The Retirement Challenges Facing Different Generations

Retirease Radio with Victor Medina CFP®, RICP®, CELA®

Every generation likes to talk about how hard they had it, but there’s a lot of truth in that when you talk about retirement planning. Each generation brings a unique set of challenges that weren’t around when they’re parents retired. Today we’ll identify these generational challenges to help you get prepared and share some things that have to be addressed.

If you’re a Baby Boomer getting that is nearing retirement or already there, this episode will be of particular interest to you. With more than 10,000 Baby Boomers entering retirement every day, this generation has become our primary focus for planning. Everyone entering this new phase of life is doing so with different life circumstances and this has created some unique challenges for this generation compared to previous ones.

But we’ll also talk about Generation X and the Millennials as well because many of them have started thinking about retirement or will be doing so very soon.

Here are some of what we discuss in this episode:

• The Millennials face a lot of student loan debt and that creates savings challenges.
• Generation X (1965-1980) are in that age gap where they are tempted to spend the extra income and have the ‘sandwich generation’ challenges.
• At what age you should start your planning process?
• The biggest things we focus on with Baby Boomers right now.

About Retirease Radio:

Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.

Connect:

Medina Law Group: https://www.jerseyestateplanning.com/

Palante Wealth Advisors: https://palantewealth.com/