On behalf of Bebout, Potere, Cox & Bennion, P.C. posted in estate planning on Tuesday, August 30, 2016.
Life expectancies for the generation known as “millennials” are good, especially when they apply the latest research in diet, exercise and other aspects of healthy living to their lifestyles. Yet longer lifespans may require more retirement planning. In that regard, millennials are falling short, compared to other generations.
According to a recent article, less than one-third of millennials bother to complete the 401(k) plan paperwork with their new employers. That’s significantly lower than older generations: Over 50 percent of workers in their 30s and above voluntarily sign up for employer sponsored 401(k) plans.
That disconnect is hard to understand, especially given the results of another survey, where millennials ranked saving for retirement as a top concern, placing it even above student loan repayment. Do millennials think that retirement is too far off to worry about?
As a law firm that has helped many clients to develop estate plans, we understand that retirement planning often goes hand-in-hand with determining how assets will be transferred to heirs. Before making assets unreachable, such as via a transfer to an irrevocable trust, an individual needs to have the confidence that he or she will have enough financial liquidity to live comfortably in retirement.
Our estate planning attorneys believe that it is never too early to start preparing for one’s future. That planning should include not only financial considerations, but also health care issues. In order to develop an estate plan that will minimize or avoid the need for probate and facilitate efficient administration, it is important to consult with an attorney.