Baby Boomers High Debt Low Saving Very Wealthy

I watched this great documentary the other day that explains what I have been seeing over the last 10 years. Baby Boomer's are caring high personal debt, saving less, and yet are more wealthy than they were a decade ago.

How is this possible?

(And make sure to check out the video link on the bottom of this post "Boomer Revolution" from CBC Doc Zone)

New Retirement

In Kelowna I meet at least 2 people a week that have relocated to the valley to prepare for an early retirement. 


They have left the high paying jobs in Vancouver, Calgary or Edmonton sold the family home and moved to the Okanagan Valley to be closer to aging parents.


Their plan is to work another 5-7 years, and with out a mortgage they hope to top up their retirement accounts and be well in position for a comfortable retirement. 


The world of retirement is changing in Okanagan.

Boomers Parents Scammed

The parents of the baby boomers are now well into retirement. They have done their best financially coming out of a great depression followed by longest time of growth in North American history.


Life has taught them to spend carefully and how important it is to save for the future.  Now is a time to enjoy the fruits of their labour.

But now their good financial choices have made them targets of swindlers and con artists. Check out these two videos that illustrate the need for baby boomers to play a bigger role the financial lives of your parents.

Living Longer Myths

Why retire sooner if you only die weeks later.

Much of what I have written about on this blog is centered around financial strategies to spend less, protect your family better, eliminate personal debt and invest better. But what can you do to live longer to enjoy your efforts?

The other day I came across at book from Howard S. Friedman and Leslie R. Martin called The Longevity Project.  The book is based on a study started in 1921 following 1500 Americans, what the happened as they lived their lives and the causes for longevity.

You may be surprised to find out these12 myths about living longer ( Make sure to check the video below too) ...

Retirement Reality Time to Downsize

The retirement reality is hitting baby boomers much harder than expected. For many the family home (or should I say the equity in your home)  has become the hope of retirees, and downsizing is the buzz word in the financial community.

The idea is a good one. Sell your large 2,000 - 3,000 square foot home to buy a less expensive smaller home, town home or condominium and invest the difference to create income at retirement. 

Add to this many baby boomers are dealing with downsizing their parents, downsizing is an issue that many families will be dealing with for next 10 to 15 years. So the question is downsizing sounds is such an easy solution ... why is so hard to do?

Life Insurance for Baby Boomers

One thing I really enjoy about living in Kelowna is the great out doors. In our own back yard you can participate in kayaking in Okanagan Lake, cross country skiing near Crystal Mountain and even mountain climbing at Skaha Bluffs. 


The life style of the modern baby boomer is much different than their parents.


Can you imagine your grandmother sky diving, or driving a race car?  Many are ... and of course the cost of buying life insurance goes up accordingly.