What is the next wave? From a demographic point of view, the next wave is the population wave called the baby boomers. People born between 1946 and 1964 are starting to retire. In fact the first baby boomer, Kathleen Casey-Kirschling applied for social security on October 15th, 2007.^[1] Today, 10,000 new baby-boomers a day are eligible for social security benefits. This population avalanche or wave will continue for the next two decades and will impact every aspect of our society. With careful planning, baby boomers will have the opportunity to achieve financial freedom and to leave a legacy which will affect generations to come.

Population Dynamics

While we are all getting older, baby boomers have a unique set of responsibilities. Many of us are caring for our own aging parents as well as our teenage or twenty or thirty something children. Carol falls into this category as her mother is 88 and her daughter is 16. She is aware not only of the cost of college but also the increasing costs and responsibilities associated with hiring and managing caregivers. As baby boomers age, we will have to deal with our own health issues and potential future care needs. Part of good planning is to anticipate the potential risks associated with our own unique family dynamics.

Global View

From a global perspective, the next wave refers to the changing economic landscape around the world. China and India have become world powers. The former Soviet Union and Brazil have also transformed over the last 20 years. The United States and Europe are no longer the sole dominant economic or political powerhouses. Middle Eastern oil and inexpensive Chinese goods have changed the flow of capital and will shape the economic future of the planet for years to come. These changes will provide opportunities and potential setbacks if we do not stay aware that we are part of a larger social and economic ecosystem.

What's Next 

We live in interesting times. It is important that we stay informed and have our voices heard. Information is transmitted at lightning speed around the world. Global warming, once a new idea, has become part of our everyday lexicon. Since the the U.S. presidential election we will have a new wave of leaders in our country. Our participation in the political process has allowed us to take advantage of one of our most precious freedoms, the freedom to vote.

We live in a privileged society. We have the highest education, income and net worth in the history of our country. Our choices will shape the direction of the world for many years. Ultimately, we are the stewards of our planet and the next generations that will come after us.

^[1]Social Security online