Attention fellow Gen X’ers: are you taking full advantage of your 401(k)s and IRAs? Did you know that contribution limits change once you hit the age of 50? In today’s episode, we’re shining the spotlight on retirement planning specifically for Generation X – those born between 1965 and 1980. We’ll be sharing crucial tips on making sure you’re not leaving any money on the table by fully utilizing contribution limits and understanding how employer-matching contributions work.
But that’s not all… We’ll guide you through conducting an inventory of your current investments and assessing your risk profile, while also discussing the importance of running simulations to make sure you’re on track to achieve your retirement goals. Plus, we’ll touch on estate planning and setting up a trust fund for your family’s future. They say Generation X is the forgotten generation. Hogwash. We have the spotlight today, so tune in and take control of your financial future.
Here’s some of what you will learn in this episode:
- Who is in Generation X and what kind of situation are most Gen Xers in right now? (1:55)
- Do you feel like you’re a little behind in your savings? You’re not alone… (5:38)
- Have you jumped around to different jobs during your career and have several old 401(k)s from those previous companies? This is common and an area of opportunity for those in Generation X to consolidate. (9:19)
- Some in Generation X feel like retirement is on the doorstep while others feel like it’s still far off. Either way, it’s never too late to start saving and improving your retirement outlook. (13:46)
- Generation X should start thinking more seriously about estate planning, wills, trusts, etc… If you have kids, this is a must to start considering. (16:15)
If you have any questions about what we discussed or anything else in your financial plan, email us at ask@bulmanwealth.com.
