Financial Planning Checklist for Baby Boomers

The following is the first in a series of articles aimed at providing members of a specific generation with a checklist of financial planning priorities appropriate to their age and circumstances. This first article in this three-part series provides a financial planning checklist for Baby Boomers. Subsequent articles will provide checklists for members of Generation X, and for Millennials.

Each generation has its own distinct set of financial issues to grapple with — money-related priorities to meet, challenges to overcome, dreams to fulfill and values to act upon. For Baby Boomers, the generation born between 1946 and 1964, many of those issues revolve around retirement.

For them, it’s not only about addressing immediate financial needs but also taking the appropriate planning steps to position themselves for a financially secure next phase of life, whether or not the next phase involves full retirement, continuing to work, or something in between. Add to that concerns about aging parents and “boomerang” adult children, and you get an idea of just how unique and complex financial planning can be for members of the Boomer generation.

The following checklist details 15 key planning steps that financial professionals recommend Boomers consider taking as they contemplate how their 60s, 70s, 80s and beyond might unfold.
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