Planning for Boomers

Posted by: Janielle Viggiano

For the vast majority of us who won't have taxable estates, the planning process should involve not just "financial planning" or "estate planning" but also "life planning," "long-term care planning (nursing home planning)," "death planning," "burial planning," and even "pet planning" if we own animals.

Recent times, however, don't bode so well for our progeny. When you couple a frail economy, a schizophrenic stock market, and the "running-on-empty" Social Security and Medicare systems with the rising costs of living, medical care, prescriptions and long-term care--then add in the prospect of fewer jobs--it's a good bet that boomers will inherit little, if anything, from their parents. And boomers' children may get even less.

At the same time, boomers live much differently than their parents. Many have incurred significant debt and live beyond their means, skip from job to job and wait for the retirement ship that may never come. In addition, because they have been marrying and having children later in life, boomers are still writing checks for children's college educations and incurring debt well into late middle age and beyond. And divorce and remarriage are further thinning assets and available cash flow.

What all this means is that seniors and boomers must develop plans for life, for the possibility of incapacity and for death. Creating and implementing this plan must be a multidisciplinary effort through a qualified team of professionals.

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