The 'wealth transfer' from boomers won't save Gen X and millennials
The 'wealth transfer' from boomers won't save Gen X and millennials
Experts say baby boomers will give more than $50 trillion to their heirs. But for many, health care costs will claim the bulk of that wealth.
Experts say baby boomers will give more than $50 trillion to their heirs. But for many, health care costs will claim the bulk of that wealth.
The story goes that baby boomers are going to give tens of trillions of dollars to their heirs over the next few decades.
The “generational wealth transfer” has become a media fascination, both for its eye-popping size and because it might help younger generations as they face doubts about their financial security.
That shift is already in the works, and will continue for a couple of decades. According to wealth management firm Cerulli Associates, some $53 trillion will be passed down from boomers to their Gen X, millennial and Gen Z heirs, as well as to charities. That includes both gifts during their lifetimes and inheritances afterward.
But the overwhelming cost of health care for older people means most people in those later generations won’t inherit much, even if their elders seem well-off today.
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My parents have a ranch house, 3 adult kids and medical issues. Assuming they don't go to a home and have to sell their house to afford it, my brother is going to need it a lot more than I do. Similar in laws. It would be the same for in law grandparents but they happened to be the type that will die before seeking help. It'll probably get us sued by disgruntled family in inheritance disputes anyways.
We're on our own.