Generation Z has now come up with another new term you’ll be hearing more about, it’s called "micro-retirement." The concept of "micro-retirement" is to take time from work while you are still young, rather than deferring all your future leisure plans to the later years of life.  

Some people just call this being unemployed for a while. Others call it taking a sabbatical from work. This new trend is sweeping through Generation Z and are they on to something smart or is this going to create an even more cratering financial effect on their financial future? 

OK. I must make a confession. At 55 years old, it’s hard to get my head wrapped around needing a big ‘break from work’ in your 20s. 

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Brittney Foley, 26, is a woman who is opting for a micro-retirement. She explained that taking smaller career breaks earlier in your life is perfect when you don’t have kids as you can quite literally do whatever you want. This is assuming you can afford it. Although, with national credit card debt at a staggering $1.2 trillion and the average credit card balance soaring past $6,000, can Generation Z really afford it? 

Brittney said, "With other people my age, there’s so much pressure to chase promotion cycles and raises, and everyone is so burnt out." Burnt out? At 26? 

This generation has decided to flip the script of how they view their own financial plan, which is live for today and don’t worry about tomorrow.  

There is a much more cynical view from people in their 20s that they will be able to afford a home, retire comfortably and reap the benefits of Social Security. So, we are witnessing a counterculture of younger people turning the retirement script upside down with this idea of having three- to six-month breaks in between their next career move. 

A very close friend of mine has a daughter who left Google recently at the age of 30. She had done very well there, rising through the ranks and building an income of almost $300,000. But, feeling the passion to live for today, she quit the job and is currently living for four months in Hawaii and then off to two months in Bali before she figures out her next career move. Is this something that Boomers and Gen Xers should have done when they were younger? 

The phrase micro-retirement was first described in "The 4-Hour Workweek," a self-help and careers guidance book published by the entrepreneur Tim Ferris in 2007.  However, most young people may not fully think about the financial consequences of these mini-retirement decisions. 

Your 401k/retirement savings: For Gen Z workers, they need to look closely at the matching and profit-sharing contributions from their company. Often, these contributions made by the employer have a vesting schedule and it could be a horrific financial move to walk away from unvested money that could have a substantial impact on your retirement balances over the long haul. 

Your ability to earn the same income … or more: The strategy of micro-retirement assumes you’ll be able to re-enter the workplace quickly and at the same income or more. Part of growing your income, bonuses and potentially company stock is often tied to your tenure with a company.  

It’s unknown yet how employers will view someone who has two, three, or four breaks in their resume to micro-retire and whether they will want to hire that person knowing they could quit in a couple of years after the employer invested tons of time and money training that new employee. 

Your Social Security: While some Gen Z workers believe they will never see a dime of Social Security, it’s important to account for how a break in your income will affect your long-term Social Security. It’s likely the full retirement age for those in their 20s will be past the age of 67, but having gaps of income could make your overall Social Security lower down the road and impact your overall retirement. 

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Debt: What’s most worrisome aspect of this new trend is the debt that younger workers in America may take on to achieve a mini retirement. Most people in retirement aren’t jet-setting around the world and often these micro-retirement breaks are partnered with exotic vacations or luxury travel which could increase the debt load on younger people. 

This new trend that emerged on TikTok sees Gen Z workers from around the world vowing to take periodic breaks from the office to protect their "mental health" — despite being several decades away from the retirement age. 

On one hand, I’ve done financial plans for many people in their 40s and 50s who are seeking an early retirement to start to enjoy their hard-earned money and savings. However, many of those people often worry about running out of money, so they’ll extend the amount of time they work another five or 10 years to be sure they have enough retirement savings to do whatever they want to do in retirement. In some cases, health issues that arise like a bad knee or hip or something even more consequential may stop them from fully enjoying the assets that they have saved up. 

You could say it’s irresponsible to not focus on saving and planning for your future to just enjoy every nickel and more that you have in the bank today. 

You are not only applying a much narrower window of achieving retirement success with micro-retirement, but it could also cost America billions of dollars to take care of people who didn’t save because they wanted to spend their money today. Are you ready to bail out people for their future retirement like people got bailed out for college loans? 

So, who has it right? Those of us that toil away, max out our 401(k), pay down our house quicker and save that bucket list for when we retire? Or does Gen Z have it right with the attitude that tomorrow is never promised, who knows when we will have a COVID-19 like event again? You should just sit back, assume you’ll work forever, and soak up as much fun as you can when you are in your 20s and 30s? Time will tell if this is another fad, or it will become a staple of how people live in the future.  

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The saying goes that a cobbler’s kids have no shoes. But my own experience in creating an estate and legacy planning product after the passing of my father over a decade ago has ensured that I practice what I preach.  

Given that I know how important formalizing my wishes and information is, I recently updated my own estate plan. Here’s why you should update yours, too — or get on it if you haven’t already put one in place. 

Whether you are asset-heavy or asset-light, have many dependents or none, or have complex or simple affairs, putting an estate plan together is critical to make sure your wishes are carried out and that your loved ones aren’t overwhelmed by the process. Being organized now helps save your loved ones’ time, money and grief when they need it the most. 

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So, what should you put in place or revisit? 

First, make sure you have an updated will. This will legally set forth your wishes and make the process easier for your loved ones to work through. From clarity on what happens to your assets and personal effects to even who gets your loyalty points, being thoughtful up front assists your loved ones in carrying out your wishes while minimizing fighting between family and friends.  

My suggestion is — if you have a family dynamic that allows for it — include your loved ones in the process. This way, family members can voice their concerns and thoughts while you are still alive and feel like they are part of the process. Plus, some of the decisions may impact them directly, such as if family members want to be buried near each other and need to secure burial plots.  

Or perhaps some family members are more comfortable playing certain roles while other members don’t want the responsibility. A frank conversation can help sort this out now when emotions aren’t in overdrive. 

While there are online options to get a quick will, and that is certainly better than having no will, you may want to contact an estate planning attorney, who can give clarity on state rules that pertain to estates. Attorneys can often offer up strategies or referrals for information around tax planning and efficiency as well. They will also make sure you have the appropriate witnesses and notarization as required by your state. 

My estate plan also includes powers of attorney for healthcare decisions and personal property decisions. Powers of attorney grant someone the ability to make a decision on your behalf if you cannot make those yourself, such as due to an accident or other mental incapacitation.  

In addition to deciding who plays that role, it sets forth parameters for that person to follow. Your healthcare power of attorney can include directives around organ donation and burial vs. cremation, among other health and final wishes decisions.   

While putting together your will and powers of attorney are great first steps, they won’t cover all your wishes and information. Think through your digital assets. What do you want your loved ones to have access to from your digital files, and what do you maybe not want anyone to see? Do you want a note left on your social media account to alert friends who may not hear about something happening to you? This is something you can put into your will directly or lay out in the given location within your legacy and wishes planning kit. 

And, as you put this plan and related directives together, make sure your loved ones can find everything! It doesn’t help to have a will or power of attorney that nobody can find! I previously wrote about the Aretha Franklin will saga, where no will was found, then several different copies surfaced, including one found in the cushions of her couch. The ensuing legal battle took five years to resolve!  

You want to make it easy for your loved ones to find your wishes, information and documents. Consider building out a full legacy and wishes planning kit, like my Future File kit or similar kit you put together, that contains any information plus anything physical that a loved one or estate executor may need to access in one place. 

This is where copies of your will and powers of attorney should be left. If you don’t want to physically put them in the kit, you can instead leave instructions on how to access them.  

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I hear from people that things like safe deposit box keys often are a major challenge to find if they are not organized in one location, like a legacy kit. Sometimes, a loved one may not know how to contact your estate planning attorney, accountant, financial advisor, bank, or other key service providers. This information should also make it into your kit as part of a comprehensive estate plan.   

A side benefit of having a kit is that you have one thing to grab in case of an emergency situation, whether that be an accident, natural disaster or otherwise. 

How should you get started on your estate plan or your update? Consider getting a kit like Future File that asks questions and helps you think through your wishes. Where prompted, take that information to expert service providers, starting with an estate planning attorney, to get your legal documents in order. Finally, make sure your loved ones can access that information you can put together. 

Even though I did my estate plan and legacy kit a while ago, circumstances changed and I felt a ton of relief after finishing an update. 

Don’t put it off — nobody knows what tomorrow may bring, as we are constantly reminded. It will give you peace of mind to know it is taken care of and will save your loved ones a lifetime of grief, as well as a ton of time and money in their time of need. 

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FIRST ON FOX: The Monroe Doctrine is back in full swing – both with President-elect Donald Trump’s push for a takeover of the Panama Canal and new legislation from Rep. Mark Green to encourage investment in Latin America.

The Homeland Security chairman and Tennessee Republican put forth a pair of bills on Friday – one to use tariffs to create a low-interest loan program for companies to relocate from China to Latin America.

Another would use tariffs collected on Chinese goods to offer a tax incentive to offset moving costs for U.S. companies to bring their operations back to U.S. soil. 

The Western Hemisphere Nearshoring Act would institute a program through the International Development Finance Corporation to buy down interest rates with tariff money. 

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Under the Bring American Companies Home Act, amounts paid to move inventory, equipment or supplies used in a trade or business from China to the U.S. would be allowed as a deduction on taxes. The program would be funded through a trust fund of tariffs collected. 

"Communist China's malign influence continues to spread throughout the Western Hemisphere. It's time for us to take a stand. By rebuilding infrastructure and manufacturing jobs in this region, we can mute China's siren song," Green told Fox News Digital. 

The U.S. has long invested heavily in Latin America and the Carribean, but China is South America’s biggest trading partner and benefactor. As part of its Belt and Road initiative, it is increasingly flexing its muscle with grants and loans across the continent. China in November unveiled a megaport in Peru. 

Lawmakers have begun to float ideas to "reshore" supply chains from China and reassert hegemony in the western hemisphere with trade partnerships throughout the Americas. 

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Vice President Kamala Harris, tapped to lead the border response, focused on the "root causes" of immigration by attempting to bring investment to Latin America to improve conditions for locals so they would not make the dangerous trek to the U.S. border. 

Trump has signaled that he will re-prioritize the western hemisphere, a priority dating back to the Monroe Doctrine of 1823, through calls for the U.S. to take back the Panama Canal. 

Over the past few weeks, Trump has insisted that China is in control of the canal and that Panama is "ripping off" the U.S. 

"Look, the Panama Canal is vital to our country," Trump said. "It's being operated by China — China! — and we gave the Panama Canal to Panama, we didn't give it to China. They've abused that gift."

China is the second-largest user of the canal after the U.S. and a major investor in the country. Two of the canal’s ports of entry are owned by a subsidiary of a Hong Kong-based company, CK Hutchison. Beijing also helped finance a new bridge over the waterway.

2025 is here, and after diet and exercise, money and paying off debt are always at the top of the list for Americans' New Year’s resolutions. How can you make a game plan that’s actionable and tactical on January 1? Here are five great ideas to get the new year off to a bang! 

Did you know the average person visits the grocery store more than 10 times a month? According to Oxygen Financial, that adds up to a significant chunk of your time. And with each trip taking an average of 43 minutes (source: Time Institute), the hours really add up. And remember this, the grocery stores have the same goal as the casinos in Las Vegas, which is to separate you from your wallet.  

In fact, right near me in Atlanta, Ga., a Publix recently opened with a full bar where you can drink beer and wine. Now, why would you need to do that? The reason is that grocery stores know it's paramount to get you to spend more time in the store and, consequently, you’ll spend more money. 

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Here’s how you can cut down on those trips: 

Investing isn’t just for the ultra-wealthy anymore. With as little as $100, you can diversify your portfolio with assets once reserved only for the rich: 

These options offer creative ways to grow your wealth without requiring a massive upfront investment. 

Debt is a huge financial burden for many Americans, with credit card debt alone nearing $1.2 trillion and the average balance sitting at $6,327. Tackling your debt now will set you up for long-term financial freedom. 

Here are two pro tips going into 2025: 

Recurring subscriptions can quietly drain your finances. Many people forget about services they no longer use, and costs for some subscriptions like YouTube TV have doubled over the past seven years (now priced at $82.99 per month). 

Here’s how to regain control: 

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Do you have a stash of airline miles, hotel rewards, or credit card points? These points represent real money — but their value decreases over time due to inflation and rising redemption costs. 

Consider this: In the past five years, your points have likely lost 20% of their value. Waiting too long to use them could mean missing out on rewards you’ve earned. 

Here’s how to make the most of your points: 

Whether it’s cutting down on unnecessary shopping trips or finding innovative ways to invest, these simple changes can make a big impact on your finances. Start small by reviewing your grocery habits or subscriptions, then work your way up to investing and tackling debt. Every step you take will bring you closer to becoming a millionaire. 

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