The young workforce is absolutely booming. In fact, the Millennial generation has many similarities to the Baby Boomers. Millennials, born between the late 1970s and early 1990s, have now surpassed the number of Baby Boomers in the Larimer County workforce. This is because many of the Boomers are in their 50s and 60s and retiring from the day-to-day workforce grind. The Boomers were known as the generation that was always moving, wouldn’t settle for no, and transformed the world into the place they wanted to live. The Millennials are similar in that they are largely focused on independent success, personal entrepreneurship, and a free spirit that won’t back down. Another aspect in which Boomers and Millennials are similar is that both generations are focusing on the future, that is estate planning.
Estate planning helps with financial security in the future. For Boomers talk of estate planning includes the activation of and withdrawal from retirement savings accounts or updating wills and testaments. With older age comes more financial responsibility since many Boomers will not keep working once they are able to retire. Hopefully Boomers have been diligent about saving for this moment, but if not, it is never too late to start.
Millennials are just starting out in the workforce and are being encouraged by all elders to start saving now. The more that Millennials can save in a 401K or other type of investment will be much appreciated by their future selves at the time of retirement. Many estate planning attorneys advise Millennials to save as much as possible now by taking money directly from a paycheck before it enters their pockets in order to properly care for life in the future. Moreover, Millennials with a family should have a will and power of power of attorney in place to protect loved ones; Millennials who are still independent should have a beneficiary in place to protect all earned assets.
There are so many things to consider for both Millennials and Boomers, and a trusted estate planning attorney can make the entire process much simpler.