One hundred years from now the headline for the times we are living in will not be “The Great Crash of 2008.” Our times will be remembered as a period when retirement liability was pushed from corporate balance sheets onto the individual, said Timothy Noonan, managing director at Russell Investments, during the keynote address at the Financial Behavior in Retirement Summit in Chicago on Monday.

The problem, Noonan explained, is that individuals don’t know what to do with it. And the wide availability of data in the media and on the Internet has not made the decision of how to plan for retirement any easier. “This idea of shifting the risk of retirement from pensions to 401(k)’s was sold to Americans under the cloak of choice,” said Noonan. “But choice without guidance leads to bad outcomes.”

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