Baby Boomers are defined (by the people who define these things) as anyone born between 1946 and 1964, placing me in the older tier with my 1950 birth year. The term Baby Boomer was derived from the exploding birth rate that followed victory in World War II.

Simultaneous with population expansion was a (re)focus on production of consumer products. The result was unprecedented prosperity. Estimates of wealth currently held by American Baby Boomers range from $77 trillion (12 zeroes) to over $100 trillion. This value estimate is divided between financial assets and real estate.

Boomers are not getting any younger, and estimates of Boomer retirements center around 10,000 per day. Deaths of Baby Boomers are estimated at about 7,000 per day. In 2024, there were about 67 million Boomers, and a little quick math produces a current Boomer population of about 60 million. As the Boomer population shrinks, massive wealth is being distributed to heirs and beneficiaries.

Imagine the impact of trillions of dollars being passed on to subsequent generations, and the effect on their lives. Unsettling is the lack of financial planning inherent in my Boomer generation. Only 58% of Boomers have so much as simple estate planning documents. The other 42% don’t even have a valid Will.

Myriad excuses are made by Boomers for neglecting their own financial planning. Far too many Boomers who will leave assets to beneficiaries have not informed their future inheritors of what awaits them. Neglect is often expensive, when attention should be paid to reducing taxation, assuring fairness, and preparing younger generations for their own futures.

At bare minimum, Boomers should have valid and current Wills. Even many attorneys and financial planners neglect this simple safeguard. In our day jobs as Certified Financial Planners® (CFPs®), we see and hear any and all excuses reasons why Boomers remain aloof from the planning process. Perhaps the most common is that “we don’t have any money.” This cop-out line is used by people who don’t understand the value of their assets.

Also very common is the procrastinators’ cover story about being busy and not having gotten around to seeing an attorney just yet. Unacceptable, though likely based in truth. Priorities matter; just ask your kids.

Based on the population and numerical values presented above, somewhere around $10 trillion (remember all those zeroes?) has already been distributed.  I would prefer that my Boomer generation do a better job of preparing for the inevitable.