MIAMI -- With Baby Boomers turning age 50 at a rate of 12,000 a day, meeting the needs of mutual fund investors has forced investment advisors to redefine retirement. That's one person every eight seconds for those scoring at home.
This is an alarming statistic, considering the mutual fund industry has enjoyed tremendous growth for more than two decades. In 1980, only 5.7% of U.S. households owned mutual fund shares, according to the Investment Company Institute. Today, nearly half the nation, or roughly 53 million households, own mutual funds. Indeed, funds have done a great job of getting assets in the door and preaching the importance of accumulating wealth, but they've not necessarily done a great job in preparing their clients for life after retirement.