US boomers are refusing to give their $84 trillion in real estate, wealth away to their adult kids

[WorldWatcher]

This is kind of off topic yes?

Ya, let's not go down that rabbit hole.

WW

 

[theHawk]

https://finance.yahoo.com/news/us-boomers-refusing-84-trillion-114400155.html?guce_referrer=aHR0cHM6Ly93d3cuYXIxNS5jb20v&guce_referrer_sig=AQAAADuw8BvVhEkKp_PJcTiZjoyHw8oj9cfYY020E4yzhSA4wCRAxoFfPuJTM62saYqaavim9cMqcEXWuhvlubi0UxdzlUALTE5d58L9QOnC_eU0rZNCAd5edDeAfQcSLlIwjHlTj9_ZRg39MMnQovq-NH_3a41pDOAC-Tlu6ygyZTQb

In the course of the next 20 years, an astounding $84 trillion is expected to change hands as older Americans pass assets on to younger generations.

It's been dubbed the Great Wealth Transfer, and a lot of younger people are no doubt hoping to take part in it.

But a recent survey finds that younger Americans may not be in line for the large inheritances they're expecting.

A good 45% of wealthy baby boomers (defined as those with more than $1 million in investable assets) want to keep their money to spend in their lifetime, compared to just 15% of wealthy millennials and 11% of wealthy Gen-Xers. And that could have broad economic impacts.

Why boomers are hanging onto their money​

Despite making up only 21% of the U.S. population, baby boomers hold half of the nation's wealth, according to Visual Capitalist. Yet, it’s not a given that their money will be passed down to future generations.

A 2024 Northwestern Mutual survey found that only 22% of baby boomers intend to leave an inheritance to younger generations. And only 11% of boomers say that leaving a gift for their children or future generations is their single most important financial goal.

Baby boomers may be so unconcerned with passing on assets that 40% haven't even put together a will yet. And for 17%, the reason stems from being unsure whom they want to leave their assets to.


Just as the FIRE (financial independence, retire early) movement has gained traction in recent years, so too has the "die with zero" philosophy, which has people spending down their wealth in their lifetime rather than leaving money behind.

But another reason baby boomers may be less focused on leaving inheritances is that they're grappling with high costs of their own.

Inflation has been steep in recent years, forcing many older Americans to raid their savings to a larger degree to keep up with their costs. And then there's health care and long-term care to consider.

In 2024, Fidelity estimated that the typical 65-year-old could expect to spend $165,000 on health care in retirement, not accounting for long-term care — an expense that 70% of adults who survive to age 65 are likely to need.

Uh-huh, let's check back when Gen-X is 70 years old and see how many of them are pinching pennies so their kids get a larger inheritance (which is the wrong way to transfer wealth anyway).

I get the feeling that reaching retirement will change a lot of opinions. So easy to say now when you think you are many decades away from dying.

"Expecting" any kind of inheritance sets a person of any generation up for disappointment. It's certainly not a sound basis for financial planning.

Is it surprising that these are likely some of the same dirtbags complaining that they shouldn't have to pay their own student loans.

Article doesn’t make much sense. It says the Boomers are keeping their money to deal with inflation and high cost of living…..well yea why would they give their assets away before they die?

Inheritance is for when they die.


That being said, I am still convinced the boomer generation may be the worse generation of all times. They inherited a post-WWII nation and squandered it by allowing Marxists to take over every institution in America. They embraced the “sexual revolution” and abortion. They enabled the CIA and dumb foreign policy that lead to many unwinnable wars. They didn’t raise their kids to be devout Christians. So it doesn’t surprise me they don’t want to leave their own kids an inheritance. Most of them are all about “me me me”.

 

[MarathonMike]

My wife and I differ on what to leave our "kids". They are both doing well on their own so I want to leave most to charity of some sort. She wants to leave most to the kids. As some have said already in this thread, we did everything we could to set them up for success. So it would seem a better use of the money to help those who really need help. Still a work in progress....

 

[WorldWatcher]

My wife and I differ on what to leave our "kids". They are both doing well on their own so I want to leave most to charity of some sort. She wants to leave most to the kids. As some have said already in this thread, we did everything we could to set them up for success. So it would seem a better use of the money to help those who really need help. Still a work in progress....

My wife and I will:

• Research our options,
• I'll make data driven models,
• We will discuss,
• She will present her opinion on how things should be done,
• I will present my logically driven ideas on how things should be done.
• Then we will do it her way.

WW

 

[MarathonMike]

My wife and I will:

• Research our options,
• I'll make data driven models,
• We will discuss,
• She will present her opinion on how things should be done,
• I will present my logically driven ideas on how things should be done.
• Then we will do it her way.

WW

Yeah I kinda think it could go that way.

 

[The Sage of Main Street]

I love hearing stories of wealthy parents telling their kids they get "X amount of dollars" and the rest is going to charity. That's how you raise kids to be successful, it's not like these parents have not already done everything possible to make sure their kids are successful, including the best schools and no debt.

Waiting for your parents to die so you inherit their wealth is a major life fail.

Affluenzist Affirmative Action Sponsors All Others

Even setting the spoiled brats halfway to the finish line is socially destructive. Unfortunate sons should break the preordained Preppies' legs and make them crawl the rest of the way.

There's no reason anyone else should pay tuition or live in college poverty when these entitled elitists have Daddy pay their way and give them plenty of money to live on during their job-stealing maneuver.

 

[The Sage of Main Street]

I'm 75, married, and have one son who, largely due to a divorce, has a lot of economic "challenges." My wife and I have enough "money" socked away that we could literally support him and our grandchildren for the rest of their lives.

The question becomes how to pass our estate along in a way that doesn't encourage irresponsible spending and behavior on his part (he is early 40's). He has gone through a number of small business failures, and intermittently walked away from excellent jobs over slight and imaginary issues.

We have wills and our son will get every penny that is left over when we kick the bucket. I don't know if other people see it this way, but a disappointment in MY life was that by the time my father passed away and we five "children" got our modest inheritance, we had no need of it. Getting it earlier in life would have been a lot more helpful. Between my wife and I, he will probably not get his inheritance until he is at least 60 years old. It would be a pity if he had to wait that long.

Where else would we send our estate?

The Inheritance Actually Sets up the Third Generation

Even a decent heir should have no right to money he didn't earn. As for the age Heirs usually get it, look at how much Dumbo Dubya was set up in positions he didn't deserve long before his father died.

 

[Moonglow]

My Ma ain't died yet and she is a war era baby

 

[OhPleaseJustQuit]

The Inheritance Actually Sets up the Third Generation

Even a decent heir should have no right to money he didn't earn. As for the age Heirs usually get it, look at how much Dumbo Dubya was set up in positions he didn't deserve long before his father died.

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I felt this particular way when my MIL split up her assets three ways, for her three sons, two of whom could never be bothered to do shit for her and my FIL.


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[Moonglow]

I've been a republican since I first voted in 1978, problem is the cultists have temporarily co-opted my party, hopefully it's a temporary situation and sanity can return in a few years.

WW

I voted fer Raygun in 1980.

 

[The Sage of Main Street]

And government will be waiting to cherish their children not having any inheritance, thus making them poor, while government provides them with a shit economy to grow up in and massive inflation to be the slaves of the state.

The Preppy Republic

Liberals are unconscious agents of the Right Wing they were born in. Despite the Fake Right's accusations, Liberals all support the socially destructive privilege of inheritance. because so many of the spoiled bossy snobs are set up by Daddy's Money to become Statists, starting with the Kennedys.

It should be no surprise for people to find out that the obnoxious Preppy who almost got the Democrats' nomination in 2004 was an heir to the ultra-Conservative stockjobbing firm of Dean, Witter, Reynolds.

 

[80zephyr]

Lol. What are they going to do? Take it with them?

 

[Moonglow]

The Preppy Republic

Liberals are unconscious agents of the Right Wing they were born in. Despite the Fake Right's accusations, Liberals all support the socially destructive privilege of inheritance. because so many of the spoiled bossy snobs are set up by Daddy's Money to become Statists, starting with the Kennedys.

It should be no surprise for people to find out that the obnoxious Preppy who almost got the Democrats' nomination in 2004 was an heir to the ultra-Conservative stockjobbing firm of Dean, Witter, Reynolds.

I take it you were panned in the will.

 

[OhPleaseJustQuit]

Lol. What are they going to do? Take it with them?

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If I had offspring, unless they actually earned it, my assets would still be going to my favorite pro-life charity.


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[The Sage of Main Street]

You sound like a Republican all of a sudden.



Ok, switch back when talking about taxpayer money, that people have a "right" to all of the free handouts without expectation.

Carry on.

Taxing Away the Plutocracy's Future Will Eliminate Any Need for Income Taxes

Living off the taxpayer is no different from living off Daddy's Money. As proven many times over, the Right is a mirror image of the Left. Breaking that mirror will give Populists 7,000 years of good luck, which is how long this toxic institution of inheritance has lasted.

 

[The Sage of Main Street]

Lol. What are they going to do? Take it with them?

Make Every Dynasty Die Nasty

The Plutes are megalomaniacs who superstitiously become rich through their heirs' proxy in the next generation. Preaching that such a privilege is an "incentive" is overreaching, like giving them sex-on-demand with their employees.

 

[The Sage of Main Street]

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If I had offspring, unless they actually earned it, my assets would still be going to my favorite pro-life charity.


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Shotgun Marriages and Forced Child Support

Orphanages for millions of unwanted babies are going to cost billions. The taxpayers shouldn't be forced to pay a dime for religious doctrines.

 

[OhPleaseJustQuit]

Shotgun Marriages and Forced Child Support

Orphanages for millions of unwanted babies are going to cost billions. The taxpayers shouldn't be forced to pay a dime for religious doctrines.

.

Who's forcing me?

PS -- I'm not a taxpayer.


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[The Sage of Main Street]

Article doesn’t make much sense. It says the Boomers are keeping their money to deal with inflation and high cost of living…..well yea why would they give their assets away before they die?

Inheritance is for when they die.


That being said, I am still convinced the boomer generation may be the worse generation of all times. They inherited a post-WWII nation and squandered it by allowing Marxists to take over every institution in America. They embraced the “sexual revolution” and abortion. They enabled the CIA and dumb foreign policy that lead to many unwinnable wars. They didn’t raise their kids to be devout Christians. So it doesn’t surprise me they don’t want to leave their own kids an inheritance. Most of them are all about “me me me”.

"1% Is All We Need to Show You"

That's not a generation; that's the media's selective presentation of a generation., the children of those who owned media outlets.

 

[fncceo]

A good 45% of wealthy baby boomers (defined as those with more than $1 million in investable assets) want to keep their money to spend in their lifetime

The hard truth is … while Boomers were expected to care for our parents of The Greatest Generation in their advanced years, my wife and I are under no illusion that our children will care for us.

As much as we love them and are proud of them, they have to focus on their careers and unstable relationships and don’t have the time of wherewithal to care for us.