Retirement is on plenty of people’s minds whether they are approaching it in the next decade or looking at it early on in their career. The recent pandemic has prompted plenty of people to rethink their career and retirement plans.
Many people are nervous in thinking about the prospect of retirement, but it is extremely important to follow through on a retirement planning strategy that helps to protect you and your loved ones. A recent Investopedia study of over 4000 people sought to explore Americans’ perception of financial literacy. The study found that two thirds of Gen X and Millennial adults are already planning for retirement, with 42% of Gen Z members doing the same.
Across generations, however, many Americans felt uncertain about their strategy of retirement planning, and many also believe that cryptocurrencies will feature prominently in their retirement planning future.
While many older adults don’t expect to retire early, those polled between the ages of 18 and 25 answered to the tune of nearly 60% that they intend to retire early. Those younger adults hope to stop working at age 57 for Gen Z and age 61 for millennials.
It’s important to think about how you can create and adapt your retirement planning strategy based on your individual goals. You should also align your retirement strategy with your estate plan. So set aside a time to meet with an experienced estate planning attorney to discuss your next steps.
Retirement and estate strategies should work together to help you accomplish your goals. Since you’ll want to support yourself and potentially help loved ones through retirement planning, contact a dedicated lawyer who can help you align your estate plan.