MY VISIT TO WASHINGTON TURNS HISTORIC

It all started when I got the email from my Aunt Connie, my late Dad’s sister, inviting my family and me to come to Alexandria, VA for a rare family reunion celebrating the 90th birthday of my Uncle Tolly, a retired Army dentist and all around great guy.

My Uncle's Speech at His 90th Birthday Party

So there we were, at the Ft. Belvoir golf club, with 50 relatives who had assembled from the West, East, and Gulf coasts, from the age of 90 down to age 1. There was truly a deep feeling of legacy, as I met for the first time the numerous young offspring of my cousins and second cousins.

From Tolly, a proud member of the Greatest Generation, to myself and our Baby Boomer cousins, what kind of a legacy and country were we going to be leaving for the youngsters (including my own twin daughters who are currently age 9)?

The next day, we realized that our hotel was just 5 miles away from Mount Vernon, the historic mansion and farm of George Washington, the Father of our Country. We decided to check it out.

Let me tell you, our minds were blown. The entire George Washington estate has been restored and expanded with a museum, and numerous educational multimedia presentations funded by a private foundation. The story of Washington’s childhood, upbringing, early career as a hero of the French and Indian war, and leadership in winning the Revolutionary War with the British against tremendous odds, is breathtaking. The qualities of Washington himself–who turned down the invitation to become the King of the colonies (twice), who served as Commander of the colonial forces without pay, and whose influence enabled the U.S. Constitution to be created and put in place after the post-war Articles of Confederation became dysfunctional–are utterly inspiring. George Washington brought competence, strategy, political skill, persistence, resilience, and a belief in a higher power and a greater good, to the principles on which our nation was founded.

My daughters enjoying George Washington's estate on the Potomac.

While George Washington is known as our country’s first President and Commander in Chief, he thought of himself first and foremost as a farmer. Recognizing the inadequacies of 18th-Century farming practices, he pioneered innovative and environmentally-friendly methods, including crop rotation, and the use of organic fertilizers, and recycling.

George Washington was an entrepreneurial farmer and businessman and an outstanding manager. His whiskey distillery and gristmill and farm utilized innovative technologies that were cutting-edge in the 18th-century. His thriving farming and fishing businesses required a wharf to transport goods by boat to Alexandria.

Everyone in both houses of Congress should be required by law to visit Mount Vernon during their first year in office.

Failure to know the true foundation principles and values underlying our country’s founding results in ignorant, uninformed and belligerent opinions, which are totally adverse to the spirit in which our Country came into being, and which must be restored.

Which leads me to…

The House and Senate Were About to Vote on the Debt Ceiling

Ironically, this iconic family event took place just as the Congress was debating the debt ceiling and how to cut the deficit.

After visiting Mt. Vernon on Sunday, I met with Sen. Richard Blumenthal (D-CT) and two of his aides at his Senate office on Monday afternoon, moments after the House voted to raise the debt ceiling. We had a very productive and candid 45-minute talk about the state of affairs in Congress, and innovations needed to respond to Baby Boomers’ challenges (including a detailed discussion of how my Social Security reform proposal to create the Boomer Corps could positively affect communities, non-profits, Boomer mental and physical health, and our nation’s well being).

A Historic Moment for the Roll Family

The Next Day

The next day, my family and I were at the Capitol and in the Senate Gallery just after the Senators had voted to increase the debt ceiling. Yet hearing the discussion and debate, I couldn’t help but feel that the Senate and in fact the entire Congress is totally not up to the task of making the hard choices and dealing out the shared pain that which are needed to bring the Country back to a solid footing, both ideologically and financially.

Two days later, the S&P rating for the U.S. was downgraded, for the first time in history. Based on the dismay and despair I heard in the voice of Sen. Mark Warner of Virginia, speaking of the standoff in Congress over providing funding to the FAA (for air safety!), and the willingness of Congress to incur an immediate revenue loss of $1.2 billion in aviation tax revenues, rather than vote a $14 million allocation, I came away feeling that the current leaders of Congress are not capable of the task of trimming the wasteful practices and habits that have gotten us into this debt crisis.

What is needed in Washington is hardnosed and experienced turnaround management, not a bunch of amateurs with no hard-earned experience balancing the books. No wonder a whopping 62% of Americans said they would dump all current legislators in Congress if they could vote today, according to a survey released August 4.

What should we do?

I believe we must immediately get this country onto a budget that is lean and mean, and do so on a proportional, shared sacrifice basis, without endangering the survival of the most vulnerable citizens.

1. We must restore individual income tax rates to their historic levels of decades past, which were in place during both Republican and Democratic administrations. We need to tell corporations, if U.S. citizens must pay their taxes, you must pay your taxes for the privilege of being part of this unique country. And if you don’t want to share the benefits of being a “citizen” of the U.S., then go ahead and leave.

2. We will then need to incentivize through tax policy investments in start-ups and growth ventures that will create the jobs to replace any corporations that elect to leave.

3. Finally, we should pass legislation that imposes on Congress the same lifestyle experiences faced by ordinary Americans with respect to health insurance, pensions, Social Security, and job insecurity. Once that happens, we’ll see how quickly they turn themselves and the country around!

In the meantime, what can you personally do to protect yourself and your retirement savings?

This Thursday at 10AM EST, I will be sending you a letter and a video presentation I recommend you watch. I think it will tell you some sound steps to take going forward in this perilous economy.

Be sure to watch for it in your inbox.

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Best Holiday Wishes!   And here are my Top 10 New Years Resolutions for all of us Baby Boomers in 2011 (be sure to give me your comments and feedback please!):

You’ve probably heard that the first Baby Boomers are reaching the traditional retirement age of 65 starting this coming New Years Day, January 1, 2011. Incredibly, every day for the next 19 years, 10,000 members of the Woodstock Generation will turn 65, yes–10,000 Boomers turning 65 every day, for the next 19 years!  That’s about 7 Boomers every second!

So what steps can Boomers be taking to make 2011 a great year for them?  Here are 10 areas every Boomer can be looking at right now, to have the high quality of life they want in their next stage of life.  Here are my Top 10 New Years Resolutions for Boomers in 2011 (and for everyone else who wants to be able to retire some day, too):

I resolve that I will:

1.  Take Control to Have Enough Money to Retire Some Day—Put away enough money in 2011 to get your 401(k) match, if your employer offers it—that’s free money that can immediately double your retirement investment (just make sure you don’t keep it all in one company’s stock).

2.  Re-Balance, Diversify, and Keep the Costs of My Investments Low—Take a new look at all the investment choices offered in your 401(k) plan.  Make sure to re-balance your investment allocations and expand into investments that will preserve asset value in the next few years, including some that can benefit from emerging economies growing faster than our own.

3. Investigate the Best Ways to Have Continuing Income After I Retire From My Primary Career—Cultivate passions and talents that can provide you ongoing income (such as subject matter expertise, information marketing, consulting, collecting).  Forget about the old idea of “retiring from.”  Think of what it is you will “retire to.”

4. Get Moving Every Day in 2011 and Improve My Health—The biggest single health threat for most Boomers is from diseases of their heart and circulatory system.  The best antidote: Get moving every day, for 30 minutes a day, in the exercise of your choice (and with the approval of your doctor).  Too many people think of their health in terms of treatment, rather than prevention of disease, and that’s a calamity.

5. Take Better Steps to Help in Caring for My Aging Parents, And Provide for Preserving My Own Sanity—Anticipate the predictable stages of change in the capacities of your parents, and start a conversation with them now to clarify their wishes regarding actions to be taken or not taken at the end of life.  Put in motion the documents, which will provide legally for their wishes to be carried out.  Don’t keep putting it off, and don’t assume everything will stay the same

6.  Have a Will (and also a Living Will) Made Up This Year by An Attorney, Based on My Outline—Even if you don’t care a whit what happens to your money or property after you die, you owe it to your relatives to have a will (and a Living Will, so that in any event, you won’t burden your children, spouse or caretaker with making the key decisions without your input). Without a will, family squabbles and bickering will inevitably arise (and momentarily tarnish your memory).

7. Build My Dreams Together With My Spouse and Significant Others—Start sharing your future retirement dreams together now…it’s stimulating, fun and productive.  The key to planning for your enjoyable next stage of life is to build-in all the possibilities. You should organize activities that you can do individually as well as activities that you can pursue as a couple.

8.  Learn My A, B, C’s: Research and Decide the Best Place(s) for Me to Live in the Future, and When—Many aspects of retirement planning get involved with considerations of money.  However, here is where you get to consider the potentially huge variations in your annual cost-of-living – the expense side of wherever you choose to live.

9.  Enjoy a Travel Adventure While Visiting My A,B,C’s—Where to live for the rest of your life? That’s a question many baby boomers are asking themselves and each other these days. It’s difficult to know what life is like in a different part of the country, or the world, without spending some quality time there, in a few choice locations, at different times of the year.  2011 is your year to start planning for this critically important decision by investing in one or more strategic travel adventures, to investigate the potential best new location for your next stage of life.

10. Tap Into the Wisdom of the Ages to Strengthen My Spirit and Wellbeing—To deepen your faith beyond today’s concerns, tap into the Wisdom of the ages and strengthen your inner resources.  Whether through a church, temple, yoga, volunteering, other spiritual practices, reading of the sacred texts, or all of the above, restore your faith in the eternal intelligence of the universe.  Much has been written on the topic of finding happiness after retirement because it is so fundamental and yet so challenging for many retirees. One good place to start is with a little self-examination, along with obtaining inspiration from wise authors and trusted acquaintances whose ideas and input you wouldn’t have easily discovered by yourself.

Richard Roll

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Thank goodness for Thanksgiving! It gives us the chance to stop the noise and the busyness, and remember to acknowledge and give thanks for our Blessings, Assets, and Gifts.

This past Saturday, my family and I helped assemble and deliver Thanksgiving baskets and turkeys to families in need in Bridgeport and New Haven, Connecticut. What a gift it was for us! We shared the spirit of the season with adults and children in a number of households. They were dealing with challenges, as we all are in this struggling economy. We shared our humanity together. It was a joyful and heart warming experience for all!

I wish you and your loved ones a joyous and peaceful Thanksgiving.

With warm regards,
Richard Roll

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Bruce Reznik at home in Southeast Asia with his pet water buffalo.

I recently discussed the financial and cultural benefits of great places to retire abroad in Southeast Asia with Bruce Reznik, an old friend of 40 years, who is an international lawyer.

Bruce is semi-retired now(meaning he only works part of the year) and has some valuable advice for our audience about traveling and living in this area of the world.
Bruce recommended five great places to retire abroad in Southeast Asia: Thailand, Vietnam, Cambodia, Laos and the Philippines.

Each of these countries has pros and cons. For example, Vietnam has accommodations that are similar to what retirees coming from the United States are used to. On the other hand, Cambodia has more rustic accommodations, but allows for a lower cost of living.

Another financial advantage of retiring in Southeast Asia is that you can live overseas, and you can receive a Social Security check. That’s one of the strong positives in terms of living in a lower cost place such as Southeast Asia.

Southeast Asia is just one of the options for Baby Boomers to explore when considering retirement overseas. Here at The Baby Boomers Retirement Network you’ll find the resources and expert advice you need when choosing from the many great places to retire abroad.

To read or listen to the entire interview, go to: http://www.boomersretirementnetwork.com/audios.php.

And, to get your free personalized roadmap to make the most of the next stage of your life, take our free 10-Minute Retirement Quiz.

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I’ve been a little upset at the organized, well-funded campaign of “disinformation” and obstruction taking place in the Nation’s capital to put the kabosh on any truly effective consumer protection in the banking and financial services industry ( I began my career in banking and after that provided consulting services to over 130 banks and savings banks). Not long ago I sent this letter to Sen. Christopher Dodd, Chairman of the Senate Banking Committee, whose consumer protection efforts I’ve supported in the past.

Now I’m making this letter public to further press these key points. When you read the letter, please let me know what you think and I’ll be pass them along where it will do some good. Read the rest of this entry

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What can the Saints SuperBowl victory teach us about having a winning game plan in terms of our future and retirement? I’m glad you asked! I’ve given a lot of thought to this question.

First of all, the Saints had the benefit over the Colts of their high, supercharged spirit. You could see the motivation from the beginning of the game to the end, even when they were faltering. They kept believing, and kept waiting for their opportunity. They never gave up hope, even being down by 10 points to zero.

Second, the Saints had the energetic backing of the entire city of New Orleans, the state, the whole country. They had the emotional advantage of absolutely raving fans. Their fans fully embraced their goal and helped them make it to the top. Is the same true of your significant others, when it comes to your retirement dreams? Do they even know what your dreams are? Do you? (Need some help? Take our easy, free 10-Minute Retirement Quiz ^TM at www.mybbrn.com and get a free roadmap to your dreams for retirement).

Third, the Saints had the advantage of being the underdog. They knew they had to fight back to win, just like most Baby Boomers today. The Saints didn’t give up, they fought back, dug in their heels with a good strategy, and they won. You can too.

Finally, it’s just a little bit possible that with all the Ballyhoo beforehand, and their stellar regular season, the Indianapolis Colts were just a little bit overconfident, a little bit underprepared. I saw Peyton Manning getting frazzled (which I’ve never seen before). Don’t you get frazzled. Start now to have a winning game plan for your retirement dreams. The BBRN and BBRC can help you get there, through our exclusive 10-Minute Retirement Quiz^TM. Check it out here.

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Some people believe that retiring overseas would be paradise. The cost of living may be less than it is in the United States. However, Forbes.com, in its October 15 posting, wrote that seniors will not find paradise anywhere. Each country is unique with its own assets and liabilities. The key to a successful retirement as an ex-pat is carefully matching your own personal priorities and finances to the country that has caught your eye.

Forbes identified its own list of the 10 best retirement havens, based on a wide variety of criteria ranging from safety to retiree-friendly visa requirements to decent medial care. The countries on their list included Austria, Thailand, Italy, Panama, Ireland, Australia, France, Malaysia, Spain and Canada.

While no place is perfect, some countries rank high in one area but lower in others. Australia is well-regarded by one rating service, the Country Brand Index, as the most livable place in the world. (For information on the Country Brand Index go to http://www.countrybrandindex.com/country-brand-rankings/. But if you plan to return to the U.S. frequently, it’s a long flight. Canada is No. 2 in the Country Brand ratings and certainly convenient for Americans, but its harsh winters are well-known. Italy scores high on quality of life, medical care, and even cost of living and climate for retirees residing in the Southern parts of the country. But its complicated taxes and bureaucracy require patience. >

If you’re a sun-worshiper determined to protect your assets from overreaching Western governments, consider countries like Panama or Malaysia.

If you are solidly middle-class with a taste for high culture, then there are pleasant surprises to be found in Europe. Who would have known, for example, that France is so friendly to American retirees?

Or consider Ireland. Its top personal income tax rate is 43%. That’s not terribly appealing on the surface, but a couple over 65 is entirely exempt from Irish tax on any income below $59,000.

If you are you eager to live abroad and not interested in learning foreign languages, that’s a good argument for Australia, Ireland or Canada. The key to lowering costs and receiving first-rate medical and other services in foreign countries is the ability to “work the system,” and to do that, you have to speak the local language passably well.

On the other hand, going totally native can bring on unexpected and powerful bouts of homesickness. Kathleen de Carbuccia, president of the Association of Americans Resident Overseas, recommends that prospective retirees seek out cities, towns or villages where there is an existing American or English-speaking ex-pat community. Fellow ex-pats will be of great help during those inevitable moments when cultures clash, and they’ll perhaps help you see the humor in the situation.

Decent and affordable medical care is a key issue for retirees, of course. Most nations, when a retiree applies for a visa at their consulates, require proof of income, such as private or public pension payments and bank account statements, as well as proof of private medical insurance. They don’t want seniors who haven’t paid into their health care systems to become a burden on the locals who have been paying into the system all their lives. Nevertheless, it is possible to find health insurance.

Keep an eye out for problems in your plans. Most American retirees abroad receive their income in U.S. dollars; their expenses are in a foreign currency. Managing this current risk is one of the most difficult elements of living abroad, and it is likely to be a growing issue, as we enter a period of prolonged dollar weakness.

If you calculate you’ll have to live month-to-month on your pension and Social Security payments while in a European city, then consider village life, or a lower-cost alternative like Thailand, where you’ll have enough income to maintain a cash reserve and a fine quality of life. No one, after all, wants to be forced home when the dollar drops 25 percent, as it can sometimes do in a period of just a couple of years.

But there is a way to eliminate even the currency risk, if that is your priority. Panama, the gateway between the Pacific and Atlantic oceans, has adopted the U.S. Dollar as its official currency. Move there and your assets and liabilities are matched.

A good resource to help you sort out the best places to live overseas is International Living Publishing based in Ireland. Its Web site –http://www.internationalliving.com/ — provides access to a wide range of information and publications, and includes its own top retirement haven list.

Our Guest Blogger today is Tom Wetzel, Editor-in-Chief
http://www.retirementliving.com

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Tennessee, California, Washington state, Oklahoma and Louisiana have the highest combined state and average local sales tax rates, according to updated information released by the nonpartisan Tax Foundation. On the other end of the scale, Delaware, Montana, New Hampshire and Oregon all have the lowest combined rates of 0 percent.

“Sales taxes are at the same time transparent and opaque,” said Tax Foundation Staff Economist Kail Padgitt, Ph.D., who authored Tax Foundation Fiscal Fact No. 196, “Updated State and Local Option Sales Tax.” “Taxpayers can easily see sales tax rates by looking at the receipt for any purchase, but depending on the locality in a specific state, there may be a variety of local option sales taxes in addition to the state rate.”

The states with the highest combined state-local rates are Tennessee (9.41 percent), California (9.06 percent), Washington (8.78 percent), Oklahoma (8.44 percent) and Louisiana (8.43 percent). The states with the lowest non-zero combined rates are Alaska (1.61 percent), Hawaii (4.38 percent), Maine (5 percent), Virginia (5 percent), Wisconsin (5.42 percent) and Wyoming (5.42 percent).

Four localities in central Alabama have the dubious distinction of having the highest combined sales tax: Brookwood, Coaling, Coker and Vance all have a total sales tax rate of 11 percent, with 4 percent going to the state, 5 percent going to Tuscaloosa County and 2 percent to the city.

California has the highest statewide general sales tax rate of 8.25 percent (including a 1 percent mandatory “local” add-on rate), and six states tie for the second-highest rate of 7 percent: Indiana, North Carolina, Mississippi, New Jersey, Rhode Island and Tennessee. Colorado has the lowest non-zero statewide rate of 2.9 percent, followed by seven states with a 4 percent rate: Alabama, Georgia, Hawaii, Louisiana, New York, South Dakota and Wyoming.

The states with the highest average local sales tax rates are Louisiana (4.43 percent), Colorado (4.34 percent), New York (4.3 percent), Oklahoma (3.94 percent) and Georgia (3.02 percent). The states with the lowest non-zero average local rates are Pennsylvania (0.22 percent), Hawaii (0.34 percent), Minnesota (0.34 percent), Wisconsin (0.42 percent) and Utah (0.66 percent).

The Tax Foundation is a Washington D.C.-based nonpartisan, nonprofit organization that has monitored fiscal policy at the federal, state and local levels since 1937. You can read the Fiscal Fact report by clicking here.

Our Guest Blogger today is Tom Wetzel, Editor-in-Chief
http://www.retirementliving.com

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A new study from the MetLife Mature Market Institute reports that many Americans over the age of 55 plan to work at least until age 69, but that most who look for a job face challenges in finding one. Yet, Department of Labor projections indicate that the 55+ population will account for almost 93 percent of the net increase in the U.S. Civilian Labor Force between 2006 and 2016.

The research found in Buddy, Can You Spare a Job? The New Realities of the Job Market for Aging Baby Boomers paints a sobering picture, but also contains essential insights and advice for older job-seekers. It combines a survey of 1,200+ individuals ages 55 to 70 with in-depth interviews of both job-seekers and employment experts.

Conducted in collaboration with David DeLong & Associates, a research and consulting firm with expertise in workforce issues, the data suggests that to be successful older job-hunters must adapt to the changing workplace by adopting new attitudes, specific skills and a fresh set of expectations.

“The fact that so many job-seekers over 55 have difficulty finding work means such individuals need new solutions to compete,” said Sandra Timmermann, Ed.D, director of the MetLife Mature Market Institute. “Largely due to the economy, many of those looking for work may not have the money to retire. For this group, finding work is a necessity and they would benefit by making major changes in what they present about themselves to potential employers.”

The study lists “The Significant Seven” — the most common mistakes older Americans make when they are looking for a job, as exemplified by the following common faulty assumptions:

• “I’ll just do what I was doing before.”
• “My experience speaks for itself.”
• “I don’t have time for this touchy-feely stuff about what work means to me.”
• “I know! I’ll become a consultant…!”
• “Of course I’m good with computers.”
• “I’ll just use a recruiter for some career coaching.”
• “I’ve always been successful, so why should things be different now?”

Instead, older job-seekers and mid-career employees will need to recognize five critical success strategies, the report says:

1. Acknowledge the New Realities of the Job Market – Anger about perceived age bias won’t get you a job. The fact is there are still opportunities for older job-seekers; these will increase in many sectors as the recession recedes. In the meantime, older job-seekers can do three things to better understand the market. First, identify nearby industries and organizations in the region that are stable or growing. Second, look for organizations with a workforce culture that respects all workers. Finally, older job-seekers should look for opportunities in small- to medium-sized companies, which create the majority of new jobs. Self-employment is one other option.
2. Reframe Your Experience to Demonstrate Future Value – Boomers must identify and articulate what specific value they can bring to an organization, while simultaneously recognizing that their underlying skill set must constantly evolve. For example, knowledge of Internet marketing was still new for most marketing managers eight years ago. Today it is a prerequisite for working in marketing. It’s not just about networking and brand building. It’s about clarifying what you have to offer and developing the contacts you need to be taken seriously to compete in this job market.
3. Nurture Your Network – Every job seeker needs to use their existing network, but it’s especially critical for older job-seekers. It’s easiest to do so when you’re clear about your passion and you can connect with people who have similar interests. Discovering your zeal for an area lets you naturally develop and demonstrate expertise, which connects you to people with related interests. These connections are more likely to be a source of new job opportunities than a network of individuals with unrelated interests. Not all networking is about meeting people who might help you find work. It should also be about learning. “Find a volunteer organization with younger people. It’s an advantage to be able to say, ‘I’ve been working with 20-year-olds.”
4. Update Computer Technology Skills – The most consistent finding from interviews was the need for older job-seekers to update their computer skills. Older job-seekers who aren’t familiar with Facebook and LinkedIn need to learn about them — fast. That doesn’t mean aging Boomers have to reorganize their lives around the latest communication and networking technologies. But they should try them and be able to talk about them, so they aren’t caught unprepared the next time a 40-year-old hiring manager asks, “Are you on Twitter?” Older job-seekers, in particular, must invest time to address this challenge directly, if they hope to stay competitive.
5. Do the Math – Then Manage Your Ambivalence – It may be late for older Baby Boomers to start planning their retirement finances, but they should recognize the conflicting pressures they may have about work and retirement. Despite financial need, a significant segment of those interviewed were ambivalent about staying in the labor force. Job counselors shared stories of program participants consistently sabotaging themselves in job interviews because they were torn about success in their search. Older job-seekers should be clear about their actual financial needs, especially for consistent and stable sources of retirement income, as they struggle with making a decision about finding work.

“Older job-seekers who don’t recognize that they’re viewed differently in the job market are in for a rude awakening,” said Dr. David DeLong, author of the study. “Lots of aging Boomers will need late-career employment in the years ahead and this study shows what they have to do to make themselves relevant and successful in the changing employment market.” His company, David DeLong & Associates, is a Concord, Mass.-based research and consulting firm with expertise in building future workforce capabilities, workforce planning, and knowledge transfer and retention solutions.

To read the 39-page report, click here

Our Guest Blogger today is Tom Wetzel, Editor-in-Chief
http://www.retirementliving.com

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When baby boomers spend, America listens.  The same holds true when they don’t.  According to a recent Gallup Poll, baby boomers’ reported average daily spending has decreased to $64 from an average of $98 in 2008.  And they’re not alone.  All of five categories of adults (the “Greatest,” born before 1930, the “Silent,” born 1931-1945, “Boomers,” born 1945-1964, “Gen X,” born 1965-1979, and the “Millenials,” born 1980-1991) have reduced their spending.  But the boomers are by far the biggest group, representing 36% of adults in America, so they have the biggest impact on the economy.

See charts and further explanation on the Gallup Poll Web Site: http://www.gallup.com/poll/122546/Boomers-Spending-Generations-Down-Sharply.aspx

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