Specialized Comprehensive Financial Planning for Gen X in Greeneville TN
Date: January 16, 2023

Specialized Comprehensive Financial Planning for Gen X in Greeneville TN

Generation X has always faced unique financial challenges. They are the first generation to face the prospect that they may be less well off financially than their parents. They came of age as corporations were replacing pensions and job security with strategies where employees saved for their own retirement, such as 401(k)s, and where lifetime security in a job was not nearly as common as for previous generations. 

Not only that, but they are the sandwich generation. Many look after their elderly parents at the same time as they raise their children. The strain, both financial and in terms of time, may have meant they saved less for retirement than they wanted to or couldn’t make retirement planning a priority. 

But financial life is looking up for Generation X, due to a confluence of factors. They are in their peak earnings years. The generation before them, the Boomers, are largely retired, so Gen X’ers hold the top spots in many jobs. Their children may be grown – many Gen X’ers are either empty nesters or looking at being empty nesters in the next few years. If they own their home, they may be beneficiaries of the surge in home prices in many parts of the country.

As a result, Gen X may have more positive cash flow than at any time in their lives. If so, it can be time to maximize their retirement savings and other financial goals – to put themselves first.

At the same time, though, Gen X’ers may feel some anxiety about their retirement. In fact, a major survey indicated that Gen X’ers listed retirement, savings, and digital currency as their top 3 concerns

Another survey indicated that many want to reach a significant goal, but haven’t yet made firm plans to do so. The goals varied – retirement, travel, starting a business, pursuing a passion project, and more – but the fact is, goals need a plan to reach fruition. 

All of these facts indicate that Gen X can benefit from specialized comprehensive financial planning in Greeneville, TN, and beyond. Let’s look at what specialized comprehensive financial planning is.


Specialized Comprehensive Financial Planning: What It Is

Specialized comprehensive financial planning starts with your personal goals and objectives. Financial planners will sit down and review both your short- and long-term goals. Do you want to retire soon, or later? Do you want to travel extensively? Start a business? All the financial advice and strategies they offer will be keyed to helping you realize your specific goals.

It can also be prudent to think through what you most want to discuss with a financial planner. These can either be areas you’re unsure about, such as when to retire, or areas where you want additional information, such as how to cope with inflation. 

Here are the areas comprehensive financial planners cover.

Cash management – Financial advisors will review your overall income and expenses. They may make suggestions for managing your cash flow, such as debt management and strengthening your disposable income. 

Investment advice – Financial planners will give comprehensive investment advice, including recommendations for asset allocations, specific investments, potential tax strategies, and more.

Retirement planning – They will review your goals for retirement, including projecting your income in retirement, perhaps under several scenarios. Here, too, they will recommend tailored strategies, such as advice regarding specific recommendations, tax-advantaged savings such as 401(k)s and Individual Retirement Accounts (IRAs), asset allocations, planning the mix of your retirement income among Social Security, savings, pensions and benefits and more. They can also recommend methods of increasing your retirement savings if applicable, such as utilizing catch-up 401(k) and IRA savings levels after the age of 50. 

Educational savings – If you plan to help your children or grandchildren with educational savings, financial planners can help you manage the amount, potential tax-advantaged savings, and more.

Risk management – Your assets need to be insured to avoid the risk of loss. Comprehensive financial planners will review your insurance policies on all assets, such as your home and vehicles. They will also review your health insurance and your needs for life and other insurance and make recommendations.

End-of-life planning – Comprehensive financial planning includes making provision for the transfer of your assets at the end of life. They can advise on wills and trusts and other end-of-life issues. 

All these categories will include advice designed to reach your goals, maximize your finances, minimize taxes and deal with issues such as inflation and risk tolerance.


What to Look For in a Comprehensive Financial Planner for Gen X

When you look for a financial planner, it’s prudent to look for one with the CERTIFIED FINANCIAL PLANNER™ Professional designation. CFP®s are required to pass specific educational requirements on financial matters, including coursework and exams, and to have extensive real-world experience as well.

In addition, all CFP®s are fiduciaries. Not all financial advisors are required to be fiduciaries, but CFP®s are. Fiduciaries are required to put their client’s best financial interests ahead of their own.

You should also make sure that the financial planner specializes in Generation X. The issues faced by Boomers, Millennials, and Generation X can be quite different than yours.

Finally, talk to your financial planner about their investment strategies. If you are interested in digital assets, for instance, make sure that your financial advisor is also interested in them.


A Comprehensive Financial Planner in Greeneville, TN

At Sapiat Asset Management, we are fee-only CERTIFIED FINANCIAL PLANNER™ Professionals who concentrate on the financial needs and goals of Generation X. Connect with us today to discuss your goals.

Sapiat Asset Management is a Fee-Only, Independent, Registered Investment Advisor (RIA), specializing in goal-oriented financial planning and investment management for Gen X Individuals & Families, their Businesses, & the Trusts that benefit them.

Steve Dick