Generational Planning for Baby Boomers

(1946 - 1964)

Planning for the Baby Boomer generation can be more complex than any of the other generations, and in today’s day and age, much more sophisticated than any other. Why? Because of new technological investment advancements, uncertainty of Social Security planning, national debt, retirement pension & lifetime income strategies, new estate planning concerns, possible 2nd or 3rd marriages with children, possibly caring for their parents as well as their children at the same time, and many other key items. This is the generation that is taking retirement to a whole new level than ever before; more traveling, newer toys, and living life to the fullest. It’s hard to keep up with all the advancements we have today, while trying to understand all the new levels of financial and investment technologies. This is the generation of team-orientation, they do not want to do it alone, and quite frankly, we don’t blame them. It can be very overwhelming. So you as the owner of this team, we are your team’s general manager, and will bring in all the resources needed help us try to be as successful as we can. Here is the following planning strategies for our Baby Boomers….


Estate Planning: Estate planning procedures are now a total different ball game that is becoming harder, and even intimidating conversations to have. Why? Because now we are closer than ever meeting our God, our maker, and no one ever wants to talk about their mortality. I know, it’s hard, but we will work compassionately with you and your estate attorney to make this as simple as possible for you, and we will even create what I call your “I Love You” chart. We need to formulate or consider updating our final will and testaments, confirm who we want to leave our assets to (family members, friends, charities), possibly moving assets into trusts, establishing medical directives, possibly retitling assets or gifting, and on and on. Widowed spouses, esp. those that were not in charge of the finances but had some involvement, may need greater hand holding and guidance with their finances. At this stage in life, it’s imperative, that we review all your asset titling and beneficiaries. Always remember, contracts and beneficiary designations supersede wills.

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Financial Planning: Planning in this stage encompasses a lifetime of savings, investments, and assets. We need to do an extensive 30,000-foot approach on everything you have, to make sure expenses are being paid off, income lasts possible multiple lifetimes, legacies can be left, asset allocations are properly allocated to risk tolerances, and proper coverage protection is in place to maintain asset liquidity and conservation. We also want to do a thorough review on the titling of your assets and beneficiary designations to make sure your desires are lined up with how they are structured.


Investments: Many baby boomers, not all, are much more conservative in their investment approaches. We do get a few that have the personality of wanting to stay aggressive, but many now want to conserve and preserve their life savings to make sure they can enjoy their lifestyles. As a team, we need to construct strategies and portfolios together to make sure we aren’t experiencing large pullbacks in market corrections, while keeping in mind that we are giving up potential higher returns. We need to see what are some of the best conservative investments and money managers are on the market for us to utilize.


Retirement Income: Along with all of your life savings, retirement income is this generations biggest financial concern. Am I going to have enough money through retirement to support myself and/or spouse? We need to consider which method of filing for social security makes the most amount of sense. Do we file at 62, 63, or at Full Retirement Age? Do we wait until 70 or take spousal benefits before taking ours? Do we have an employer pension and what would be the best income option to take? We will want to review all of our options to see if we can maximize our income stream. We also may want to consider looking at certain retirement income options that provide a stream of income to shore up what’s not covered by your social security and pension; that way, we can feel comfortable that all our expenses are being met.


Insurance: Remember the days of only being concerned about Health and Life Insurance to protect yourself to stay healthy or to financially secure your new family should you suddenly pass? These aren’t the only two things on your mind anymore. Now it’s Medicare, Life Insurance, and Long Term Care, right? Medicare won’t cover long term care costs, and in our planning strategies, we need to figure out how much money we have available for elder care as we age. Great thing about the insurance industry today, is that we have hybrid policies that are Life Insurance and Long Term Care or Chronic Illness riders to them.


Taxes: At this stage in life, it’s hard to find tax planning strategies because maybe your mortgage has been or getting close to being paid off, thus losing the interest deduction benefit. Also, maybe we haven’t taken advantage of any tax loss harvesting that we could start to look at with your investments. Maybe we could review and look at charitable donations using certain remainder trusts. We want to look at all of our investments accounts, income, and expenses to see if there are any ways we may be able to utilize for greater tax efficiency. Please note, we are not tax advisors, so any specific tax advice should consult a qualified tax professional.

Bradley Wealth Advisors

Maryland Location:

10411 Motor City Drive, Suite 750
Bethesda, MD 20817

Texas Location:

5800 Woodway Drive, Suite 311
Houston,TX 77057

Ph: 240-395-1423


Registered Representative, Securities offered through Cambridge Investment Research, Inc., A Broker/Dealer, Member FINRA/SIPC and Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Bradley Wealth Advisors and Cambridge are not affiliated.

This communication is strictly intended for individuals residing in the states of AK, AZ, FL, GA, MD, PA, SC, TX, and VA. No offers may be made or accepted from any resident outside the specific states referenced.