As financial professionals, if we’ve heard it once, we’ve heard it a thousand times: Boomers are turning 65 at the rate of 10,000 a day and will continue to do so through 2030. But as I talk with independent producers across the country, the reality of this opportunity really hasn’t sunk in. And for those who it has, they are still struggling with how to best “get their heads” around this topic and prosper. 78,000,000 baby boomers are about to enter a new chapter in their lives, and with that, they are awakening to the harsh reality that they are unprepared for what could be the next third of their life.
Ponce de Leon searched in vain for the fountain of youth, but for today’s boomers (of which I’m a part), it’s almost like we’ve tapped into the proverbial fountain of youth thanks to advances in medical care. We survive what used to kill us. Medical advances are allowing boomers to survive heart attacks, strokes and cancer (of which I’m a survivor) in record numbers. We may be approaching 65 scared and tattered, but we are approaching 65 alive. And the prospect of living 20 to25 years or more in retirement is our new reality and potential nightmare.