Those born between 1965 and 1980 often find themselves in the unique position of being the “sandwich generation,” balancing the responsibilities of supporting older children and caring for aging parents. While retirement may seem distant, planning for the future is essential, as highlighted in a recent Kiplinger article, “Come as You Are: Wealth Management for Gen X.”
One of the foundational steps in preparing for the future is maximizing retirement savings. Employer-sponsored 401(k) plans are a valuable tool, especially when matching contributions are available—make it a goal to contribute enough to leverage this benefit. Personal IRAs are another excellent option for tax-free annual contributions, complementing your 401(k) efforts.
The SECURE 2.0 Act introduced new flexibility for 529 College Savings Accounts. If your 529 account has been open for at least 15 years and funds have remained in it for five years, you can roll unused funds into a Roth IRA, subject to certain limits. This change makes 529 accounts a versatile option for retirement planning, as they can also support grandchildren’s private school or college education if unused by your children.
As life evolves, so should your estate plan. Documents created when your children were young may no longer align with your current circumstances. If your will hasn’t been updated since your children were born, now is the time to meet with an estate planning attorney. Life changes like marriage, divorce, a significant financial shift, or updates to tax laws all warrant a fresh look at your estate plan.
Additionally, if you don’t have long-term care insurance, consider purchasing it now while premiums remain affordable. Hybrid policies combining life insurance with long-term care coverage may be an attractive option for those looking to address multiple needs in one plan.
Digital assets have become an integral part of modern estate planning. Whether you own cryptocurrency, operate an online business, or are active on social media, these assets require attention in your estate plan. Work with your estate planning attorney to ensure that your digital life is secure and properly accounted for.
Estate planning is about more than securing your future—it’s about ensuring your loved ones are protected and prepared for the years ahead. Being proactive now can save your family from unnecessary complications and help preserve your legacy.
Proactive estate planning ensures that you and your loved ones are prepared for the future while preserving your wealth and legacy. At The Werner Law Firm, our knowledgeable attorneys specialize in helping families navigate the complexities of estate planning, from managing digital assets to updating outdated documents.
If you have any questions, schedule a free appointment with us through our online appointment page.
You can also read reviews from some of the hundreds of clients we have helped over the years.
Reference: Kiplinger (Oct. 7, 2024) “Come as You Are: Wealth Management for Gen X”
Founded in 1975 by L. Rob Werner, The Werner Law Firm and our dedicated attorneys are available for clients, friends, and family members to receive the legal help they need and deserve. You can trust in our experience and reputation to help navigate you through your unique legal matters.
Hiring a lawyer can be a daunting task, but it doesn’t have to be. From the moment you contact our firm, through the final resolution of your matter, our goal is to make the process easy and understandable. Through our Werner Law Firm Difference, our goal is to have you feel like a burden was lifted from your shoulders, and that we made the whole process an easy one
If you’re looking into taking care of your estate planning, we urge you to schedule a free initial appointment today and join the many satisfied clients who have contacted Werner Law Firm.
