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Survey: Younger People Better at Retirement Planning

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    U.S. Trust President Keith Banks on helping people plan for retirement.

  • Duration 3:11
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-- baby boomers aren't just so sure that they'll have the money for retirement but -- children seem to be on sounder footing that was according to a recent study that came out.

From TD Ameritrade at adding to that our next guest says without a plan.

Half of your wealth could actually be lost so that's pretty good reason to listen to Keith banks president of US trust -- I'm here with us today Mickey Terry you fear that's it's -- the pick -- the start thinking about this rights and or day it.

Or or or people may be ignoring edit their own peril sometimes planning for the future.

I think there is -- there's a -- -- US trust our typical client is very focused on into generational wealth transfer back it's the number one concern they have telling what that means that first before you explain how you're doing it sure what -- that means is they wanna make sure that the -- that they've created or they themselves inherited gets passed down to their children.

That the bulk of it gets passed down through their children or importantly is available for.

Philanthropic interest charities things of that nature OK so end and one of these clients comes in particular somebody from the baby boom generation these numbers -- about the -- it.

That Generation X.

and -- it.

I guess maybe it's been drilled -- -- our heads and people are starting to think about it and they're doing a quote include better job of -- -- the baby boomers but one of the baby boomer clients condenses.

What I really need to get going on this you start where.

But we sit sit down in and do a complete review their assets understand what they have today.

Plan on how much more they want to grow that door in their lifetime they really start the estate planning dialogue as to how do you.

Then structure -- -- way where the the money goes to where they want to go in the fashion they want to get there because the statistic or the assertion that I made introducing you it is yeah that's that's -- attention that you could lose half your wealth.

What's -- how does that work and and how does that happen to people which is if a fund their taxes if you don't have a good estate plan in place.

Basically when you -- when you pass half of that -- state if not more.

Will automatically go to to pay taxes what's a good example or may a couple of examples of things that people often don't realize when they start this planning process as -- boy I didn't know I had to do that.

In order to set myself up the best position.

Well I think a lot of people don't understand ages that dynamic number one in number two.

Don't really appreciate the number of sophisticated tools -- other things of that nature that they can utilize.

To protect the wealth and also ensure that the wealth passes to their children or grandchildren.

It in the form they want it to.

As you can control how quickly your children get access to that money through a trust or other vehicles of that nature when should people start thinking about it that the decent management's decide.

And I would think about it for my -- Parents but when should my parents have started thinking about at what age -- people start thinking about this you really wanna start is is is early as possible and and as as your wealth accumulates and in Europe from your needs and your.

And the structure becomes more complexion -- grow with it.

A lot of people wait too long and then they they're kind of scramble -- did you see it means when you turn fifty say you really should start thinking about something like this even there even be that -- and even earlier because again you never know when you when something unexpected may happen -- -- you have the that the plan inflation aren't good thing for people start thinking about -- -- thing after much good to have you on today and.

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