Baby Boomers and the New American Dream

“Individuality is freedom lived.” — John Dos Passos

Financial planners work with a wide range of age groups, each one with different characteristics and needs. While advisors often learn what works best for certain life stages, it’s clear the boomer generation is especially unique. Boomers know this, too.

Each boomer thinks they are unique unto themselves — and they’re right. They are extremely different from their parents’ generation, where it was protocol to work at the same employer for the length of their career. Very rarely did their parents get divorced or remarry after the death of a spouse. Their parents embodied the classic “American Dream,” and today, baby boomers are redefining their goals to create a new dream.

Boomers have strayed from a linear path of life by holding a variety of jobs, starting their own businesses and retiring earlier. They have assumed the responsibility of caring for not only their elderly parents, but their adult children and maybe even grandchildren. They have a strong work ethic and have strived to be great at everything they do, so they have a very distinct goal upon retirement: make their hard work worth it.

Leaving a legacy

Advisors working with boomers will quickly notice their clients are very concerned about leaving a financial legacy or at least guaranteeing they will not leave behind a monetary mess for the next generation. Using life insurance as a financial tool can be an effective way to help them reach their goal.

See also: A Simple Way to Explain A Life Insurance Legacy