Millennials have not been immune to many of the most common challenges presented by the recent pandemic. More Americans than ever have had to step back and think about the importance of a financial plan but this can be very overwhelming especially in light of all of the unknowns around the pandemic’s long term impacts.
Millennials in particular have been seriously affected because they were the biggest generation in the full time workforce in the United States at the beginning of 2019. Many of them have faced challenges like reduced wages and job losses, meaning that they’ve had to make difficult financial decisions as a result.
One study, for example, from the CFP Board Centre for Financial Planning found that millennials between 30 and 39 were those most likely to take a loan from their employer sponsored retirement plan or a hardship withdrawal when compared with other age groups. Millennials might need to reevaluate their financial plans and strategies in light of these shifts and changes by considering things like:
- An emergency savings plan
- Diversifying their portfolio
- Estate planning
Many millennials won’t see estate planning as a priority for them due to their young age but it is important to think about why loved ones need adequate protection and all that you can accomplish with the creation of an estate planning strategy. As Covid-19 has shown us, there may also be challenges during your life where you need to appoint someone else in the role of power of attorney to make decisions on your behalf. This makes it even more important to get support right away.
Our Pasadena estate planning office is working with families of all sizes and ages to get estate planning documents in order. Contact us now for a consultation about your needs.