January 14, 2022

A recent research study indicates that generation X does not have the same amount of retirement preparedness as baby boomers. This is especially concerning given that Gen X members will have to rely more on their own savings when it comes to retirement security overall.

The Employee Benefit Research Institute found that Gen X families were less likely to have defined benefit plans than baby boomer families did at the same ages. Furthermore, Gen X families were less likely to own a home which was a potential source of retirement security for many.

The study looked at the millennial generation and how it compares to Gen X at a similar point in their lives. Creating a comprehensive retirement plan and incorporating this as part of your evaluation of your estate plan is very important for protecting your interests.

Many people think primarily about reaching a target number when it comes to retirement planning, but this could also influence the assets that you leave behind to your loved ones. It is therefore important to consider the big picture and the possibility of outside and unexpected costs, such as those associated with long term care. Working directly with an estate planning lawyer will give you the opportunity to evaluate all of these key issues and determine the most appropriate way forward.