Special Message For Kids Of Baby Boomers (Knoxville, TN)

Hi, this is Scott Smith with banker broker.com. It's really weird to think about it but baby boomers are aging out. Um uh baby boomers range from 1945 birth year to uh 1964 birth year. And so uh the youngest ones are turning 60 the oldest ones are banking on 80 life expectancy. What we're looking at right now, uh Is that baby boomers uh own more real estate than, than uh Gen X and Gen Z and millennials combined. And so there's, there's a about to be a really big wealth transfer over the next 10 years. So, uh there's an interesting thing is, is as much as the baby boomers have uh their kids and grandkids. Not so much. Chances are that if you are Gen X like I am, I'm, I was born in uh 69. If you're Gen X or if you're a millennial or Gen Z or, or whatever. Uh the chances are, is that, uh is that maybe you don't own a home or uh uh and you're certainly not ready for retirement. They say that uh in Gen X, only 5% of the people who are gen X uh are prepared for retirement. I don't have enough money uh when they turn 65. So, uh so here's some things to do. Some, some true realities when the parents uh pass away. Uh and, and uh most baby boomers uh will pass away in the next 10 years. Um Oh, what do you do with the money? So, uh the there's options, some people want to say, well, naturally, what we wanna do is we want to pay off mortgages. Well, if you got your mortgage as before the Biden presidency, your interest rates would probably be as low as 2.5%. And gosh, golly, you don't want to really get rid of that mortgage. That's, that's golden. And uh and then some of you say, you know, let's just treat ourselves. Mom would want us to do this. So let's, you know, take that uh uh uh take the Queen Mary and, and, and, and go to England and then go to Paris and, and live it up. That's truly an option. Um uh And then some like, well, you know, let's buy a boat, let's do some things. Let's live it up a little, always an option. But when you, if you're part of the demographic to where only less than 10% of you are on track to being ready for retirement, maybe that's really not the option. Maybe really. What you wanna do is take the money that you get from mama, uh when she moves on and you uh use that to fund your retirement that you weren't really ready to do. Um So, uh the, uh the average for, for a family of, of two A b, you know, uh uh two kids uh splitting the mom and dad's estate. And today the average is that each kid will get around 350 to $400,000. That's just the national average. And so, um and, and instead of blow it on a house boat and, and going to Europe on a big fancy vacation, um let's uh uh get your retirement up to snuff up to standard to where you can actually retire. So you'll have money when you can't work or don't wanna work anymore. It's put it in safe money contracts, safe money contracts are really great because they let you experience market increases, but they never allow you to experience market losses. So instead of of your portfolio looking like a, a heart rate going up and down and up and down and up and down instead looks like a staircase where it goes sideways and up, sideways and up, sideways and up. And so, um the closer that you Gen Xers and even you millennials get closer to the time that you wanna retire. Um You wanna make sure that your retirement that you're banking on is safe and especially if you just don't, if you're part of that 90%. That doesn't have had it quite yet. You wanna do all you can to get there. Um, we always suggest that if you have an insurance or financial professional that you go, go seek them and talk to them because it's part of the discussion. Maybe mom's still around and she's happy and healthy and enjoying the grandkids and you're still loving on her. But o or maybe, maybe she, uh, maybe your mom and dad uh have passed in the past uh within the past couple of years or they're pretty sick, but it's a conversation to have uh have it with your insurance and financial professional. If you don't have one that you trust, that knows how to talk to you about safe money contracts. You're more than welcome to contact us at Banker brokers.com. That's Banker brokers.com. We're really good at answering questions in a, in a very quick timely manner and we're here to educate you not to sell you. And so we just want to make sure that you're taken care of. Uh mainly is, is that we don't want anyone uh to be in a situation to where you run out of money, but you live with dignity and happiness for the entirety of your life. This is Scott Smith with banker brokers.com. Have a great weekend.

Schedule a consultation by contacting us at BankerBrokers.com