Garrettsville - “People are flying blind,” says financial planner Chris Perme of this generation of retirees and those soon approaching retirement.
“We are living through the Great American Retirement Crisis -- a perfect storm for Baby Boomers whose retirement benefits got whacked 30-40 percent at just the wrong time, thanks to the recession. Now people who have overspent and under-saved are very concerned about outliving their income.”
Previous generations worried about dying before reaching the Golden Years of retirement, but now -- with rising longevity and exponential rises in living expenses -- people are worried that their bodies will hold out, but their retirement portfolios won’t.
Due to this very real threat, Perme finds himself “busier than a one-armed paper hanger.” Since 1989, Perme has offered retirement services, annuity and life services, disability...