2011 is the Year Boomers Start Turning 65: Are You Ready?

10:26 am Uncategorized

Baby boomers – the generation born between 1946 and 1964 – begin turning 65 in 2011, the traditional age of retirement.  California has the most boomers of any state – 8.9 million – according to a recent survey by MainStay investments.  Some of those survey results were recently published in the Wall Street Journal, and here are some interesting statistics about boomers:

They are 26.1 percent of the total U.S. population;

Their median household income is $63,200;

Their life expectancy is 79 for males and 83 for females;

Over half (51 percent) are grandparents;

48 percent do not have a financial adviser.

That last statistic could prove to be a troubling one for those who wish to retire at some point – although the survey found that 40 percent of boomers have to delay retirement to afford the lifestyle they want and another 22 percent have to delay retirement just to cover their basic expenses.

Whatever birthday you celebrate in 2011, make it a better one by getting started on your estate planning or updating an existing estate plan to take advantage of the new tax legislation passed in 2010.

Make it your New Year’s resolution to contact our California estate planning law firm in 2011.

Get started by contacting our Orange County asset protection estate planning law firm as soon as possible.

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