Courtesy of Thredgold Economic Associates

The three guaranteed American growth industries of the next 30-40 years, compliments of me and 78 million other Baby Boomers are financial planning, health care, and leisure and recreation.

Financial Planning

Baby Boomers en masse have not saved aggressively enough for our Golden Years.  Such a painful reality is one that, in my mind, will drive millions of Boomers to save more diligently in coming years.

A similar mind-set is also likely to build as members of both Generation X and Generation Y increasingly recognize that they are largely responsible for the financial condition of their own retirements.

At the same time, the Congress is likely to adopt more savings-friendly legislation in coming years to help both Boomers and younger generations put more money away for retirement.

More and more individuals will acknowledge that they may not have the necessary skills to develop a sound investment program for the future.

• How much should I save?
• What kind of investment return assumptions should I adopt?
• How much can I withdraw annually in retirement?
• What if I outlive my money?

These anxieties will translate into greater use of investment experts, financial planners, and commercial bank trust departments. In addition, the ongoing shift within corporate America from offering workers “defined benefit” programs to “defined contribution” programs puts the onus on workers more than ever before to effectively manage their money. The wise among us will increasingly turn to financial experts for help