Dec 14, 2009

The pig in the python

The pig in the python: That's the term that's been used to describe the demographic bulge created by Baby Boomers, the 76-million strong generation born between 1946 and 1960. I am part of that generation, so I know it well!

Boomers think of themselves as special. And you know what? We really are. If nothing else, our sheer numbers made us so. Boomers have reshaped culture and society like no generation before.

Generally healthier, wealthier and better-educated than those before us, Boomers also tend to think of themselves as perpetually youthful. So much so that getting through to us has required advertisers and industries to seek new strategies. Have you noticed that AARP no longer spells out its name? That's because the word "retired" doesn't much appeal to Boomers. I can relate, as I can't envision a time I won't work, either.

Yet that youthful attitude has its downside, as I see clearly in my work. It's too bad we attorneys can't just drop the word "estate" from estate planning, similar to what AARP did. That would assure Boomers that estate planning is about life, not just death. Boomers really need to think about how they're going to be living the rest of their lives. We need to think about our health care needs and protecting the resources we have so we don't create a big legal or financial mess for our kids. That's not focusing on fading away... that's focusing on living!

For more information on the kind of planning Baby Boomers should be considering, click here.

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