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Once again, everyone ignores Gen-X. Gen-X is a small generation and will have far fewer siblings to split the inheritance with.
Gen-X will inherit the most boomer wealth and probably retire early, which will open up things for Millennials.
That will be split between those generations. My kids span much of the Millennial years (1983 to 1996) not Gen X. I think you'll find that will be true for many since the parents were born during the bulge in the Baby Boom from 1954 to 1958.
I think the philosophy of use it up or "lose it" cause you're dead is harmful, at least for those with children. Most people as they get into their last years require family involvement of some sort or another. My grandparents are on the verge of passing, one did recently and one is not doing well, and they left nothing to their children (except 1 of the 5). So my aunt who spent years stopping by every other day got no financial compensation for all of the time she sacrificed before she was retired. For most Americans not in the top percentiles, an inheritance is a thank you for end of life support, it's not a life changing amount. At very minimum, a person should feel obligated to cover their own funeral costs.
And for those in the top percentiles, it is, in my opinion, a social obligation to pass that along socially and not blow it. Pretty much every culture has thoughts on this, including the Bible. The "we do not inherit the earth from our ancestors, we borrow it from our offspring" belief is common across cultures. According to the Navajo, one of the biggest signs someone has an evil wind / spirit / attitude is when they suddenly come across wealth and do not share any of the fortunes with the community that has helped them.
I'm not in this situation, but I think if I was in the situation where one kid was a lot more fiscally responsible than the other, I don't think I would do 50 / 50. That's an easy move because it is a default of sorts with that doesn't ruffle feathers, but I think I'd rather leave more with the child that is more likely to steward those dollars in a more responsible manner. And the realization that their behavior has altered the default might result in a change. Unspent wealth isn't necessarily wasted, it's just disinflationary.
And inheriting a lot of wealth doesn't really grant a life of easy choices. While the poor house is far away, you have a life of much more magnified decision impact than 98% of the globe.
I'm on the border of Millennial / Gen Z and I think our generation, moreso Gen Z than Millennial, would be prudent to have patience. There's a lot of inflection points and reversals that will happen within our lifetime - demographics being #1 on the list. On one hand we don't have the opportunity other generations had to jump out and start something, but on the other hand, a lot of things will eventually fall into our laps that earlier generations didn't have.
A lot of the wealth to be inherited is illiquid property and house wealth. Some will just move right into mom and dads house, but a lot will put it on the market as they already have their own roots. So what was a housing crunch might turn into a spring of listings.
Let's say it is on the high end. How prepared do you think your daughter will be when she inherits that large sum?
Very well prepared. She will be 69.
She goes with us when we have our annual free visit with our Fidelity guy. We are very open about our financial situation.
She and her husband are putting money into retirement savings at ages 38/42.
Each grandson will get 10%. They will be 37/33. They night blow it, but I will be dead.
CNBC reports that Millennials who have long complained about how they have the worst luck may actually turn out to be the luckiest generation in history as wealth from the top gets transferred to them.
So millennials are going to be the richest generation, but have to be 60-70+ years old and wait for their parents to die off before doing so? What's the point of being rich at an age where you're too old to enjoy your youth? Anyone could get hit by a bus tomorrow.
I guess the author doesn't realize time is worth more than money.
I'm not waiting for any inheritance. I thought the article was going to cover all the creative ways millennials have made money that don't involve waiting until their parents are deceased.
So millennials are going to be the richest generation, but have to be 60-70+ years old and wait for their parents to die off before doing so? What's the point of being rich at an age where you're too old to enjoy your youth? Anyone could get hit by a bus tomorrow.
I guess the author doesn't realize time is worth more than money.
I'm not waiting for any inheritance. I thought the article was going to cover all the creative ways millennials have made money that don't involve waiting until their parents are deceased.
I agree with that.
The trick is to figure out how to make money on your own.
Meanwhile, my partner and I are millennials with two sets of Boomer parents who looked to their kids to be their retirement plan are are about to be in a world of hurt when they realize that we neither signed on to that nor are able to support them.
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