The Wikipedia definition of a baby boomer is a person born between the years 1946-1964. This generation stereotypically possesses many characteristics such as being independent, having a strong work ethic and being very goal-centric. While many baby boomers have been planning for retirement for years, some are struggling with the current economic conditions and in need of reassessing their future.
The Top 5 Issues Facing Today’s Baby Boomer Generation
1. Paying the high costs of long-term care combined with a trend for living longer.
2. Coping with chronic diseases.
3. Ensuring they have enough saved for retirement, especially in light of increased inflation.
4. Dealing with financially dependent adult children.
5. Facing the uncertainty of an ever-changing healthcare system.
While these issues may feel overwhelming, they are not insurmountable. There are several steps baby boomers can take to improve their retirement future, create more financial security and even leave a legacy for future generations. Some recommendations include:
1. Educate yourself on your particular financial needs and the costs in today’s marketplace. Research housing options, transportation, adult day care and other options for senior living. By familiarizing yourself with all the options, you can create a long-term care plan that may include aging in place, downsizing or moving to assisted living.
2. Be careful about gifting. While family members may have a valid need, you need to prioritize your future needs over others. The best way to help others is make sure you can take care of yourself.
3. Build a team of advisors. Start with an experienced estate planning attorney to help you create a comprehensive estate plan that includes a will and/or trust, financial power of attorney, living will and healthcare power of attorney. Your estate planning attorney can also assist you in creating a long-term care plan. Include a financial advisor and tax advisor on the team. They will work closely with your estate planning attorney to ensure your financial goals flow through to your executed estate plan.
4. Talk to your estate planning attorney about other items you may require such as a family trust, charitable trust, gun trust, pet trust, life insurance, business succession plan or Medicaid planning.
The estate planning attorneys at Stouffer Legal can help baby boomers overcome the many obstacles facing them today. You can schedule an appointment by calling us at (443) 470-3599, emailing us at office@stoufferlegal.com, or register for an upcoming free webinar using the link below:
https://attendee.gotowebinar.com/register/8713086911090907405
https://attendee.gotowebinar.com/register/4687382316153499150
https://attendee.gotowebinar.com/register/6228873429039693581
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