June 22nd is Baby Boomers Recognition Day, but who exactly are the Baby Boomers?

The definition includes more than 75 million people who were born in the United States from 1946 to 1964, or nearly one-fourth of the American population. The oldest of the baby boomers came of age in the 1960s and are either in or approaching retirement while the younger baby boomers are still building their careers.

These folks grew up in the post-war era of national prosperity and rising living standards. The boomers have also had one heck of a roller-coaster ride with the markets. From 1982 to 2000 they enjoyed the longest bull market stretch ever seen in this country. They struggled through the collapse of the tech bubble from 2000-02, and the close of the markets on Sept. 11, 2001, after the terrorist attacks.

More recently, they were ravaged by the Great Recession of 2008 and its effects that linger still today. For example, you can’t get a respectable return on a CD because interest rates continue to be so low.

Mountains of research predict an impending financial “crisis” among our Baby Boomers, and admittedly there are multitudes of issues facing this “sandwich” generation. They have aging parents with health concerns as well as adult children who have not yet left home whom they continue to support. They face the financial risk of living longer. They worry about making proper Social Security claiming decisions and Medicare choices. They need to engage in tax minimization strategies, determine appropriate levels of investment withdrawals during retirement, and to address their potential need for long-term care insurance. They have concerns over such things as estate planning, debt elimination and current or future health issues.

The list goes on and on.

Acknowledging the rarity of pensions these days, and despite their many concerns, few boomers have calculated the actual amount of income that will be needed in retirement, and fewer still have figured out how much savings is needed to produce that income. Is it any wonder many baby boomers feel slighted in comparison to previous generations?

But all hope isn’t lost. There are things you can do to prepare for and improve your financial future. These things may take some thought and effort, but remember — you only retire once, so be sure to do the things that will help you to retire happily.

What are some things you can do to shore up a better retirement?

Set up a household budget to track your spending and keep that spending in check.

Eliminate debt before you retire, including mortgages and credit cards.

If you retire before age 65 (Medicare age), be sure to maintain health insurance.

Consider pushing back your retirement date by a few years, or save more aggressively to make up for lack of savings and/or lost investment income.

Maximize your Social Security benefit as opposed to claiming as early as possible.

Make sure you have a current will and have established powers of attorney, as well as advanced directives (living will) in case of incapacity.

Educate yourself about appropriate investing, and understand when it is beneficial to have shorter or longer views on your types of investments.

As difficult as this one may be — advise adult children that you will not be supporting them in your retirement.

And don’t be afraid to enlist the help of a financial professional to determine what kind of retirement income may be required for you to live comfortably.

If you’ve ever heard of Laurence J. Peter, author of “The Peter Principle,” you may recognize this famous quote that so nicely sums up the point of this article: “If you don’t know where you’re going, you will probably end up somewhere else.”

Happy Baby Boomers Recognition Day to all who are members of this segment of our American population. Congratulations for all you’ve endured, and best wishes for a long and prosperous future.     

Wendy Bennett is a senior financial adviser in Butler.