People have probably heard it from the time they earn their first paycheck, “You need to start saving for retirement!” There is wisdom in these words, but unfortunately, there are many other facts of life that make this advice difficult to follow at times. Residents of Sacramento have student loans to pay off, rent to pay, and anything they actually can save for is probably for something short-term, such as a house, vacation or a new car.
Saving for retirement early in life may be wise, but for many working Californians, it simply isn’t practical. Yes, people have reason to be concerned that Social Security may eventually run out or that another economic downturn could force a lot of people into financial trouble. Still, most local families also have immediate concerns, like providing for themselves and their families. Retirement savings are important, but perhaps it’s just as important to think about planning for the future in the context of comprehensive estate planning. For many, a solid estate plan can be a crucial element in their plan for financial well-being in the future.
Estate planning includes planning for retirement to some degree, but it’s much more than that. It ensures that a person is able to make the most efficient use of their assets during their lifetimes, while ensuring that their loved ones and their future generations are well-protected. Families, businesses and future heirs all benefit from prioritizing asset protection early in life. By avoiding unnecessary taxation through the use of various trusts, people can focus on making the most of what they have.
As they plan their personal and financial futures, young professionals in California may consider taking the time to meet with a Sacramento estate planning attorney to develop a comprehensive estate plan. By starting off on the right foot, people may find that saving smarter is as effective and beneficial as saving more.