In the quirky2013 film Nebraska, the main character ventures off on across-country trek to collect a million dollar jackpot to fund hisgolden years. In the end, he discovers it was a scam.

While this tale of irrational retirement dreams is extreme, thereality for many baby boomers is that they've been left to plantheir own retirements as defined benefit pensions have been on thedecline.

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

In fact, data highlighted in the Filene Research Institutereport CreditUnion Implications of Living Trusts indicates that saverswith a DC plan are twice as likely to set up a trust. One in fourretiree households with significant assets had a living trust andwomen were about one-third more likely to establish trusts.

The benefits for credit unions extend beyond the boomers. We'veall heard about the forthcoming transfer of wealth as boomers dieand leave assets for their children. Credit unions can transformrelationships 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 searchof millions, many will make the effort to protect their retirementthrough a living trust. Credit unions should position themselves tobe ready for this opportunity.

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

The report is thelatest in a series of exclusive content fromFilene available to readers of CU Union Times. Checkout these other reports:

• Gen Y Personal Finances: A Crisis of Confidence andCapability
• Impactsof Mergers on Credit Union Costs: 1984 – 2009
• ChannelDelivery for Tomorrow
• From Presence to Purpose: Developing Social Media Strategies andMetrics for Credit Unions
• Improving Social and Environmental Sustainability: A Credit UnionAssessment and Comparison
• Mortgages and Credit Union Performance: 1980-2011
• Future of Payments: Credit Union Implications – A Colloquium inSalt Lake City
• Asset-Liability Management : Theory, Practice, Implementation, andthe Role of Judgment