Baby Boomers - those Americans who were born between 1946 and 1964 - total about 79 million people.This segment of the population may soon find that they will be spending more annually in their retirement years than they did while working. Over the past century, life expectancy has increased over 56 percent, and this trend is expected to continue, so Baby Boomers will face the financial challenge of the cost of living for many years in retirement, as well as the associated costs of aging.

Also, the cost of health care, including prescription drugs, is increasing at double-digit rates. The Baby Boomers need to rethink their financial planning strategies to ensure that their retirement funding streams are sufficient. The first Boomers turned 60 last year, so the time horizon for proper planning is rapidly closing. Baby Boomers face many challenges if they want to maintain their lifestyles into retirement.

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