Boomers a.k.a. Baby Boomers and the missing Sea Scrolls

Boomers a.k.a. Baby Boomers and the missing Sea Scrolls

Posted in Blog

Boomers a.k.a. Baby Boomers and the missing Sea Scrolls


Who are the baby boomers, They are people just like you & me; born between the years of 1946 and 1964. Approximately 76,000,000 adults fall into that uniquely named category of “Boomers”.

Various reports would lead us to believe this represents one third of America’s population and controls 76% of the economy. I suspect that this 76% represents what we spend every year versus what we save for the mythical retirement years…

FYI – Generation X is comprised of all those middle aged people born between 1965 and 1982 and Generation Y was born between 1977 and  2001, most likely the children and grandchildren of the Boomers.

According to a 2011 Associated Press survey, 60% of the Boomers lost value in their investments because of the economic crisis, 42% are delaying retirement, and 25% claim they will never retire.  I guess that means they expect to work until they drop dead.

Lastly, as it was reported, Boomers avoid discussions and planning about their demise and universally avoid any long-term planning. Let’s hope the survey was wrong!

Planning for the future is a simple and straight forward form of mental exercise, I personally use a timeline. Imagine if you will; a  horizontal line drawn on a whiteboard; the beginning of the line is not as important as certain places along this timeline.

Anyone over the age of 60 needs to be aware of three very important dates, age 62 is your first opportunity to make an informed decision about your Social Security benefits, regardless of the news media and predictions of its ultimate bankruptcy, the Social Security Act will provide the most reliable form of supplemental income for most Americans.

If you elect at age 62 to accept Social Security, it will be a reduced benefit. Or,  you can wait until age 63 for a slightly larger benefit or larger at 64, or even larger at 65 etc. In many cases age 66 is when you reach full retirement age (FRA) and would receive the full benefit.  If however;  you can wait, you will receive extra credits for waiting till 67, 68, 69 or 70 & get the largest SS check possible for yourself. Coordinating spousal benefits is exceptionally important and potentially profitable.

65 is also the date in which you need to make decisions about Medicare, if you wait the penalties are ridiculous! You can exercise your right to elect Medicare three months before you turn 65. So work that line and start making timeline marks at 62, 65, 66  & 70.

At 70 you are required to take an RMD; (Required minimum distribution of your 401(k), IRA, SEP, anything that remotely looks like tax-deferred/qualified money. If you don’t start taking the required withdrawals from your pensions, the penalty is outrageous!

Imagine this horizontal line with lot’s of specific marks. Begin to fill in other days that are important that will affect the quality of your (financial) life.  For example. House paid off, Insurance renewals, when your annuities mature, dates to review and rebalance your investment portfolio, etc.

If you don’t have a whiteboard, you can use a long long piece of paper, that you roll out like a scroll, I refer to mine as the Dead Sea Scrolls… In a fun way

Unroll this scroll of paper and start scribbling, making notes, reviewing with your kids, attorney, etc. At the end of the line are notes about your will, estate, physicians directives and plans for your own funeral.

Your timeline will grow as the years pass. I believe once you have the next 10, 20, 30 years laid out in front of you, it will enhance the long and happy life you deserve without anxiety or concerns about your financial future!

No one plans to fail, however many fail to plan. A simple timeline made up of notes, research and due diligence will serve you well.

If you have any questions about my digital timeline or other aspects, please call.

Good luck!!


Lou Zettler

Direct Line 800-268-5731