557
submitted 7 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.

you are viewing a single comment's thread
view the rest of the comments
[-] preppietechie@midwest.social 165 points 7 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 7 months ago

Lazy millennials can't even be born on time.

[-] Altofaltception@lemmy.world 35 points 7 months ago

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

[-] Rhynoplaz@lemmy.world 12 points 7 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 7 months ago

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

[-] AbidanYre@lemmy.world 4 points 7 months ago
[-] Endorkend@kbin.social 67 points 7 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 7 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 7 months ago

Glad to see everyone in the family was counted

[-] Endorkend@kbin.social 5 points 7 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 7 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)

News

22488 readers
3935 users here now

Welcome to the News community!

Rules:

1. Be civil


Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.


2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.


Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.


3. No bots, spam or self-promotion.


Only approved bots, which follow the guidelines for bots set by the instance, are allowed.


4. Post titles should be the same as the article used as source.


Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.


5. Only recent news is allowed.


Posts must be news from the most recent 30 days.


6. All posts must be news articles.


No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.


7. No duplicate posts.


If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.


8. Misinformation is prohibited.


Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.


9. No link shorteners.


The auto mod will contact you if a link shortener is detected, please delete your post if they are right.


10. Don't copy entire article in your post body


For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 1 year ago
MODERATORS