From Flower Children to Senior Citizens: Is the Bloom Off the Boomers?
There are essentially two separate cohorts within the boomer cohort, each with different needs. The younger boomers are either about to retire or are just in retirement. They are looking forward to or are enjoying the newly found freedom from the daily grind, but have some trepidation about how to grow and protect their assets. The older boomers, though not that much older, are in another stage in life, with different needs from their younger counterparts.
Both older and younger boomers can benefit from holistic planning as they move along the aging continuum, and many are demanding it. Retirement isn’t just about money. So many elements enter into a good retirement plan—health, housing, caregiving, adult children, purpose, and meaning. All have financial ramifications that offer opportunities for financial service professionals to help their boomer clients.
Younger and older boomers alike must look square on into their future. It’s fun to contemplate the freedom that retirement brings but it’s not always easy to envision the realities of the last decades of life. Financial service professionals can be there for them—and for their families—along the way, listening to all their concerns, continuing to give financial advice, handling their finances, watching for any disturbing changes in health or cognition, and simply enjoying their company as they move into old age.