The New ‘Greatest Generation’

A desire to remain financially solvent and an unwillingness to live the work-free retirement of their parents is driving this shift in mentality. Boomers also see retirement as a beginning, and the chance to pursue something they've always wanted to do, but were not able to during their prime career years. It is their opportunity to work for a worthy cause or tap into a hobby they have always enjoyed. It's "do it now or never" in their minds. Forget the days of sitting on the front porch when you retire. Boomers are no slouches. They believe they will live longer and be happier if they remain physically active during retirement. Sixty-three percent expect to be healthier during retirement than their parents were. Forty-nine percent of boomers are in good health, and 25.2 percent report feeling an average of 15 years younger than the calendar indicates.

The year 1967 marked the start of a revolution, when baby boomers entered adulthood. They redefined politics, civil rights and personal fulfillment for the nation through activism, music and technology. Another revolution is beginning, where the definition of retirement, work, security, and not leaving a burden to your family while not outliving your funds are being redefined by this "Greatest Generation."

Is this a revolution you should consider becoming involved in? Start the conversation with your boomer prospects today by talking to them about the things that matter most to them. Ask questions about the things they use the most, in the order they use these things, with this one simple question:

"When you think about managing your health-care expenses through retirement are you more concerned about…"

• Doctors
• Hospitals
• Recovering at home after a procedure or
• Not leaving a financial burden to your family?

Their answer will help jump start a conversation regarding several different solutions (products) that matter most to your boomer prospect.

• Medicare Supplement
• Short-term/long-term care insurance
• Final expense plans
• Annuities

There are three things boomers are going to do when they turn 65, almost in every case:

• Sign up for Social Security
• Enroll in Medicare
• 70 percent to 80 percent are going to buy a Medicare Supplement; the rest are going to buy a Medicare Advantage

And they will have the funds to do this because they will be coming off a major medical plan where they already have premium dollars allocated in their monthly disposable income. So when do you have the most influence over your prospect?

• At the point of sale
• At policy delivery
• At a service call

Though the calendar says they are aging, boomers aren't slowing down. With youthful attitudes toward work, family, socializing and politics, their outlooks are more similar to today's youth than yesterday's old-timers. Boomers are staying younger than ever, although, as they age, their preferences influence each successive generation. And their buying power is immense.

References:

• Merrill Lynch New Retirement Survey, 2005
• MetLife Mature Market Institute–Demographic Profile 2006,
• Neilsen, David. "How Baby Boomers Work." 2007

For more from Lloyd Lofton, see:

• 10 Reasons Boomers Need to Be in Your 2012 Plans
• How Much Does Social Security Pay?
• Invest in Stocks? Yes. But Don't Forget About Annuities