The following is the second in a series of articles aimed at providing members of a specific generation with a checklist of financial planning priorities appropriate to their age and circumstances. Here in the second of three articles in the series, we provide a financial planning checklist for members of Generation X. (Part 1 focused on Baby Boomers. In Part 3 we’ll address the financial planning needs of Millennials.)
Sandwiched by their dependent children on one side and their aging parents on the other, members of Generation X (born roughly between 1965 and 1980) find themselves in unique financial planning territory. How do they address their own financial priorities — fulfilling current obligations and planning for the future — while maintaining the financial wherewithal to provide support to their dependent children and to their parents, too, should they need it?
The 11-item checklist below is designed to help Gen Xers sort through these often-competing multi-generational interests and get clear about their financial planning priorities.