Baby boomers - those born between 1946 and 1964 and 82 million strong - represent nearly a quarter of the U.S. population. They collectively control 40 percent of disposable income, and more than 70 percent of them are homeowners.

Allstate, which sells investment and financial products, suggests Boomers start saving now for some of the additional expenses they may have once they retire.

Meanwhile, an American Association of Retired PersonsAARP report released last month called "Boomers at Midlife: The AARP Life Stage Study," reveals money and finances is a sore subject for many of those surveyed. Only 20 percent say they are "very satisfied" with their personal finances and their work or career. And 20 percent also say their personal financial status is the worst thing in their lives. And many Boomers say they feel financially strapped, especially when it comes to paying college tuition for their children.

Nonetheless, Boomers continue to upgrade and modernize their homes in increasing numbers, many refinancing at record-low interest rates and taking out extra cash or using a home equity line of credit to pay for their projects.

Qualified Remodeler magazine and Kitchen and Bath Design News launched a survey that reveals Boomers want luxury and a striking design, including high-tech, stylish appliances, natural stone countertops, custom cabinetry, whirlpool baths, super showers and luxury faucets.

Because 70 percent of them own homes and because they have more disposable income than other age groups, Baby Boomers dominate the home improvement market.

And while companies like Allstate try to convince Boomers they need additional investment resources, the do-it-yourself industry is also altering the way it markets and does business as Baby Boomers are increasingly hiring out for their home improvement projects.

"What we're finding is that Baby Boomers especially are staying in their homes longer, and the longer they stay in their homes the greater the likelihood that home improvements and alterations will be needed in the future," Rick Strachan, publisher of ProSales said in an article of the Home Improvement Lenders Association.

"Baby Boomers aren't necessarily lazy," he said. "But they aren't doing as many do-it-yourself projects either. It's a dead segment of the market as far as we can tell. Baby Boomers enjoy the luxury of being able to go to a home center, like The Home Depot, pick out the kitchen or bath of their choice, and have the home center supply the contractor and financing."

And Home Depot CEO Bob Nardelli told a group of Terry College Business alumni and guests at the University of Georgia's Atlanta Alumni Center that the mega home improvement chain is reorganizing to better serve professional contractors.

Nardelli said the Baby Boom generation that drove the home improvement trends through the 1990s is now ready to let someone else do the work.

"The baby boomers are moving from do-it-yourself to do-it-for-me," he said.

And contractors are gearing up to do the work for Baby Boomers as they age. In fact the National Association of Home Builders National Association of Home Builders launched an aging-in-place certificate in May to train professionals about the skills needed to make home modifications that accommodate seniors.

NAHB estimates residential remodeling to be a $180 billion industry.