Edward Jones Diversity Series

One of the major implications of this finding is that senior citizens will become one of the fastest growing populations as many Baby Boomers - the more than 77 million children born between 1946 and 1964 - approach retirement age, and younger Boomers settle into middle age.

Baby Boomers are not the only ones seeing gray hair. Of the approximately 46 million Generation Xers born during the late 60's through the late 70's, those born in the 60's also are nearing middle age. With so much of the population getting older, some analysts have concluded that there will not be enough young workers to contribute to safety nets for the aging like Social Security and Medicare. If this projection proves correct, who will care for younger Baby Boomers and generations? The answer: themselves and their children.

But how can various generations adequately prepare themselves for retirement if in addition to dwindling safety nets for the aging, they may be already caring for their parents and facing increasing costs of living? These obstacles are particularly heightened for many African Americans and Latino Americans who are less likely to have employment opportunities offering retirement plans and are generally expected to have far less comfortable retirements. Still, there are generally affordable choices that can be made to help overcome this expectation.

The Choice Is Yours: Live Above Your Means or Within Your Means

Building a more sound financial future does not necessarily require a lot of money, but it does require making choices. You either can choose to live above your means or within your means. Living within your means may require buying a used, but reliable, automobile instead of the latest model. It may be opting for basic cable rather than deluxe, watching your long distance or cell phone bills, cutting back on dining out and on impulse purchases.

Over time these expenses can add up to thousands and thousands of dollars, and wouldn't you rather see that money go toward your future than a bill? Perhaps, if you're just starting out, you could save to purchase a home, a great wealth builder if the home is later sold at a much higher price. If you already own a home, but are carrying a heavy financial load, your money could be channeled to pay down debt. Or, you could invest in products that have a much greater chance of creating a brighter future than a very high car payment.

Always Pay You First

Founded in 1871, Edward Jones has a solid history of developing trust with clients and offers a number of investment products. Clients can contribute to traditional IRAs, Roth IRAs and preferred families of mutual funds on a monthly basis. In short, Edward Jones offers uncomplicated ways to always pay you first.

What If I Started Investing Later Than Sooner?

If you are approaching retirement age and still do not have enough saved for retirement, then you are among 20 percent of all Americans. Edward Jones can help take the guesswork out of your approaching retirement. Thousands of highly trained investment representatives are available throughout the U.S. to show you illustrations on how long your money may last earning various rates of return and offer different methods of taking money from any existing retirement plan and deciding the best options. An investment representative also can explain IRA distributions and any tax implications.

Long -Term Insurance

An investment representative may also discuss purchasing long-term insurance that can help protect your savings from the financial burden of an unexpected long-term illness.

"Aging Baby Boomers or anyone with elderly parents should be particularly interested in learning more about long-term insurance. It’s a good precaution in helping to protect you or your family member’s financial way of life," said Banks.