Generation To Generation - Financial Planning Questions As You Get Older

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By SJS Managing Director & Senior Advisor Jennifer Smiljanich, CFP®.

Sometimes we are lucky to find silver linings in times of adversity. As I reflect on all the change that has occurred in 2020, I take away an appreciation of being a part of our SJS clients’ lives. I began working in the planning and investment management profession more than 20 years ago, with the desire to help young people who didn’t understand much about money and investing. Over the years, I have gotten to know and work on behalf of some exceptionally wonderful individuals and families with diverse backgrounds and interests, ranging in age from 20 to 100.

Along the way, we have all added a few years to the bottom line, myself included. As we age and transition along generational positions, from child, to parent, to grandparent and beyond, our priorities and worries also tend to change. And in some ways, perhaps, so does our view of money and what we would like it to do for us and for our families.

As we move from young adulthood into careers and perhaps marriage and child-rearing, our priorities shift to try to answer questions like:

As we shift into retirement or semi-retirement, our priorities tend to shift again. Maintaining good health is more important, as is spending time with our loved ones, considerations of second or third careers, finding purpose in giving back to our communities, and perhaps enjoying activities that we left behind earlier in our lives. For many, thoughts also turn to legacy and what values, stories, and lessons are being shared with the next generations.

The questions that our team hears being asked, and helps to advise on, become increasingly personal and nuanced, as follows:

We are in a time, too, when the generational and financial makeup of the country is changing. The Silent Generation, those who were born between 1928 and 1945, have reached their 75th birthday or more (we won’t tell). And the large cohort of Baby Boomers following behind have reached their mid-50s, or as old as 74 this year. According to Visual Capitalist, these two generations combined hold 70% of American household assets in 2020.[1] As time goes on, there will be significant financial decisions to be made to provide for the well-being of our country’s oldest generations and to help the generations that follow.

We know that our financial decisions take on more meaning as we age, and there are often values and emotions that drive these decisions as we hit different generational milestones. Over the last 25 years, the SJS team has helped many families work through these questions and transitions. We are privileged to hear your stories, to be a part of your lives, to watch your families grow, and to be here for you when you need us. We are grateful for your trust, and we look forward to serving you and your families in the years to come.

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Important Disclosure Information and Sources:

[1] “Charting the Growing Generational Wealth Gap.” Omri Wallach, 02-Dec-2020, visualcapitalist.com.

Advisory services are provided by SJS Investment Services, a registered investment advisor with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice. This material has been prepared for informational purposes only.

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