In the bigger conversation about setting aside savings and estate planning, younger generations are often left out. But the truth is that more younger people are looking into planning for their own future these days.
Estate Planning for Young Adults
It’s never too early to start thinking about the possibility of retirement, and far too many people realize that they could have made moves sooner in their life that would influence their ability to withdraw during retirement years, or to pass on assets to their loved ones.
New studies show that Gen Z may be approaching saving for retirement in a different manner. One recent study shared by Go Banking Rates indicates that nearly one quarter of Gen Z-ers are prioritizing saving for retirement as part of their bigger financial plan. With the job market becoming more competitive and the cost of living rising across the board, this generation is more sensitive than others to the possible impacts of these issues on their financial life not just now but many years in the future.
Many want to have the freedom to decide to work and not feel forced as though they have no choice but to go to work for financial reasons later in life. This also means that they can start thinking about an estate plan sooner. Putting aside money for retirement creates an asset that could support your loved ones if something happens to you. Working directly with an estate planning attorney is strongly recommended when you’re approaching the connection between your retirement and estate plan.
Contact a Massachusetts Estate Attorney
Discuss your overall goals with an estate planning attorney and some of the strategies you can use with beneficiary forms or other methods of transferring retirement assets.
