TOP 5 Family Milestones in 2021

A study done by Life Happens shows what the Top 5 Family Milestone in 2021 are. For the 2nd year in a row, Financial Security ranked as the most important milestone to achieve.

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Castle Wealth Group helps families with their legal, financial, and tax planning for their retirement and legacy.

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Episode Transcript

Key Milestones to Achieve for Families in 2021

Hey, this is Chris Berry with Castle Wealth Group, and today we’re going to talk about a study done by Life Happens that talked about the top five most important milestones to achieve for families in 2021. And if you like this information, please make sure to subscribe to our YouTube channel.

Christopher Berry is a leading estate attorney and advisor in the area of retirement and legacy planning. He has been featured in publications such as Forbes, Kiplinger’s, Crain’s Detroit, and more. He’s the host of the weekly radio show and podcast the Chris Berry Show. He’s a national thought leader as it relates to retirement and legacy planning, and has authored the Amazon bestselling book, The Caregiver’s Legal Guide.

So what are the top five most important milestones to achieve in 2021? Well, the first one is coming in at 38%, and this was from a study done by Life Happens. You can go to their website, but number one, coming in at 38% was financial security. And for a lot of our clients, that’s all about having a retirement and legacy blueprint that addresses five key areas. Income planning, investment planning, tax planning, healthcare planning, and legacy planning. If we have a plan for all five of those key areas, that’ll give you the financial security, the peace of mind, the comfort, the confidence, and the clarity you need moving forward. Now the second most important milestone was a successful career. Obviously for those working, they want to be successful, not only in terms of wages, but also in terms of fulfillment, what they’re offering to the world.

Number three, and this is something that we deal with on a regular basis with our clients is retirement. A lot of people have been forced into retirement or are looking forward to retirement in 2021. And that came in at 27%. 26%, so just behind that was zero debt. So getting all those credit cards or student loans or mortgages paid off, and there is a difference between good debt and bad debt. And a common question I get often is should we pay off the mortgage? And there’s a psychological answer, and then there’s a number answer, but it always starts with what is that interest rate? And that’s a good way to differentiate good debt from bad debt. For example, credit card debt at 18, 20%, that’s bad debt. Student loans that might be less than 2% or 3% or a mortgage that’s less than 3%, that might not be bad debt. But I understand the psychology behind the sense of relief you get when you’ve paid things off, and that certainly feels good.

And then the last of the top five most important milestones to achieve in 2021, obviously this is going to be for the younger clients, younger individuals, younger families, is having children. It seemed like in 2020 people were having puppies and dogs because they were staying at home, but I guess if you can handle the dog, for the year 2021 it’s all about having a child and just ramping it up one more level. So hopefully that’s helpful, and if you need any help achieving these goals, though I can’t help you with having children, but some of the other goals we can certainly help you achieve in 2021. Just give our office a call, (844) 885-4200. So this has been Chris Berry with another Daily Wisdom. Make sure to subscribe to our YouTube channel. Thank you.

Castle Wealth Group has clients across the nation and helps families plan, protect, and preserve what is important by creating a retirement and legacy blueprint.



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