Financial planning is an important part of securing your current lifestyle as well as preparing yourself for what you wish to do in your eventual retirement. And while this importance may look different during each stage of your life, it doesn’t make it any less important. Whether you call yourself a baby boomer, hail from the Gen Xers, or are a part of the youngest of those entering the world of financial planning, the millennials, There are certain things about financial planning that each generation should focus on to allow them to obtain their current and future goals.
In an increasingly paper-free society, organizing your financial documents can still be a challenge. No matter how simple or complex your financial picture might be, it takes some thought-out organization to keep your tax documents, service records, and paid bills in a format that will allow you to easily access information when you need it. What steps can you take now to organize your financial documents for 2021 and beyond?
Financial wellness, like physical wellness, isn’t something you should ignore. Instead, it’s a critical concept for anyone who wants to be knowledgeable and confident about their finances, and in fact, financial wellness is so important that more than half1 of employers now offer financial wellness programs to their workers.
Millennials often get a bad rap when it comes to hitting certain financial milestones like moving out or buying a home, but they’ve proven to be ahead of the game when it comes to savings. In fact, 25 percent of Millennials who save have amassed more than $100,000 in their accounts.1 What else should members of the Millennial generation (and others) know about boosting their savings rate?
Last year, the average American spent nearly $1,000 per person on holiday gifts, up from about $885 per person in 2018.1 Though the COVID-19 pandemic continues to weigh on the retail sector (and many Americans’ bank accounts), some analysts have cited reduced spending on travel, restaurants, and entertainment in predicting a slight uptick in holiday retail sales for 2020.2 But these aren’t the only extra expense associated with the winter solstice. Read on to learn more about how December’s short days and long nights could impact your budget.
Members of Generation X, those born between 1965 and 1980, largely grew up before the internet and cell phones.1 This generation prides itself on self-reliance and entrepreneurship, boasting membership as diverse as Jeff Bezos, Serena Williams, and Julia Roberts.2 But Gen X-ers have also dealt with some unique financial challenges. Many were hit by the early 1990s recession as they were beginning their careers, further buffeted by the dot-com crash of 2000 and the Great Recession in 2008. What can members of Generation X do now to shore up their finances for the future?
As the traditional giving season approaches, there is one important item to add to your to do list: Create a holiday budget. Before the gift shopping and wrapping begins, take control of your wallet through financial preparation. Remember, you can potentially avoid the credit card crunch and the dangerous pitfall of borrowing against your company’s retirement savings plan or IRAs.
Four simple steps to align your spending with exactly what you value
If you’ve been diligently saving for your retirement, you may often find yourself wondering when you can afford to set an official retirement date. The answer to this question can often depend on how much monthly or annual income your retirement portfolio can generate. Read on for three tips to help you plan your income in retirement.
Some life transitions, such as a career change or marriage, are planned, but a job loss or divorce can be sudden and unexpected. One common thread that accompanies all transitions, however, is the concern about whether there will be enough money to maintain your lifestyle. The timing involved with the unpredictability of certain life events is often the main cause of anxiety over personal finances.