According to his 1997 book, The Big Five-Oh, Bill Geist claims that one member of the Baby Boomer generation turns 50 every seven seconds.  In 2010, 4 million Boomers, or one every 8.5 seconds, will reach this milestone, making one thing abundantly clear:  this generation, which represents roughly one-third of the U.S. population and an annual spending power of $2 trillion, is aging…and fast.

While Baby Boomers, on average, live in relative affluence, no one has gone untouched by the recent financial crisis. According to self-reported data, average spending within this bracket has dropped by between 5 and 30%.

Compounding the issue is the reality of their Generation X and Y children becoming increasingly dependent on financial support in the pursuit of degrees and launching a career and autonomous life.  The daunting job market has even driven many of these young adults back into their parents’ homes – a trend metaphorically referred to as “boomerang kids.”

Consequently, it is unrealistic to envision the stereotypical exodus to Florida and Arizona and an old age wiling away with shuffleboard.  An action-oriented generation associated with breaking cultural norms and expectations, the Boomers will change the landscape of retirement by working later in life and, even in retirement, are more likely to seek opportunities to stay actively engaged with society. 

They represent the first internet-savvy age group to enter the golden years, and will utilize this know-how to maintain a meaningful connection with the goings-on of the world.

So, you ask, how does this all translate into expectations for spending philosophy?  With longer life expectancy projections and access to consumer information, they will be cognizant of not outliving their savings and will be more apt to dish out dough with an eye on value and longevity rather than focusing on luxury or entry level pricing alone. 
 
Ultimately, old age is still old age and the Boomers will be interested in many of the same expenditures (traveling self-reliantly) and be faced with the same unique concerns (health care and fitness) that all elderly people come to know.

Remember last year when dad’s face lit up as you bestowed upon him the most prodigious wrench set ever assembled? How well do you know his poker face? At the risk of being the bearer of bad news, nearly half (46%) of dads admit pretending to like a gift at some point. 

A recent Wakefield research study covered by the AP and commissioned by Western Union and MS&L confirms that pleasing the old man this Father’s Day may not be as easy as you had previously thought. 

Still skeptical? Buy him the boxed set of Sex and the City and don’t be surprised when he whips up a Cosmo just for appearances. Fathers are naturals at masking disappointment for the sake of their children’s self-esteem. It’s part of the job description.

Don’t panic if you are reeling in the wake of this revelation. 34% of dads have a gift in mind that is one-size fits all, won’t hook its way into a water hazard, and doesn’t leave an overwhelmingly musky trail in its wake. Nope, not a Snuggie. We’re talking greenbacks.

Sure, you might say, money is safe but too impersonal for a gift to dad. I’m sure he didn’t think it was impersonal when he was cutting off checks for your tuition payments. 

To read more about the survey, check out the AP article here.

Ah June, the peak of “wedding season.” A couple’s wedding day is an occasion they hope to remember for years to come. Unfortunately, a perfect day isn’t always in the cards for the lovebirds.

As it turns out, a recent Wakefield Research poll found that barely half of weddings go over perfectly (51%). Disasters range from a drunken or inappropriate toast (26%) to a fight between guests (23%) to a public argument between the bride and groom (6%).

Worst case scenario, if you attend enough weddings odds are in your favor that you will eventually witness someone getting left at the altar. It happens once in every 25 weddings (4%).

Maybe married couples are unrealistic when it comes to wedding planning.  7 in 10 Americans think that the bride and groom should agree on everything. It’s likely going to be the 22% of men who said that the bride should get the last word on the wedding plans that will live to see their 50th wedding anniversary. 

If you’re attending a wedding as a guest (or always a bridesmaid and never a bride), feel free to skip the registry and just look in your wallet for the gift. Only 14% would say it’s tacky to give cash as a wedding gift. 

When it’s time to get your boogey on, hope that the bride and groom blacklist those unbearable songs you can never seem to escape. 68% have a song they dread at weddings with the worst varying from “We Are Family” by Sister Sledge, “You Shook Me All Night Long” by AC/DC, and “Dancing Queen” by ABBA.  

As a side note, the 13% of Americans who chose to blacklist, “Don’t Stop Believin” must be punished.