Generation X: Breaking out of the Middle
If you’re thinking, “Generation X…never heard of them,” you’re not alone. Born between the widely-popular Baby Boomers and Millennials, this generation receives less of the spotlight. They’re sometimes even called “America’s middle child.”
But, this forgotten generation has served as the bridge between the aging population and younger people who are beginning to find themselves in the working world. Generation X might feel caught in the middle, but their independence and self-reliance have allowed them to shape the future in the way they want.
Born between 1965 and 1980, Gen X came into adulthood with the end of the Cold War and the beginning of a tech boom. They grew up with increasing divorce rates and a “figure it out” attitude as household dynamics shifted from one working parent to two.
As this generation reaches the peak of their careers and seriously begins to think about retirement, it’s important to consider what they need to do now to build a secure life for themselves and their loved ones.
A lot of Gen X have put off making their estate plan. They’re waiting until after retirement or they consider it a task that they can just figure out themselves. If this is you, here are just a few reasons why now is the perfect time to put your plan together:
- Retirement Planning. As you’ve gained financial stability and have seen your investments grow, you want to ensure your assets are protected for the next big thing in life. A well-designed estate plan will keep your hard-saved money secure.
- Aging Parents. As you take care of your parents and handle their assets during any estate administration, you want to ensure your inheritance is transferred safely to you.
- Blended Families. As we saw before, this generation has experienced divorce more than anyone else. Whether you have step-parents, children, or any other type of blended family, it’s important to have a plan so your assets are handled by the people you trust most.
- Empty Nesters. Your children are moving out to college, getting married, and having children of their own. It’s an exciting time! But it’s also necessary to make sure everyone you love is protected now that they’ve flown the nest.
Generation X might have a lot of stereotypes surrounding them, but they are a diverse and resilient generation. Now is the time to prioritize planning for the future to protect themselves and ensure a comfortable retirement.
Don’t go it alone. Schedule your free estate planning consultation with Alles Law to design an estate plan that’s personalized to you.
