Excerpt: 'Million Not Enough'

Still, the million-dollar mark is not without its privileges. Bloated corporate salaries aside, for most of us a million dollars retains a mythic appeal and is a goal worth aiming for. For most Americans facing retirement, saving that amount means abundant security and being able to maintain the kind of life in our postwork days that we've always envisioned. Too bad too many of us waited a bit too long before getting serious about attaining this goal. This is particularly true of Baby Boomers.

No generation in American history has experienced such widespread abundance and enjoyed it less than Baby Boomers. This relentlessly restless and striving group has been responsible for creating unparalleled economic growth and prosperity for ourselves and future generations. Perhaps best characterized by an everything to excess approach to life, Boomers remain unfulfilled?and largely unprepared for the next several decades of our lives. We live in times of unparalleled economic growth and prosperity, and yet only 22 percent of Boomers in a recent survey stated that they were satisfied with their future financial picture. So why can't we truly enjoy the fruits of our labors? Why are only 22 percent of us happy about our financial futures?

First, many of us were slow to start planning for our financial futures. Let's face it, figuring out how to save and invest for the next twenty to forty years of financial needs is a daunting and complex proposition. As a result, many of us have put off looking at our finances carefully because we are afraid of what we might find.

Second, we Boomers are an active and busy bunch. We think it takes a lot of time and hard work to save for retirement . . . and that's time many of us just don't have. Sometimes we manage to fit so much into our waking hours that we leave no time in the day for ourselves. Anyway, we think we're going to live forever?and given our healthy, active lifestyle, new medications for nearly every ailment, and a dash of Botox, we look and feel as though we just might make it. We show no signs of slowing down soon!

Third, we Boomers suffer from what I call Abundance Guilt.

What Is Abundance Guilt?
We are among the most fortunate generations in American history. Since World War II?the time period that covers our lives? America has enjoyed unparalleled economic growth. We escaped the hard times that our Depression-era parents experienced. Even memories of the economic fallout of September 11, 2001, and the bursting of the dot-com bubble have receded in our collective rearview mirrors as the Dow Jones Industrial Average continues to climb to record heights. McMansions sprout up behind gated entrances the way that tract homes and cookie-cutter subdivisions did in the 1950s. Yet within each Boomer echoes the siren song of the '60s, when the bulk of us came of age politically and spiritually. That era and its protests against what we viewed as a repressive regime typified by the Vietnam War, hippies dropping out, the initial call to save the planet from ecological disaster, and all the other humanitarian and idealistic visions we had compete with our acquisitive nature. We want more and more material goods, higher salaries, better benefits?everything that constitutes the good life?but we also seek a kind of spiritual enlightenment that will make us feel better about a lifestyle that teeters on the brink of excessive. We're torn in two by these twin desires. We'll learn more in this book about Abundance Guilt and how it affects our finances.

How do I presume to know all this about Boomers? I am a Boomer. Also, as president and majority owner of Farr, Miller & Washington, a Washington, DC-based investment firm that manages more than half a billion dollars in individual and institutional assets, I know what it takes to plan for a sound financial future. The majority of my clients?ranging from celebrities and famous entrepreneurs to smart investors?are members of the Baby Boomer generation, and I know their needs, their strengths, and their weaknesses well.