The Established Professional also known as Gen X, ranges in age from 35 to 55 and is fairly well established financially. Although our Established Professional has accumulated some wealth (perhaps more than she ever imagined possible) there are many new financial challenges to be met.
Our Established Professional may be contemplating a career change looking to create the defining legacy of their career. Concerns about investment strategy are common at this stage. Gen Xers should be questioning savings adequacy surrounding retirement accounts as well as asset location – in or out of tax-qualified accounts.
Our Established Professionals (at all ages) are significantly impacted by Income taxes and need to evaluate tax minimizing strategies both currently and in retirement. It is possible for the diligent saver/investor to create a situation where retirement income is larger than working income – especially considering the impact or Required Minimum Distributions at age 701/2 .
Aging parents is another concern for our Established Professionals at all ages – protecting parents from financial predators is a significant concern. Long term care planning for both generations is an important piece of the financial puzzle.