The generation that gave us “flower power” as teenagers is now entering their golden years. While healthier than those who came before, Baby Boomers still need plans in place to manage potential problems with personal finances, medical transport, insurance and what happens when they are gone.
Baby Boomers are the generation born between 1946 and 1964. With 76 million people, they represent about 29% of the country’s population.
The generation is so big they have tilted the United States population older. The U.S. Census Bureau reports 15% of all Americans were over 65 in 2015. That number is expected to reach 25% by 2060.
Baby Boomer Tips
Baby Boomers should keep the following in mind when planning for the worst. Smart plans can help them avoid the worst results when life throws them a hard curve ball. The following four areas rank among the most frequent causes for concern.
Baby Boomers enjoy great medical care. Many live healthy lifestyles. That’s why they are expected to outlive previous generations. That’s the great news! But that also means they will need their money to last longer.
About 10,000 Baby Boomers retire every day. Saving early is the best way to feather the retirement nest. If that is not an option, some seniors become consultants or work part-time. Another good move is to own a home in a low-cost area, rather than renting in a major city. Many Baby Boomers also benefit by downsizing their lifestyle as seniors. Less really is more.
Older Baby Boomers may need transport for medical procedures or operations. Others enjoy traveling with medical experts on long vacations for security and support. Choosing a reliable and trusted non-emergency medical transport company (NEMT) is a smart move. Experienced NEMT nurses handle all medical needs while flying on a commercial airline. They also can book all travel plans.
Insuring Against Disaster
Car accidents. Health issues. Natural disasters. All cause personal injury and financial headaches. Baby Boomers should have insurance in place that supports them if these events occur. That means health, home and automobile insurance. Experts project senior couples face $275,000 in health care costs alone. They need to take steps to prevent bad events from becoming huge financial setbacks.
What Happens When You’re Gone?
As they enter their senior years, Baby Boomers should take time to write a will. They also should consider life insurance that helps loved ones continue once they are gone. Another smart step is to choose someone to make decisions if you become disabled and cannot make them on your own. These are weighty issues. But responsible Baby Boomers