A three-legged stool was once the metaphor most commonly used to describe retirement planning. The three legs this metaphor referred to were corporate pension, Social Security and personal savings. However, once baby boomers started moving towards retirement, they had to deal with the reality of trying to plan without having a pension to lean on. As a result, boomers found themselves trying to balance on stilts instead of a three-legged stool.
While plenty of boomers have found solid solutions for their various retirement challenges, that doesn’t mean future generations are out of the woods. In fact, the new reality of planning for retirement can feel like trying to stay balanced on a pogo stick. Since there are even more challenges facing Generations X, Y and Millennials, retirement planning professionals are in a position to provide extremely valuable help.
Thanks to a continued stream of media coverage, most people understand the basic characteristics of the millennial generation. While there’s no shortage of information about millennials out in the world, much of this information is very general in nature. And in plenty of cases, the way that information is shared ends up painting a picture that’s far from ideal. Because of that slant, it’s easy for financial planners to overlook the opportunity that’s presented by this generation. However, since millennials are the future, planners who stay on top of this information and find ways to put it into action will be able to put themselves in a very good position.
The reason that top branch managers are able to provide very actionable management tips is because they know from direct experience exactly what works. And just as importantly, they know about the things that don’t work. Thanks to this combined knowledge, seasoned managers can help many different professionals in this field. Whether it’s a professional who already has a career or a young person aiming to become a manager someday, any advice from a respected branch manager is worth thinking about.
When it comes to talking about money, earning is an important part of the conversation. And the reality of earning is that even though it’s now 2015, there’s still a earnings gap between men and women. Depending on the source, women earn 77-93 cents on the dollar for what a man earns. Since the 93 cent figure is specifically for younger women who are starting their careers, it’s definitely encouraging that things are moving in the right direction.
However, since issues do still exist, it presents an opportunity for baby boomers to help the next generation. One way to do this is within families. When boomers can speak openly about their experiences and the challenges they’ve faced over the years, it can serve as both guidance and inspiration for millennials to assist with gender parity issues.