Financial Planning at Every Age

In 2013, a Gallup poll found that only about one in every three U.S. households maintained a budget.1 A 2021 survey of 1,000 Americans found that 80% now say they have a budget.2

Americans are budgeting more due to the pandemic. Knowing where your money is going and making sure you’re adequately funding your future could be helpful to maintain your lifestyle for the decades that you may live. Whether you’re a Baby Boomer, Gen X-er, Millennial, or a member of Gen Z, there are a few things you may focus on to help you pursue your financial goals.

Gen Z

Members of Generation Z were born between 1997 and 2015. Some of the older ones are entering the workforce.3 Although there may be many pressures on a Gen Zer’s wallet, making an effort to set aside some funds for retirement while still young is a strategy worth considering. The saying “time in the market beats timing the market” came about for a reason. A study of the S&P 500 returns from 1926 to 2011 found that a 20-year buy-and-hold strategy never produced a negative result, with annualized returns from 3.1% to 17.9%.4


Some of the oldest Millennials are pushing 40, while those at the tail end of this generation (generally defined as 1981 to 1996) are just in their mid-twenties. But whether you’re an older or younger Millennial, you may benefit from reducing your debt and building up an emergency fund. Even though Millennials may be beleaguered by student loans, auto payments, rent, credit card payments, and other debt, putting a plan in place to tackle this debt while saving for an emergency may help you pursue financial independence.

Gen X

As members of Generation X, or those born between 1965 and 1980, hit their peak earning years, a financial plan may help ensure that these earned funds are allocated to the appropriate savings and investment vehicles. If you haven’t already started investing in an IRA, in addition to any 401(k) that’s available, now might be the time to pursue that option. Investing in growth assets may also help build up your retirement nest egg.

Start thinking about what you’d like your retirement to look like. Once you’re within striking distance of retirement age, it’s worth spending some time planning your income needs, expected lifestyle, and other considerations, so you’ll be better prepared when retirement comes.

Baby Boomers

With the youngest Baby Boomers just about to turn 60, retirement is front and center. Your financial planning concerns often revolve around turning your retirement assets into retirement income at this stage in your life. Consider whether to take Social Security early, on time, or late. Also, look into your asset allocations to confirm that your funds are invested in a way you’re comfortable with.

Regardless of which generation you call your own, there are some important steps you may take that might significantly improve your financial future.



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Important Disclosures:

Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.

Asset allocation does not ensure a profit or protect against a loss.

The Standard & Poor’s 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

LPL Tracking # 1-05172780


Chris Marshall
Author: Chris Marshall
Chris Marshall is a Wealth Advisor with Fusion Financial Group, an independent financial planning firm and fiduciary based in Denver, CO. Located in Wisconsin, Chris has 15 years of experience in the financial services industry. At the beginning of his career, he specialized in both portfolio construction and real estate products, fostering a diverse understanding of investment markets. He is compassionate, motivated and hardworking, making him a natural fit as a Wealth Advisor within an independent financial planning firm. Chris focuses on coaching small business owners and new investors. Chris majored in Business Administration at Colorado State University. Since then, he has built a background in investment model design and securities. Chris received the designation of Accredited Investment Fiduciary (AIF®), a symbol of his dedication to upholding the fiduciary standard for clients. When not working, Chris spends time at home in Appleton, Wisconsin with his wife, Kayla, and two young daughters, Winnie and Marlee. Chris grew up in Colorado and is a rabid Denver Broncos fan that can trace his legacy season tickets back several generations!   Chris enjoys traveling, attending live concerts and watching just about any type of sporting event. To learn more about Chris, connect with him on LinkedIn.