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The 'wealth transfer' from boomers won't save Gen X and millennials (www.nbcnews.com)

submitted 2 years ago by MicroWave@lemmy.world to c/news@lemmy.world

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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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[–] OpenStars@kbin.social 19 points 2 years ago

Not true. They voted, and THAT legacy will be with us for a LONG time...

And sadly, I don't even mean DT - there's Ted Cruz, Moscow Mitch, the whole cohort - along with all the international agreements that we've already pulled out of and so on.

See, they left us something after all?! :-P This economy, lack of access to healthcare, and so much more!?

Btw, I don't know about you, but I have a retirement plan for my old age. I plan to die. :-P

In fairness, it is less that they are "selfish" and more that they are "clueless" (to the point of obstinacy, outright refusing to open their eyes) - b/c as you said, your mother didn't inherit anything, and yet THEY are fine, so why wouldn't you be, with nothing left to you either? (remember as you think this through to remove all of the actual "facts" first, and add the layer of Faux News Nostalgia factor)