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.
I’m just about 40, my parents are in their early 60’s. When they pass on, I’m most likely already hitting retirement age myself. I don’t need extra cash when I’m old.
Oh, you will. When my grandmother had to rely on Medicare and the shitty insurance she got through retirement her healthcare cleaned out her bank account and most of her retirement
Luckily I live in a country with universal healthcare.
First of all, good for you. Genuinely.
Second of all, please do your part to keep it that way. I’m not saying this is your new life goal but if anyone even brings up the idea of privatizing your healthcare system you tell them to move to America instead of fucking up what you have.
I’m 27 with parents who just turned 70. Idk where that plays to this, but you are much closer to your parent’s age.