The Great Wealth Transfer Is Not Coming

Millennials, you are going to have to save yourselves

Photo by Pixabay: https://www.pexels.com/photo/1-u-s-dollar-banknote-lot-259191/

A few years back I wrote a story that I continue to stand by, and it was called “There Will Be No Baby Boomer Wealth Transfer.”

In that article, I suggested that financial pundits who kept assuring Gen X’ers and Millennials (who are the children of Baby Boomers) that they were going to inherits their parents’ wealth should knock it off.

For one thing, I don’t think it’s very nice for the parents or the kids in any family when an individual’s financial plan is not more thought out than “I’ll get lots of money when my parents die.” For another, I think waiting for an inheritance is unrealistic, considering the medical and long-term care costs Baby Boomers are going to face.

And now there’s another story trending on this topic: Many Boomers are now consciously trying to “spend it all” before they go.

Can we please put this “Great Wealth Transfer” myth behind us now?

The new Baby Boomer wealth articles making the rounds

Recently I have begun seeing a lot of articles in the financial press with titles like this: “Gen Z expects to inherit money and assets — but their boomer parents aren’t planning on leaving…