As boomers age, the normal expenses of life will continue. Certain ones decrease after retirement (mortgages get paid off, fewer expenses related to employment), but we boomers don't want to stop doing the things we love. As long as the Stones, the Who and Dylan are on the road, we'll go to concerts. We'll still want to attend sporting events and travel to fun places.

As far as additional expenses, the frequency of medical issues goes up with age, so medical bills will increase. Although Medicare provides basic health care coverage, it's well known that there are gaps in what's covered, and there are premiums due for Part B as well as Medicare Supplement or Medicare Advantage plans.

Uncovered expenses related to serious issues (for example, family travel, home modifications and seeking care from providers not covered by Medicare) will erode savings or will need protection from a critical illness plan. Long-term care expenses become increasingly likely as one ages.

Social Security is unlikely to provide sufficient income even to pay the basic bills. Most boomers have only 401(k) retirement savings, and the average 401(k) won't provide the income needed for the lifestyle most boomers desire. So boomers are deferring retirement or taking part-time jobs.

The potential that both Medicare and Social Security funds will be exhausted is yet another source of worry for aging boomers.

So should we be more concerned about dying too early or living too long? This is one of the many questions we'll discuss at the Benefits Selling Expo next April. Meanwhile, let me know your thoughts—I plan at least one more column on this subject before the Expo, and will happily credit your contributions.