Creating and Maintaining Generational Wealth in Retirement Epstein and White

In today’s fast-paced world, ensuring financial stability for future generations can be a daunting task. However, it is a common goal for retirees to create and maintain generational wealth in retirement. What better way to leave a legacy than to provide financial security? That’s why this article will provide valuable tips and insights to help retirees build a legacy for their families and future generations.

  1. The Foundations of Financial Planning

Proper financial planning is widely considered the first step to building generational wealth.[1] Retirees should work to evaluate their current financial situation and develop a comprehensive plan in order to achieve their wealth-building goals. This process should include setting realistic and achievable objectives, creating a budget, and establishing an emergency fund.[2] No matter how much income you make, generational wealth will be difficult to create if you don’t follow these basic principles. Remember, it’s about what you can save, protect, and grow, not just the income you make in a year.

  1. Smart Investing

Investing is a critical aspect of building generational wealth. Prior to your retirement years, diversifying your investment portfolio can be a good way to grow your wealth. This can include investing in stocks, bonds, real estate, and other assets.[3] However, it’s not about picking the right assets and hoping to get rich quickly. Instead, it’s about knowing your options and executing a plan with consistency. Doing so may give you the best chance at increasing your wealth.

  1. Maintaining Physical and Mental Health

This might not be an apparent point at first, but maintaining physical and mental health in retirement can help you reduce one of the largest expenses many people incur as they age: healthcare. By staying healthy, retirees can reduce medical expenses, enjoy a higher quality of life, and preserve their wealth for future generations in doing so. Regular exercise, a balanced diet, and regular check-ups with healthcare professionals are essential aspects of maintaining good health and helping you avoid draining your nest egg to healthcare costs.[4]

  1. Leaving a Legacy for Future Generations

To ensure the preservation of generational wealth, retirees must plan for the distribution of their assets after their passing. It can be a good idea to work with an estate planning professional to develop a solid plan that includes wills, trusts, and other legalities. This can help minimize taxes, avoid probate, and ensure the smooth transfer of assets to heirs and beneficiaries.[5]

If you’re interested in creating and preserving generational wealth, you’ve found the right place. Click HERE to reach out to us today at Mercer Advisors, Formerly Epstein & White for a complimentary review of your retirement strategy and take the first step towards achieving your retirement goals.

 

Epstein & White is a tradename. All services provided by Epstein & White investment professionals are provided in their individual capacities as investment adviser representatives of Mercer Global Advisors Inc. (“Mercer Advisors”), an SEC registered investment adviser principally located in Denver, Colorado, with various branch offices throughout the United States doing business under different tradenames, including Epstein & White. Information contained herein is for informational and illustrative purposes only and general in nature. It should not be considered investment advice or a recommendation to buy or sell any type of securities or insurance products and no investment decision should be made based solely on any information provided herein. Investing involves risk, including the possible loss of principal. Diversification and asset allocation does not ensure a profit or guarantee against loss. We provide this information with the understanding that we are not engaged in rendering legal, accounting, or tax services. We recommend that all investors seek out the services of competent professionals in any of the aforementioned areas.