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

[80zephyr]

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.

After taking care of my parents, I have insisted that my children put me in a home and get on with their lives.

 

[fncceo]

After taking care of my parents, I have insisted that my children put me in a home and get on with their lives.

I volunteered in a home for a while, a pretty nice one too.

You couldn’t get me into one as long as I can bear arms.

 

[Admiral Rockwell Tory]

Where did you get such a silly idea as that I support giving Trillions to places like Guatemala?

Do I recognize that aid is a fundamental part of foreign diplomacy which enhances our trade and access to natural resources we may not have? Welcome to a world economy.

Idiot isolationist gave us WW I and WW II.

WW

So, you support transgender comic books for Peru? That is a better question, because Democrats do!

You are serious contradiction in many of your posts, mainly due to TDS. Otherwise, you seem pretty sharp.

 

[ThisIsMe]

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.

Ya know, that's actually a great point. All these dems hate inherited wealth...so...when are we going to see some of them decline their inheritance should they get one?

I bet when that happens, all of the sudden..rich people aren't so bad! And "keep your hands off my stack!"

 

[MarathonMike]

Ya know, that's actually a great point. All these dems hate inherited wealth...so...when are we going to see some of them decline their inheritance should they get one?

I bet when that happens, all of the sudden..rich people aren't so bad! And "keep your hands off my stack!"

Democrats are NIMBYs who want rules for thee, not for me.

 

[Mashmont]

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.

I think many children of baby-boomers were spoiled and hovered over and are now ungrateful and unappreciative for the advantages they've been given. The 30's generation consists often of narcissistic basket cases who meet with their therapists regularly. These are therapists who perpetuate this self-centeredness. The kids often harbor imaginary grievances to the point where they cut off communication with their parents. We have a counselor friend who knows of five or six such cases. These parents may not be thrilled to leave their money to someone who wants nothing to do with them.

In some ways, this is the fault of well-meaning parents who thought they were showing parental involvement that their Greatest Generation parents didn't provide to them. The reality is the baby-boomer parents stifled and suffocated their kids by being involved in and orchestrating their every activity. The kids may be asserting independence by cutting all ties.

 

[fncceo]

I think many children of baby-boomers were spoiled and hovered over and are now ungrateful and unappreciative for the advantages they've been given. The 30's generation consists often of narcissistic basket cases who meet with their therapists regularly. These are therapists who perpetuate this self-centeredness. The kids often harbor imaginary grievances to the point where they cut off communication with their parents. We have a counselor friend who knows of five or six such cases. These parents may not be thrilled to leave their money to someone who wants nothing to do with them.

Spend every cent before you go … then you win.

 

[BackAgain]

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.

Fair is fair. I have criticized odanny for some of his musings in the past. So, it is only fitting to give him appropriate “props” when he nails something so well:

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

 

[odanny]

Fair is fair. I have criticized odanny for some of his musings in the past.

That is because you don't know any better. And because of this, I forgive you.

Now go forth and try to be smarter.

 

[BackAgain]

That is because you don't know any better. And because of this, I forgive you.

Now go forth and try to be smarter.

No no. It’s because you often write absolutely stupid shit.

For that I do blame you.

Now stop being a dumbass, odummy.

 

[itfitzme]

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.

That is a huge and unquantified leap. "It is surprising that these are likely"... do you listen to your own words. It is unsurprising that you would make a completely bullshit connection and spell out how so blatantly bullshit it is. Your capacity for reason is provenly and obviously suspect. Got do you not choke on the words before you commit them to the screen?