Baby Boomers in 2017 will be between 53 and 71. The baby boomer generation makes up roughly 20% of the population surpassed only recently by the millennials. They were born in an era of confidence and prosperity. They saw increased wages, higher education levels, and increased consumption. They worked hard, enjoyed life, and were successful. Now with retirement inevitable, they have many questions facing them.
- WHEN SHOULD YOU TAKE YOUR BENEFITS – There are numerous factors to consider including life expectancy, health, need, and employment status. Remember, benefits increase around 7% each year you delay which ultimately can increase your retirement life style. What works for others may not work for you so do your homework.
- HEALTH CARE – One of the major concerns facing Baby Boomers is the cost of health care coupled with life expectancy rates continuing to climb. Professional help is recommended with many options available such as (HSAs) health savings accounts which can allow you to invest tax-free for medical expenses in the future. Prepared properly, HSAs can help ease the rising cost of health care in retirement. Also, consider (LTC) long term care. Nursing facilities are becoming more expensive and there are plans worth investigating.
- PREPARING A WILL – Preparing a will not only protects you, your spouse, but your children as well. Many Baby Boomers have put off the process but now is the time to seek the help you need.
- ESTATE PLANNING/PROTECTING YOUR CHILDRENS INHERITANCE- This is the cause of many family feuds once parents are deceased. Make sure there are no questions about your estate and everyone knows exactly what they are getting.
Baby Boomers have lived through one of the best financial times in our history and should seek professional help to face the challenges to help them navigate their way forward. Meet with a lawyer to ensure your family is taken care of.