Many differences exist among baby boomers, Generation Xers, and

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1 Upcoming Events 7th February 2017 Blacktower Financial Management Top Financial Concerns of Baby Boomers, Generation Xers and Millennials Many differences exist among baby boomers, Generation Xers, and millennials. But one thing that brings all three generations together is a concern about their financial situations. 21st February 2017 CCT Venues, Canary Wharf Level 32, 40 Bank Street LONDON E14 5NR United Kingdom 2nd March th March 2017 Innside Eurotheum Neue Mainzer Strasse FRANKFURT Germany 15th March 2017 The Hub Eindhoven Vestdijk CA Eindhoven According to an April 2016 employee financial wellness survey, 38% of boomers, 46% of Gen Xers, and 51% of millennials said that financial matters are the top cause of stress in their lives. In fact, baby boomers (50%), Gen Xers (56%), and millennials (60%) share the same top financial concern about not having enough emergency savings for unexpected expenses. Following are additional financial concerns for each group and some tips on how to address them. Baby Boomers Baby boomers cite retirement as a top concern, with 45% of the group saying they worry about not being able to retire when they want to. Although 79% of the baby boomers said they are currently saving for retirement, 52% of the same group believe they will have to delay retirement. Health issues (30%) and health-care costs (38%) are some of the biggest retirement concerns cited by baby boomers. As a result, many baby boomers (23%) are delaying retirement in order to retain their current health-care benefits. Other reasons reported by baby boomers for delaying retirement include not having enough money saved to retire (48%), not wanting to retire (27%), and having too much debt (23%). 21st March nd March 2017 Blacktower Financial Management IN THIS MONTH S ISSUE Blacktower Announcement Page 3 New Investment Choices Page 5 Page 1 of 6

2 Generation X While baby boomers are concerned about retiring when they want to, Gen Xers are more specifically worried about running out of money in retirement, with 50% of the surveyed group citing this as a top concern. More Gen Xers (26%) than baby boomers (25%) or millennials (21%) have already withdrawn money held in their retirement plans to pay for expenses other than retirement. Besides worrying about retirement, 25% of Gen Xers are concerned about meeting monthly expenses. Forty-four percent find it difficult to meet household expenses on time each month, and 53% consistently carry balances on their credit cards. Being laid off from work is another financial worry among Gen Xers, cited by 22% of those surveyed-- more than cited by baby boomers or millennials. Gen Xers (26%) report that better job security would help them achieve future financial goals, which may help explain their worry about both future (retirement) and current (living) expenses. Millennials In an attempt to make ends meet, 30% of millennials say they use credit cards to pay for monthly necessities because they can t afford them otherwise. But 40% of those who consistently carry balances find it difficult to make their minimum credit-card payments on time each month. How Each Generation Can Address Their Concerns Focusing on some basics may help baby boomers, Gen Xers, and millennials address their financial concerns. Creating and sticking to a budget can make it easier to understand exactly how much money is needed for fixed/discretionary expenses as well as help keep track of debt. A budget may also be a useful tool for learning how to prioritize and save for financial goals, including adding to an emergency savings account and retirement. At any age, trying to meet the competing demands of both short- and long-term financial goals can be frustrating. Fortunately, there is still time for all three generations to develop healthy money management habits and improve their finances. Unlike baby boomers and Gen Xers who worry about future financial needs, millennials seem to be more concerned about meeting current expenses. This concern has grown substantially for millennials, from 23% in the same survey conducted in 2015 to 35% in Millennials are also finding it increasingly difficult to pay their household expenses on time each month, with the number jumping from 35% in 2015 to 46% in Considering the amount of debt that millennials owe, it s probably not surprising that they worry about making ends meet. Specifically, 42% of the millennials surveyed have a student loan(s), with 79% saying their student loans have a moderate or significant impact on their ability to meet other financial goals. Page 2 of 6

3 Blacktower Financial Management Group and Beacon Global Group Announce Strategic Agreement in January 25 th, 2017 Blacktower Financial Management International and Beacon Global Group today announced a strategic agreement to support the more than 45,000 Americans living in with financial planning and investment advice. Financial planning and investing for Americans has become harder in recent years with the IRS & FATCA causing Americans to be unwelcome at many financial institutions. It has caused difficulty opening bank accounts, closed U.S. brokerage accounts, complex and changing tax codes, confused & fearful financial advisors; and few quality investment options. There are now other investment options, such as the X-Note, for Americans to invest in that should solve both their investment choices and more easily meet their tax reporting obligations. Blacktower advisers throughout will be helping them with their local investment choices as well as referring them to licensed advisers in the U.S. to ensure a holistic approach to their investment and retirement portfolios. Paul Brown, Group Director Blacktower Financial Management Group said: The synergy between our two organizations means that we can now offer American expatriates truly global service, at a time when their financial planning options have become increasingly limited as a result of FATCA. While many financial institutions are now unwilling to accept American clients and are even closing accounts, our cooperation with Beacon Global Group means we can fully assist non-resident Americans with all their financial planning requirements, both whilst abroad and when they return home. Robert Rigby-Hall, President - Beacon Global Group said: We are very fortunate to have identified a wonderful team of financial advisers in who have a strong reputation for meeting the needs of their current international clients. Given the global mobility of many Americans overseas, we are excited to be working with them as part of our network designed to provide seamless local country U.S. expertise. For further press information: Janice Diaz Tel: or JaniceDiaz@BeaconGlobalGroup.com Page 3 of 6

4 About Blacktower Financial Management Group The Blacktower Group was formed in 1986 to provide independent wealth management advice and a bespoke service for both individual and corporate clients. In 1996, Blacktower expanded offshore and opened its first office in the Algarve, Portugal during Blacktower Financial Management (International) Ltd (BFMI) was formed in 2003 and incorporated in Gibraltar, where the BFMI Head Office is situated. BFMI now has offices throughout Europe and is continuing with its expansion program. We guarantee, whatever financial planning services you require, you ll get the same high level of professionalism and attention. We also have Consultants throughout our offices in Europe who as well as speaking English, also speak Spanish, Swedish, Danish, Norwegian, French and Italian. About Beacon Global Group Beacon Global Group is uniquely positioned at the center of global relationships with banks, accountants, lawyers, tax specialists and financial planners, all with the desire to grow their businesses through serving the unique needs of Americans where ever they are in the world. We partner with Independent Financial Advisers in reaching American clients through our network relationships, training, marketing, and social media. Page 4 of 6

5 NEW INVESTMENT CHOICES If you re an American reading this then the chances are that you re one of 8-11 million Americans living outside the US. The financial underpinnings of your income, savings, investments and insurance, plus plans for your retirement and your children s education, have always been complicated. Add to these the layer of an international assignment, which naturally has significant consequences for your ability to monitor your financial accounts, save, invest and pay your taxes. Things have become even harder in recent years with the IRS & FATCA causing Americans to be unwelcome at many financial institutions. It has caused difficulty opening bank accounts, closed U.S. brokerage accounts, complex and changing tax codes, confused, fearful financial advisors; and few quality investment options Additionally many Americans have found themselves with Passive Foreign Owned Corporations (PFICs). It s important to know if you re invested in a PFIC because you will be required to file certain tax forms, follow certain tax rules, and probably pay more in tax. As you ll see in this addition of American Overseas there are now other financial products, such as the X-Note, coming to the market for you to invest in that may help solve your PFIC tax issues. If you have a PFIC, or think you might have one, then contact us to speak to a local adviser. If you re one of the millions of Americans who have found it nearly impossible to invest in products in Europe then you re probably sitting with cash in your bank account gaining zero interest. Again your problems may be solvable thanks to these new investment choices. Page 5 of 6

6 Upcoming Events in February 7th February 2017 Blacktower Financial Management 21st February 2017 CCT Venues, Canary Wharf Level 32, 40 Bank Street LONDON E14 5NR United Kingdom Upcoming Events in March 2nd March th March 2017 Innside Eurotheum Neue Mainzer Strasse FRANKFURT Germany 15th March 2017 The Hub Eindhoven Vestdijk CA Eindhoven 21st March nd March 2017 Blacktower Financial Management Beacon Financial Beacon Financial, LLC does not provide tax or legal advice. None of the information in this article should be considered tax or legal advice. You should consult your tax or legal advisers for information concerning your own specific tax/legal situation. Securities offered through Regulus Advisors, LLC. Member FINRA/SIPC. Investment advisory services offered through Regal Investment Advisors, LLC, an SEC Registered Investment Advisor. Regulus Advisors and Regal Investment Advisors are affiliated entities. Beacon Financial, LLC is independent of Regulus Advisors and Regal Investment Advisors NL8.2 (02/17) Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2016.