Melissa J. Sanchez

If you're a member of Generation X, you're likely navigating one of the most challenging financial stages of life. Many Gen Xers find themselves in the "sandwich generation," balancing the needs of aging parents while still supporting children or young adults. At the same time, retirement is no longer a distant goal. It's quickly becoming a reality. As you approach retirement, it's important to recognize that the decisions you make today can have significant long-term financial and tax implications. This is the time to take a fresh look at your retirement income strategy, investment allocation, healthcare planning, and tax efficiency. The strategies that helped you build wealth during your working years may need to evolve as you transition toward drawing income from your assets. Rather than trying to manage every financial responsibility on your own, consider developing a comprehensive plan that addresses both your current obligations and your future retirement needs. A thoughtful retirement strategy can help you balance competing priorities, minimize unnecessary taxes, and provide greater confidence as you move into the next chapter of life. The closer retirement gets, the more valuable proactive planning becomes

Retirement is a time to enjoy the rewards of a lifetime of hard work, but it's also a time when every financial decision carries greater long-term importance. Don't rely solely on advice from friends, family, or your golfing buddy. Instead, make financial decisions within the context of a comprehensive retirement and tax strategy. The choices you make about income withdrawals, investments, taxes, and estate planning can affect not only your lifestyle throughout retirement but also the legacy you leave to your loved ones. Taking the time to understand your options and develop a thoughtful plan can help you maximize opportunities, avoid costly mistakes, and gain greater confidence in your financial future.

As women, we often wear many hats, balancing careers, leadership roles, family responsibilities, and caregiving responsibilities. Yet much of the traditional financial advice available today was not designed with those unique experiences in mind. One of the most important financial decisions you can make is to prioritize your own financial plan. By taking control of your long-term goals, retirement strategy, and wealth plan, you can build confidence in your future and ensure your financial decisions align with the life you want to create. Making your financial well-being a priority today helps provide greater flexibility, independence, and opportunity tomorrow

When your compensation changes, whether through a promotion, bonus structure, commission adjustment, stock compensation, or a career transition, resist the urge to immediately adjust your lifestyle. Instead, take time to understand how the change affects your overall financial plan, tax situation, and long-term goals. A compensation change is an opportunity to be intentional with your money. By reviewing your cash flow, savings strategy, retirement contributions, and tax implications before making major spending decisions, you can turn a career milestone into lasting financial progress.

If you've achieved financial independence or retired early, remember that preserving your freedom is just as important as creating it. Develop a disciplined income and tax strategy so your assets can support the lifestyle you've built for decades to come.

Don't wait until retirement to plan for retirement. The earlier you create a strategy for income, taxes, and long-term goals, the more options and flexibility you'll have when the time comes to retire.