According to the global analytics firm Gallup, only about 44% of Americans have created a will. This finding may not surprise you. After all, no one wants to be reminded of their mortality or dwell on what might happen upon their death, and writing a last will and testament is seldom on a Millennial or Gen Xer’s to-do list.
It’s an obvious truth: Retirement changes your life. You are no longer obligated to fulfill the duties of regular employment. Other changes reveal themselves in more subtle ways, both positive and negative. You are more prone to experience health challenges.
In 2017, the U.S. had a record 11.5 million millionaires, up from 10.8 million in the previous year. An increase in personal wealth may bring greater financial flexibility; it may also bring greater liability. Individuals with high net worth, or those who are perceived to have a high net worth, may be more likely to be sued.
Financial responsibility may not top the list of unmentionables for conversations with your teenagers, but it certainly may be one of the most important.
You know why you should get life insurance. To protect your family. To leave an inheritance. To pay off debts and other expenses. To create more financial stability. To have more peace of mind.
But is there ever a time when you should reconsider your insurance coverage or change your policy?
You may have dealt with money for more than half a century. You understand hard work, following a budget, saving money, and spending wisely. You possess a wealth of financial wisdom—at least in comparison to your grandchildren.
On one side, people in the sandwich generation provide some type of care to aging parents. It may include financial, emotional, or health-care help.
On the other side, sandwich generation members are taking care of young children or boomerang kids. Boomerang kids are adults who have left home and later returned for financial reasons.
History tells of investors leaping from tall buildings during the Great Depression. It was Black Thursday, October 24, 1929. Newspaper columnist Will Rogers wrote: “When Wall Street took that tail spin, you had to stand in line to get a window to jump out of.”
You spent decades saving for retirement. A long time ago, you understood and took to heart the advice about the importance of your retirement savings. You’ve just turned 70, and you’re proud of your financial achievements.