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submitted 11 months ago by MicroWave@lemmy.world to c/news@lemmy.world

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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[-] preppietechie@midwest.social 165 points 11 months ago

Well, if Gen X and Millennials wanted their own fortunes they should have planned ahead like boomers and been born back when a house cost $7,500.

/sarcasm

[-] Rhynoplaz@lemmy.world 93 points 11 months ago

Lazy millennials can't even be born on time.

[-] Altofaltception@lemmy.world 35 points 11 months ago

Pull yourself up by the bootstraps and travel back in time.

[-] Rhynoplaz@lemmy.world 12 points 11 months ago

Wait. What if these anonymous crypto whale accounts were created by future us shortly after we discovered time travel? We just don't know we own them yet!

[-] Rozz 5 points 11 months ago

Wouldn't that be a pleasant surprise. I better start learning about time travel

[-] AbidanYre@lemmy.world 4 points 11 months ago
[-] Endorkend@kbin.social 67 points 11 months ago

Watching Married with Children and realizing this dude is working as a store clerk and supporting a family of 5 on that single wage without actually living paycheck to paycheck and then realizing this isn't a fictional representation of the timeperiod, is really goddamn depresssing.

In less than 40 years the inequality of wealth distribution and the cost of living has changed so drastically that then they could live on one paycheck and now you only get by with a minimum of two.

[-] Num10ck@lemmy.world 24 points 11 months ago

for those curious but lazy, married with children was started filming in 1987 and supposed to take place in schaumberg illinois, so historically those homes were 4x less expensive than today.

https://www.wolframalpha.com/input?i=historical+home+value+Schaumburg+Il+in+1987

[-] gibmiser@lemmy.world 9 points 11 months ago

Glad to see everyone in the family was counted

[-] Endorkend@kbin.social 5 points 11 months ago

Yeah and in later seasons it was even 7 when the new kid came along and Peggy's mom moved in with them.

[-] Sagifurius@lemm.ee 1 points 11 months ago

They made a point of representing Al as a half broke loser with a 30 year old car tho. You too can live like that if you leave the city

this post was submitted on 30 Dec 2023
557 points (97.3% liked)

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