Senior Finances and Downsizing
Finance expert David Phillips joins Suzanne to talk about finances in the face of a new downsizing trend among Baby Boomers. It’s estimated that 54% of Baby Boomers in the U.S. will downsize and simplify their finances between 2024 and 2026. By 2030, Boomers will make up 35-40% of the country’s population. David talks about how his firm helps people make choices during this process.
David says, “The biggest problem is what’s called the longevity issues. How long are we gonna live? We don’t know that, we don’t have a crystal ball. So we have to kind of play both sides of the coin. We don’t want to leave our family destitute. We don’t want to live out our days in a long-term care facility, we’d rather stay at home if we could. And we also want to make sure that if we pass early our spouse is taken care of, and our family. A lot of folks want to not only leave a legacy, a personal legacy and memories and whatnot, but we also want to leave a financial legacy. I do, and I have 12 grandkids, and I wanna make sure that they’re adequately taken care of.”
He adds, “We ought to make sure that if we do leave stuff behind, that we don’t leave confusion behind. And at a time when we want to create love and harmony with our family, if we don’t plan, we leave confusion, and create the worst emotions in the human family.”
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Originally published January 30, 2024
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