When an individual is able to attain a high level of financial success but does not come from generational wealth, a lack of knowledge concerning complex estate planning is sometimes an issue. Many New Jersey families who have amassed first generation wealth are concerned about how to pass that wealth on to their children, but few take an approach that goes beyond that simple transfer. When it comes to wealth preservation, a long-term strategy is the best possible approach.
New Jersey residents hoping to enjoy their golden years later in life will have to dig deep into their pockets before retiring. The cost of everything continues to increase, so Boston College's Center for Retirement Research advises working adults saving for retirement to use a required minimum distribution calculated by the Internal Revenue Service. This differs from the "4 percent rule" advocated by many financial planners to determine how much personal savings can safely be spent after retirement.