The Millennial generation might still have a long way to go before they reach retirement age, but they should be paying attention to elder law issues that will affect them in the future.
People of all generations tend to pay the most attention to the issues that affect them directly and immediately.
Most senior citizens do not think a lot about the cost of a college education and the availability of entry level jobs. Conversely, younger people do not think much about Social Security and Medicare. Each group has more pressing concerns that hold their attention.
However, the younger Millennial generation should pay attention to Social Security and Medicare.
Some people believe that stock markets will be bearish in the next few years. As a result, Millennials should save 25% of their current income to make sure that their retirement nest eggs grow at the appropriate rate, according to Wealth Management in “Should Millennials Double Retirement Savings Rates?”
Many Millennials will quickly point out that due to other economic factors beyond their control, they cannot afford to save 25% of their incomes, or even the traditional 10-15%.
As a result, people in that age group will be reliant to some extent on Social Security and Medicare when they retire. Since both of those programs face impending financial problems, Millennials need to pay attention to how these programs might change.
They should not consider it just an issue for older people. It will be their issue one day.
Reference: Wealth Management (Jan. 11, 2017) “Ken Thompson’s mother says she was cut out of will by late Brooklyn DA’s wife.”