What Boomers Need and Aren’t Getting – an Interview with ThinkAdvisor
|July 9, 2019||Posted by Marcia Mantell under Boomers in Action|
It is with great fanfare that I share this particular blog post with you. I’ve just completed my 14th year at Mantell Retirement Consulting. And now, it’s very exciting to be starting year 15.
I had a golden opportunity to be interviewed by award-winning journalist, Jane Wollman Rusoff this spring. We talked about some of my favorite topics: what boomers need, the ability (or not) for boomers to retire, lasagna, and ancestry. It was perfect timing, and such a privilege, to spend time with Jane.
A Bit About Jane Wollman Rusoff
Jane has written for The New York Times, The Washington Post, USA Today and Esquire, among other publications. She’s the author or co-author of five books. And, she’s also a contributing editor to ThinkAdvisor.com. Financial professionals find comprehensive coverage of the industry in ThinkAdvisor. Articles cover the latest products and services. Plus, features look at the emerging trends in different generations. Advisors use this information to help clients make critical wealth, health, and life decisions. And, this is the publication where my interview with Jane appears.
Talking About What Boomers Need
I met Jane a number of years ago after a retirement conference. While there, her editor and I had a conversation about Baby Boomers and retirement. The next thing I know, a journalist calls me to do a profile. It was Jane. My business was only seven years old at that time. It was thrilling to win an interview with an important industry publication. I felt a little nervous before the interview, but found Jane easy to talk to. She was genuinely interested in what I was doing to build my business.
During the interview this spring, Jane and I had more fun talking about what Boomers need and want. Several things came to the forefront of our chat:
- Boomers need to create an income stream, or paycheck, in their retirement. But, how can they really make their money last throughout retirement?
- Boomers need to get more facts on Social Security and Medicare. Yet, how can they navigate their way around these complex government programs?
- Women Boomers need to get more comfortable talking about money. We need to blaze our own retirement trail. I often use recipes as a way to start discussing money topics. Check out My Retirement Kitchen for some ideas.
Financial advisors can be a key part of each Boomer’s retirement plan. The best retirement-savvy advisors focus on comprehensive retirement planning. Not on total returns and products they sell.
Have the Boomers Been Forgotten?
Jane and I talked specifically about financial and retirement advice Boomers need. Interestingly, Boomers aren’t getting comprehensive support from all advisors. The financial services industry is failing to make this “whopping cohort of men and women” their key focus.
Over the past few years, Baby Boomers have been pushed aside in favor of the Millennials. The pendulum is swinging. Industries of all kinds now cater to the Boomers’ children. As I move into the next decade in my business, focusing on Boomers seems especially timely. As a result, I hope to help fill some of the gaps in the financial services industry. I’ll be more of a champion for what Boomers want and need as they move into retirement.
In addition, I’ll keep writing this blog. It’s is a big part of my mission to address what Boomers want. I’m especially passionate about women talking about money. Their money. They need to better understand the realities of retirement financials. And, it’s important they not shy away from asking for—and demanding—the support they need.
Take a Look at the Interview
This particular interview in ThinkAdvisor focuses on how financial advisors can help with what Boomers need. It also includes some fun and interesting topics. You won’t want to miss the part about making lasagna. Or the discussion about donuts from my great-great grandmother.
Take a few minutes to read Jane’s article, What Boomers Need, and Aren’t Getting, From Advisors.
After all, if you’re a Boomer or a Gen Xer in your 50s, it’s time to get serious about retirement. How will you fill your days when you no longer have a job? How much will you really spend to live in retirement? Will your money make it as long as you do?
Last, but not least, let’s address how we Boomers can help American industries refocus their efforts on what Boomers want. The clear focus today is on laundry detergent pods, walk-in-bathtubs, and cosmetics that keep us looking ageless. Yikes! There has to be more to look forward to!
What do you suggest? I’d love to hear your ideas.