July 25, 2018

Financial Planning For Millennials and Gen Xers

Financial Planning For Millennials And Gen Xers

Financial planning becomes more important as we age, so the earlier the start, the greater the potential benefits. Millennials and Gen Xers, in two new growing groups, are aging into greater need for financial planning.

Dual Income No Kids
Working couples, two incomes, no kids on the horizon. They are looking to capitalize on their healthy, younger years by doing things like travel, living in different cities, or possibly starting a business based on a passion. The thought of retirement, building a family and long-term financial commitments can be frightening, stressful and far-fetched. Many Millennial couples are looking to ensure they can continue their lifestyle for years to come, and are not as concerned about an early retirement.

Dual Income No Kids (Yet)
These are similar couples who anticipate starting a family at some point. This group is also looking to capitalize on their healthier years, have decided that kids are on the horizon, but not quite yet. They want to be sure they can fully support having a child before moving into parenthood. They need to strike a balance between saving for eventual parenthood while still being able to enjoy and experience their present station in life.

Different strategies
LMCU’s MaxWealth Management team understands that these groups require different investment strategies to smooth out the balance between enjoying the present while saving for the future.

  • Tend to have higher taxable income with fewer write-offs
  • More discretionary income to put away for the long term
  • Need a solid longevity plan for care down the road
  • Can’t usually rely on family for financial help
  • Want to travel more often


Have a friend or family member in one of these groups? They can get a free, no-obligation review by contacting a MaxWealth Management advisor today. LMIS is now MaxWealth Management Located at Lake Michigan Credit Union!

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