From the November 2007 issue of Boomer Market Advisor • Subscribe!

November 1, 2007

Friends and family come first

A new study in Money Magazine finds what it calls "unprecedented changes in attitudes of boomers" as they head for retirement. According to the study, boomers are reinventing the American dream in a way that emphasizes friends and family over making money, having fun over working hard and making a difference in the community and the world. How this differs from traditional boomer attitudes is anybody's guess.

Living independently and maintaining health are the top two goals of boomers. In addition, 59 percent of boomers said enjoying life is their biggest dream if money were no object. Survey highlights include:

Boomers say their generation has changed the world for the better when it comes to the role of women, equality of races/ethnicities and freedom of speech.

Boomers say their generation has changed the world for the worse when it comes to world peace and poverty.

Few boomers (10 percent) say they have done a "great deal" of financial planning for retirement. While many have discussed the issue with their spouse, many have not discussed financial planning with professionals.

Having more money is clearly the greatest priority by far among all boomers, with priorities generally consistent across the age groups.

Boomers do not appear to be particularly experienced with investing, as roughly two-thirds consider themselves beginners. Additionally, fewer than 20 percent consider themselves to be very knowledgeable when it comes to investing for their retirement.

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