Fidelity Investments in its third-quarter retirement report has a new warning for its greedy baby boomer clients: portfolio risk has never been higher as retirees are overly exposed to equities, running a serious risk that the next market meltdown could wipe out their retirement accounts, reported Bloomberg.

The report notes more than 33% of baby boomer clients have exceeded Fidelity's recommended allocation to equities.

Soaring stock prices, likely fuelled by central banks, corporate buybacks, and the constant pumping of fake trade news by President Trump has pushed many of Fidelity's older clients further out on the risk curve than usual.

Fidelity has sounded the alarm on this dangerous observation following the threats the next recession could arrive in the near term and reprice equity markets significantly.

Some have argued stocks are the only game in town, and those dependent on retirement accounts have certainly not found yield in the government bond market.

Shockingly, 10% of all boomer clients have given up on traditional retirement accounts and have allocated 100% of their savings into stocks.

If it's the chase for yield or greed or the belief in "the greatest economy ever," there's one thing certain: boomers investing with Fidelity have lost traditional investing focus. They aren't prepared whatsoever for the next market plunge, as we've warned earlier this week -- the world's richest investors are preparing for market turbulence.

Other highlights in the report showed boomer retirement accounts, on average, dipped to around $105k, a 1% drop QoQ, despite equity markets rising to new highs. Maybe they weren't fully allocated to one stock, such as Apple or Microsoft.