Filene exclusive In the quirky 2013 film Nebraska, the main character ventures off on a cross-country trek to collect a million dollar jackpot to fund his golden years. In the end, he discovers it was a scam.

While this tale of irrational retirement dreams is extreme, the reality for many baby boomers is that they've been left to plan their own retirements as defined benefit pensions have been on the decline.

For credit unions, the shift toward defined contribution plans such as 401(k)s and 403(b)s opens up an opportunity to meet the needs of boomers through living trusts and related services. Boomers are looking for mechanisms to maximize the income of these payouts to fund their retirements and provide for the needs of their children.

In fact, data highlighted in the Filene Research Institute report Credit Union Implications of Living Trusts indicates that savers with a DC plan are twice as likely to set up a trust. One in four retiree households with significant assets had a living trust and women were about one-third more likely to establish trusts.

The benefits for credit unions extend beyond the boomers. We've all heard about the forthcoming transfer of wealth as boomers die and leave assets for their children. Credit unions can transform relationships into long-lasting ones with these beneficiaries. Marketing to the entire family can take on a whole new meaning.

Baby boomers are redefining what financial products they need. And while most will never resort to a cross-country trip in search of millions, many will make the effort to protect their retirement through a living trust. Credit unions should position themselves to be ready for this opportunity.

Read more in Filene's report, Credit Union Implications of Living Trusts.

The report is thelatest in a series of exclusive content from Filene available to readers of CU Union Times. Check out these other reports:

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Filene Exclusive: Don&rsquo;t Count Out Retiring Members

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Filene Exclusive: Don’t Count Out Retiring Members