XPost: alt.politics.conservative, alt.fan.rush-limbaugh, talk.politics.guns XPost: sac.politics, alt.politics.economics
Boomers are holding on to their money for as long as they can, rather than handing them down as inheritance to their children, according to a new
report.
In recent years, around 12,000 boomers have turned 65 each day. Experts
had assumed they would pass down their accumulated wealth as they retire, downsize, and plan their estates.
But the Great Wealth Transfer - in which baby boomers are expected to hand
over billions of dollars to their millennial and Gen Z children - may not
be as straightforward as previously thought.
A new survey of wealthy Americans by Charles Schwab found that almost
half of boomers wanted 'to enjoy my money for myself while I'm still
alive.'
Warren Buffett has also famously said he is not giving all his money to
his children. But rather than wanting to spend it himself, he simply wants
his kids - who are 66, 70 and 71 - to give it away to good causes as they
have enough money anyway.
Boomers, born between 1946 and 1964, are famed for benefiting from great
social mobility when house prices were low and labor conditions strong.
By contrast, only 11 percent of Gen X-ers and 15 percent of millennials
said they too wanted to hold on to their own money during their lifetime.
Both groups were in fact more than twice as likely to choose to share
their wealth while alive compared to the Boomers.
'According to our survey, younger Americans could be poised to reshape
legacy planning and the future of how wealth is passed to the next
generation,' Andrew D'Anna from Charles Schwab said of the findings.
Gen X, who are currently aged between 44 and 59, are set to be the biggest beneficiaries of the generational wealth transfer.
When it comes to fortunes that are worth $5 million or more, Gen X
Americans from ultra-wealthy families can expect to receive their
inheritance at age 46, according to a report by Wealth-X.
Boomers currently possess around $83.5 trillion in wealth, according to
the 2024 UBS Global Wealth Report.
$17 trillion of that wealth is held in home equity, as the generation has experienced decades of property valuation growth.
Home prices have risen around 500 percent since 1983 - when boomers were
in their 20s and 30s and just getting onto the property ladder.
https://www.dailymail.co.uk/yourmoney/consumer/article-14343427/boomers- refuse-wealth-real-estate-transfer-children.html
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