Course:  Avoiding Boomer Bust: Effective Life Planning for American Baby Boomers

Author: Colleen Neuharth McClain, CPA

Course ID: AACCNMABB

CPE Hours: 2
Format: PDF

Price:  $15.50

Course Description

Chapter 1 sketches a profile of the generation represented by Americans born from 1946 through 1964: baby boomers. After an overview of how today’s middle-aged Americans are changing the stereotypes of the work world, personal lifestyles, and family home life, this chapter explores the possible—perhaps even probable—financial and lifestyle shortfalls boomers may encounter. The causes of the boomers’ dilemma, which are explored in Chapter 2—are many, and the approaches to prevent financial, emotional, and personal trauma will not be simple; Chapter 3 outlines the creative strategies this forceful generation will devise to deal with this first-ever long-lived, massive cohort. The Planning Resources at the end of each chapter offer helpful websites and other sources of information vital for forging ahead with the second half of life.

Delivery: Internet/Interactive

NASBA Category: Finance

Learning Objective

 Upon completing this chapter, you will be able to:

• Consider the educational, financial, and emotional aspects of the “typical” boomer in their planning for a productive and stable second half of life;
• Understand the changes to the concept of careers and lifestyle brought about by women’s entrance and ascension in the American workforce;
• Plan for the revised needs and priorities of boomers as they prepare for the second half of life; and
• Anticipate the changes to the workplace, market, and service sector instituted by the surge of older Americans in our culture.
• Act to correct bad savings habits;
• Analyze how the higher retirement age for full Social Security benefits and less secure retirement plan benefits affect the success of boomers’ retirement;
• Factor in housing prices and costs and expected healthcare costs in calculating retirement financial needs; and
• Anticipate how the country’s national debt and annual budget deficit, paired with boomers’ growing personal debt, may put retirement security at risk. 
• Compare housing options to accommodate boomers as they age;
• Contrast the advantages of entrepreneurship, second careers, and volunteerism against the traditional full retirement economics and lifestyle;
• Understand the regulations for and tax consequences of benefit payouts from retirement plans;
• Initiate estate planning and select options to maximize asset protection; and
• Distinguish among supplemental health plans and prepare for a trusted individual to act according to the patient’s wishes during a health crisis.

Level: Overview

Prerequisites: None

Updated/Revised: September 2011