Financial Solutions for Every Phase of your Life - How Each Generation is Tackling Financial Challenges

Planning for your future isn't one-size-fits-all, especially when it involves money. Your financial goals are shaped by where you are in life, the economy you’re navigating, and your personal aspirations. That’s why each generation has unique goals and why we have solutions for achieving them.

Baby Boomers 1946 - 1964 

For the Baby Boomers who are either approaching or navigating their retirement, security and stability are the most crucial aspects of their finances. 

When time is of the essence , we cannot afford to lose money.

It’s essential for Baby Boomers to be careful with their tax obligations, making certain not to pay more than their fair share. 

Preserving hard-earned savings for the long term is the objective as this generation leaves behind the 40hr work week. Retirees can keep their money protected and growing, all the while ensuring that their loved ones will move on with financial stability. Additionally, this rerouting of their savings can safeguard their retirement from unwanted RMDs. 

Insure your health and protect your wealth!

Gen X 1965 - 1980

According to the US Bureau of Labor Statistics, your highest earning income years are typically between the ages of 45-54. This is exactly where Gen X is finding themselves. 

However, that doesn’t leave them without challenges such as funding your child’s education, paying down your mortgages, or dealing with higher healthcare costs.

Many people assume that if they have been putting a portion of each check into a 401k that their retirement is secure and will stay that way. But the kicker with a 401k and other similar accounts … the taxes you will pay on withdrawal.

Ask yourself - do you think your taxes will go up or down in the future?

Those who do not want to pay more than their fair share in taxes now or ever are turning to Roth IRA. This secures that they won't be handing the taxman all that they worked so hard to get. 

Millennials / Gen Y 1981 - 1996 

For many millennials, managing debt while trying to build a secure financial future has become a daunting challenge. With student loan debt at an all-time high and living costs continually rising, many millennials are struggling to make ends meet. The burden of student loans, in particular, makes it difficult to save for long-term goals like homeownership, leaving many feeling financially stuck.

On top of student loans, credit card debt is a growing concern. Millennials are more likely than previous generations to carry a balance on their credit cards, often due to high interest rates that make it hard to pay off the principal. This type of debt erodes wealth over time, limiting their ability to save for retirement or buy a home. With home prices soaring, many millennials have found themselves delaying or even abandoning their dreams of owning a home, having to rent.

Despite these challenges, millennials can take proactive steps to regain control of their finances through an IUL, or Indexed Universal Life Insurance policy, and capitalize on the resources they do have - time and health. 

Gen Z 1997 - 2010 

Even though Gen Z has the time horizon to make riskier investments and the possibility to recover from losses in the market, this doesn’t mean they should have to. It’s our job to pass down our wisdom and financial literacy to younger generations. 

These may be your children or grandchildren to secure generational wealth for. 

The ability to make and keep an income is the financial goal for all of us and there are solutions to accomplish it no matter what phase.