Allgen Financial Services, Inc. (www.allgenfinancial.com) serves individuals, families, and businesses in Windermere, Florida. Despite the economic downturn in 2008, Allgen continues to grow. In 2009, Allgen plans to have a greater presence in Windermere, Florida. “We are excited to continue serving the Windermere community,” said James Zimbardi a Senior Partner at Allgen Financial Services, Inc.
Even though individuals and families in Windermere tend to be more affluent, the economic turmoil has still taken a toll on the Windermere community. Many baby boomers and high-net-worth individuals have lost a significant amount of their retirement savings in the last quarter of 2008.
Investment advisory services tend to play a more important role when investors are uncertain about market conditions. Since many major financial institutions are making significant cuts and layoffs, an independent firm like Allgen is benefiting. It is able to demonstrate bigger is not necessarily better. More and more people are reaching out to Allgen because they have lost their advisor, or they are unsatisfied with the level of service they are receiving in these current market conditions.
Allgen specializes in retirement asset management for both individuals and businesses. It serves business owners, high-net-worth individuals, and individuals in career transition or planning for retirement.
For professional investment advice:
Allgen Financial Services, Inc.
888.6ALLGEN (888) 625-5436
advisors@allgenfinancial.com
www.allgenfinancial.com
The following is an executive summary by McKinsey & Company on how Baby Boomers will effect the U.S. economy.
Executive Summary: June 2008
America’s Baby Boomers have dominated the U.S. economy for more than a quarter-century. MGI research shows that the nearly 79 million Baby Boomers have earned record levels of income, generated great wealth, and spurred economic growth. But they have also spent at record levels, failed to save, and accumulated unprecedented levels of debt. Now, as the oldest Boomers near retirement, MGI estimates that almost two-thirds of early Boomer households, who are aged 50 to 63, are financially unprepared for retirement—that is, they have not accumulated enough savings to maintain their lifestyle as they age.
The Boomers’ aging also will be felt throughout the economy. As the Boomers grow older, they will work and spend less, slowing real U.S. GDP growth to a more modest pace than in recent decades: from the 3.2 percent average annual rate enjoyed since 1965 to 2.4 percent over the coming three decades.
MGI research also shows that these challenges can be met. Enabling the Boomers to work later in life would significantly benefit both individual households and the broader economy. By increasing the median retirement age by about two years—from 62.6 today to 64.1 by 2015—the share of unprepared boomer households could be halved from 62 percent to 31 percent. And the additional workers would boost real GDP growth.
MGI’s survey of Boomers’ attitudes on retirement shows that 85 percent expect to work later in life. However, there are significant legal and institutional barriers that need to be overcome. They include a variety of disincentives for both employers and older workers, including the costs of America’s health care system, the unintended consequences of labor laws and pension regulations, and corporate attitudes toward older workers. The research highlights several areas for action for policy makers and businesses to prevent the Boomers’ retirement from becoming a multidecade-long drag on U.S. growth.
Allgen Financial Services, Inc. (www.allgenfinancial.com) serves individuals, families, and businesses in Windermere, Florida. Despite the economic downturn in 2008, Allgen continues to grow. In 2009, Allgen plans to have a greater presence in Windermere, Florida. “We are excited to continue serving the Windermere community,” said James Zimbardi a Senior Partner at Allgen Financial Services, Inc.![[del.icio.us]](http://www.allgenfinancial.com/financialnews/wp-content/plugins/bookmarkify/delicious.png)
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