Planning for Life

Inequality of Aging Baby Boomers to Create Huge Challenge for the U.S.

Posted by Harry S. Margolis on December 3, 2019

By Harry S. Margolis

Baby-Boomers-Aging-Masshealth-Wellesley-MA

The future of most members of the Baby Boomer generation portends poorly. They have not escaped the income and wealth inequality experienced by the rest of the U.S. population and, as a result, most will have insufficient resources to fund their later years, especially if they fall ill.

According to a study released in 2019 by Harvard's Joint Center for Housing Studies, the annual income the top 10% of earners over 65 has grown 55% in constant dollars over the last 30 years. That of the bottom 10% has grown 11%. The income of the median senior in the United States has grown 40% over the same period of time $31,000 to $41,000 a year (in constant 2017 dollars)

Income Disparity Among Older Households - Harvard JCHS - Older Adults Report 2019

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Topics: baby boomers

5@55: The Essential Estate Planning Documents

Posted by Harry S. Margolis on September 29, 2015

By Harry S. Margolis

What estate planning documents do you need and by when do you need them? Brooklyn elder law and estate planning attorney Judith D. Grimaldi along with her co-author, Joanne Seminara, answer this question in their 2015 book, 5@55: The 5 Essential Documents You Need by Age 55. They make the case that for baby boomers, now's the time.

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Topics: baby boomers, Estate Planning

Why We Should Keep Baby Boomers on the Job

Posted by Harry S. Margolis on September 15, 2015

By Harry S. Margolis

Baby-Boomer-Postpone-Retirement-Social-Security-Wellesley-MA

Baby boomers—those born between 1944 and 1964—aged now between 55 and 75, are retiring in droves... 10,000 a day by one measure, and will continue to do so for the next two decades. Unfortunately, neither they nor our national economy can afford this. The economy needs skilled and experienced workers, even if some may not be totally up-to-speed on the latest social media phenomena. And few baby boomers have sufficient savings to see themselves through a long retirement. Those savings are more important than ever, since very few baby boomer retirees will have pensions.

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Topics: baby boomers, social security

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