams is extreme, the reality for many baby boomers is that they've been left to plan their own retirements as defined benefit pensions have been on the decline.
For credit unions, the shift toward defined contribution plans such as 401(k)s and 403(b)s opens up an opportunity to meet the needs of boomers through living trusts and related services. Boomers are looking for mechanisms to maximize the income of these payouts to fund their retirements and provide for the needs of their children.
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