New Strategies to Ease Into a Secure Retirement

New strategies to design the lifestyle you want and make sure you have the money to pay for it.

The long-expected "silver tsunami" has finally arrived. The first wave of the nation's more than 77 million baby-boomers turn 66 this year -- the new normal age for full retirement benefits from Social Security -- and that deluge of newly minted seniors will continue at the rate of 10,000 people per day for the next 18 years.

A combination of unpredictable financial markets, the erosion of traditional pension plans, uncertainty about the future of Social Security benefits, and longer life expectancies has created the need for a new model of providing retirement income. "Americans are coming to grips with a striking reality: It is nearly impossible to feel secure about retirement income if most of it is not guaranteed," says Gary Bhojwani, president of Allianz Life Insurance Co. of North America.

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Mary Beth Franklin
Former Senior Editor, Kiplinger's Personal Finance