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Ladies, Are You Ready for the Great Wealth Transfer?

| February 14, 2019
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Over the next 25 years, there will be the largest wealth transfer in history as baby boomers pass away and transfer their wealth to GenX, the next generation. The baby boomers are a large demographic of people born between 1946 and 1964. As the boomers age, they have a significant impact on the financial world. We will see this wealth transfer for many years, just as we are focused now on baby boomers in retirement and retiring in large numbers every year.

Because many women have older spouses and partners, because women generally live longer than men, and because a slightly higher number of people who are alive are women, more women will be on the receiving end of this wealth. This wealth will encompass investments, properties, bank balances, businesses and more, as baby boomers are historically a wealthy generation, bolstered by prolonged bull markets and many opportunities. This is great news for women who will control much of the wealth going forward!

It’s important for women (and men) to be comfortable talking about money, working with a financial professional, and being equipped with strategies and knowledge and a plan to put this wealth to work, to protect and to preserve it, to define goals and to work toward them. Setting up a wealth management team which might include other professionals such as accountants or attorneys as well can be helpful toward making sure the wealth transfer is done strategically, to help lessen erosion of assets from threats such as taxes, health care costs, and other concerns. Setting things in place now with themes of protection may help down the road.

Becoming engaged in money conversations is important - we cannot just assume things have been taken care of and are “all set”. We need to get rid of the societal stigma that it isn’t polite to talk about money. It’s not just polite, it’s essential (you will hear me say this often). My team and I are pleased to provide education and to help start and to moderate money conversations with couples, families, individuals. Let’s talk.

The opinions are those of the author and provided for general informational purposes and not as specific advice for any individual. Seek professional advice before taking any action in regard to your finances.

Todd A. Slingerland, CFP®

6 Tower Place Albany, NY 12203

(518) 867-4000 x105




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