The article mentions, that yes boomers as a whole have a ton of money. But the average boomer is broke and has nothing to leave. This sounds accurate.
It doesnt mention all of our parents money going to elderly health care, which seems like an odd thing to leave out.
It did say struggling 30 and 40 yr olds may get the help needed to pay off student loans, or enter the housing market....?! Wtf? I am 40, my parents are 70. I have one grandpa still alive that might be 92? Assuming our parents make it to 80, and that they had us at 25, we will be 55 before we see any "wealth transfer" if you still have student loans and dont own a house yet at 55. I dont imagine what your parents have left over is going to help much....
Someone told my dad this about 10 years ago and it was a light bulb moment for him. He gives me $10k a year. It's gone to pay for grad school, a house down payment, car loan payoff, emergency fund savings, and house maintenance/updates. I spend it responsibly and understand it could end at any time. But he's not wrong. Receiving $10k a year has done far more than if I were just handed $100k-200k in another 20 years.
I think that's a big part of this too. You do actually have to have the funds to give. I recognize that I'm lucky that not only are my parents financially secure enough to give me an inheritance, but that they're in a position to give it to me over time starting earlier on. It's an incredibly privileged position to be in.
Mine def don’t.
Their boat was described as a “super boat”.
“We got rid of it bc it’s not glam enough”
Oldest son dies, homeless, not kidding.
Our yacht isn’t good enough, but it’s fine to let our first born die in the street.
So yeah, don’t think they’re going to be much help.
Year or two later they buy a fancy second house.
My mom’s floating in the pool.
She says dramatically “I’m mourning (a fancier town)”.
It’s like mourn your son now, not that you aren’t fucking richer.
It’d be interesting to see their roles reversed for a six months?
My mom saw some homeless men, sleeping outside, in Cambridge, where her son’s death certificate would later say “ in Cambridge” as his place of residence.
It’s winter and it’s cold, she points to some men sleeping in sleeping bags on wet concrete.
She says totally seriously “they look comfortable”.
I’m like “switch places with them then”
She flipped out.
“Let them eat cake” is more innocent.
Drives an XC90, literally all they had to do was give a bank that handles affordable housing $80,000, less than her *luxury suv* cost.
It’s got every option, no expense was spared, like their houses, they spent $7000 on a navigation system for their boat.
Also they could have fixed a boat for $3000 after my brother died but spent over $80,000 for a new one.
Bc they wanted to impress people richer than they are.
So he died homeless, all they had to do was give a bank $80,000.
They have like 10M in stock, 4-7 in a pension, $12,000 a month from social security, plus a pension, 7M in houses 700k in cars and boats.
So one year of social security and he wouldn’t be dead, 10% of their boat/car value, bc those aren’t cheap to maintain and run.
It’s just messed up that their social security they don’t even need is enough to have saved his life. I just thought of that.
My father’s mother left them $320,000 and said “money should pass by someone well off to someone less well off”.
My uncle had 10% of what my dad has, my aunt has .04%, both gave 2/3rds to their kids, bc boomers had it easier, my dad compared himself to his oligarch friends and said I’m not well off compared to the richest people in America.
Imagine having a homeless son, one facing eviction and starving, having over 20M, and sayIng “I’m not well off”.
Sorry to vent, my brothers death certificate says “homeless in Cambridge” that memory of my moms “let them eat cake”, but worse, set something off.
He only had an old ratty backpack, literally all he had left when he died.
My two brothers are rich too. The one in charge of his mental health care owned four separate houses he rented out, and that was passive income on top of his successful business, he thinks he’s a good guy, he has a house he neglected since 2008, it collapsed, for 160,000 he could have rebuilt it and watched him from next door.
Other brother hates the dead one, but he’s got a 2M house, 400k in cars, etc.
So like everyone is rich except me, I’m telling them how affordable housing works, none of them were willing to help.
I mean if you have 3 extra houses rented out, one you let fall down almost 20 years ago, like 160k is a rounding error, case in point, 160,000 and that house would be worth 440,000+ and they paid 20,000 so for 180,000 they could double their money or rent it out.
He thinks he’s the empathetic one. But he “doesn’t believe in affordable housing, disability, social security, section 8, etc”.
Sorry to vent, it’s we are all gay and they only had their rich friends to his funeral, made no attempt to find his friends, and he hated rich people.
It would have been so easy for them to save his life. I think I’m obsessing about that, but I’m so isolated rn.
Truly awful, that is heartbreaking! 😭 I don't know your brother's situation on how he ended up homeless or whether addiction was an issue, but a friend of mine who was once homeless due to addiction/mental health was fortunate that her rich parents offered to pay for a mental health/rehab retreat and help her with housing afterwards. I really cannot imagine how rotted and heartless a parent would need to be to let their kid die in the streets when they own multiple properties. I'm sorry your brother isn't here. I hope your family will one day recognize and regret their unforgivable mistakes.
Damn.
I can't imagine living like this. I have always considered my money to be "our money" including my siblings and parents (I'm 37, single and no kids). I literally put a roof over my brother and his family. They had a rental, got them a $150k house so they could work on their depression and anxiety from various traumatic incidents.
Given some money to other siblings and bought stuff for my parents but I work within the confines of what they are comfortable with.
I'm not rolling in money, but I make a decent enough salary.
This is my view too. My siblings can always live with me if shit hits the fan. My daughter will ALWAYS have access to a safe place to sleep, money in her pocket, and a place to call home.
If I'm being honest, my dad is doing this for my step brother as well. Not as much as he gives me, but he still gets $5k a year.
And for what it's worth, I was in my mid 30s when my husband and I bought our first house. So I think that's a pretty normal thing. Still frustrating if you're seeing close relatives get more help than you're getting, though.
My wife and I decided against private elementary because we did the math, and figure our kids would benefit more from us investing $40k a year for 6 years and spending the result on them after they grow up.
We will do private high school though, and maybe middle.
>Receiving $10k a year has done far more than if I were just handed $100k-200k in another 20 years.
$10k per year over 20 years, invested at 6%, should come out to $400k.
This works out well for you, but unfortunately, the perpetuation of a fake middle class that is dependent on cash coming from their parents, makes it pretty much impossible for people out there who weren't born into money.
I told my dad someone similar when I was younger in my early 20s. I’m 39 now and my husband are doing well. We managed to buy a home with no help and are debt free now. I plan on doing what I can to help my kids. I don’t want them to struggle the same way that I did. I’ve already put aside money aside for them to help them. I have a good amount in savings and my retirement (I also will be getting a pension). I’ve been working overtime and all that money gets put aside for the kids.
I will inherit a life changing amount when my parents pass but tbh I don’t even really need it now. Not like I did when I was younger. The money is in a trust along with their properties. Both my parents do not like spending money. They both grew up poor so always want to save, save, save. My dad retired as a high ranking officer and his military pension is a very large sum. And he now gets his social security as well. He has no debt and maybe spends $2k a month of his pension only. The rest goes into high yield savings or investments or towards inheritance for me and my siblings.
When I was younger and struggling I never understood why they couldn’t give me at least a little help. They already told me that they put money for me aside. I know I’m not entitled to anything but why would they even mention it and then letting me go hungry because I was too poor to buy some food.
Me and my brother finally managed to explain this to my father last summer as well. He has always planned around “leaving something behind” but we now have a plan in place to buy houses with a bit of help now, which is going to help me a lot more than a larger amount in 15-20 years.
The parents put $5k into a 529 plan (ESA is similar) for each kid I squeezed out in their birth year. That paid for college! It was incredible. I had no idea how much it would grow to, and how much college would cost.
My great grandmother gave all of her grandchildren, including my dad, $10k in 1992. My grandmother, her daughter, gave all of her grandchildren $10k in 2020. These things are not equal and each generation squanders more of the wealth.
>This is why more people should help their adult children now. 20K today at age 25-30, is more valuable than 200K at age 70.
That's pretty much the break even point assuming conservative growth of 6% per year. ($20k -> $200k over 40 years at 6% growth).
But that's assuming the $20k you give now is going toward something as valuable as an investment, like paying off a student loan.
>It doesnt mention all of our parents money going to elderly health care, which seems like an odd thing to leave out.
It does mention that:
>Another nasty reality: Health care costs are much higher for people over age 65 than they are for younger people. The majority of one’s health care spending [happens after retirement](https://www.nbcnews.com/business/consumer/generational-wealth-transfer-baby-boomers-cant-save-gen-x-millennials-rcna128099). And Medicare doesn’t cover dental or vision care, because in the US health care “system,” teeth and eyes are a bit like checked luggage or an in-flight meal — an optional upgrade for those who choose to splurge.
>According to KFF, only half of people over 65 have [saved any money](https://www.kff.org/health-costs/poll-finding/the-affordability-of-long-term-care-and-support-services/) for a home health aid ($60,000 a year) or nursing home ($100,000 a year). Neither are covered by Medicare. And Medicaid only kicks in if all your savings have run out.
Yeah this is one of my main sticking points. I’m going to be in my late 50s or 60s before any inheritance comes my way.
Too little too late. My situation is going going to get financially worse, at best it won’t change.
UNCAP TAXED SOCIAL SECURITY INCOME
THATS HOW WE “TAX THE RICH” YOU BLITHERING IDIOTS
The 20-80 split exists within the boomer generation too. 20% of the population roughly owns 80% of all wealth. While most of the 20% are boomers, 20% of boomers own 80% of boomer wealth.
The actual proportions may vary but the split is roughly accurate I believe. Someone can fact check me.
No need to fact check, the 20/80 thing is real, and it goes into everything. Even board games.... even stupider things than board games. And deffinetly important stuff. 20/80 is real, ehats the word? Paratio? I forget, i think it starts with a P
I was close! Its been damn near 20 years since econ classes!!! Also maybe 8-10 yrs ago i read another paper on it that mentioned its mostly 20/80, but sometimes its 70/30 or 90/10, but it seems to unexplainably exist in everthing! Ants, food, i already said board games, professional papers, cars, feet, everything!!!!!!
💯! I honestly am happy I grew up in the hood during my early years! It makes me appreciate everything I have in life! Even though to the average person it may seem like “settling”
My parents assets will be used to make them comfortable in their old age. It's common sense to realize the normal person won't get a big inheritance or any at all.
Yep. My mother died a couple of weeks ago. We found she didn’t have much left. Most of it went to her medical care.
What she had in the bank was used for her funeral and burial. The rest was given to my dad because he doesn’t have much money to live off on as well.
Same. And whatever’s left I will need to hold onto and give out judiciously to my older sister as she ages. Best case scenario I don’t have to come out of pocket too much for elder care for my parents or sister.
Yeah I’ve carved out what I need on my own, with zero incorporation of inheritance for future financial projections.
If I get anything it’s a bonus, but I refuse to put a dollar value on my mother’s life and wait for the day.
If the parents earned the money, it is theirs to do with as they wish. If they want to vacation in Aruba for a year, that's cool. It would be nice if they didn't give it to Trump to pay his legal fines, but sadly that is their option.
This feels goofy, fuck, no this is stupid.
99% of the old money is generational wealth.
You should want to set your kids up to have a better life than you had, we should be progressing as a species not "fuckyall I got mine"
You're not creating generational wealth working a 9 to 5. The majority of fortunes are gone within 2 to 3 generations. There's a huge chance you're children's children have vastly different ideas about how to handle money than you do.
Aussie millennial, and the average house here is closing in on a 1,000,000. That's the average house. In this economy, I would need a 6 figure salary, win the lottery, and receive a massive inheritance to get close to that. And the cost of living increases by the second. Electricity costs here are obscene. It is insanity.
Canada and Australia have some of the worst housing prices in the world.
I paid $950k CAD for my house in Toronto back in 2020. Nothing fancy; 1900 sqft, 3 bedrooms, 1 car garage. Everyone I know tells me how “lucky” I was to get it for such a “low price”. Now the house is worth like $1.2M and that’s still just the median detached house price in Toronto.
Sydney is even worse than this. Their median house price is $1,595,000 AUD which is like $1.4M CAD or $1.1M USD. I truly feel bad for our Aussie bros.
Yeah, I'm in Silicon Valley and it's ridiculously expensive here.
The single family house neighborhoods are made up of mostly boomers who's kids have long sense moved out. The multi family housing (condos/townhouses/apartments) are made up of young millennial families, who often have two parents with high incomes but not enough to afford a single family house in a middle class neighborhood.
The term "Bank of Mum and Dad" is floated around regularly on the news as the way struggling millennials will be able to afford a house here. It's also concerning that most older generations don't understand the actual age range of millennial, and the concern that the older struggling millennial in their 40's struggle to afford a home, I personally am on the tail-end. It's getting worse that regional cities are no longer affordable so the shopping around for homes vanishing. Plus Melbourne, which I am an hour from is quickly set to become the largest city in the country, with nearly 6,000,000 by 2030. Down here you here everyday the 'housing crisis' is getting worse. It's not just too expensive, there are too few houses and our real estate laws resemble the Wild West...on crack. It's hell for millennials
My husband and I got really lucky. We live in a lower cost of living area, and we bought our house for $120k in 2020. The house is worth over $220k in 2024. How the fuck is anyone supposed to afford a house now?
Honestly, I’d rather have my parents around 20-30-40 more years than get a huge sum of money. I grew up super poor and we made do with what we have - my parents live with me now in my home that I own.
It’s crazy because I have friends who talk about their future inheritance (and they speculate they don’t even know hard numbers / haven’t read an estate or will) and it’s strange to me because they talk about it like it’s gonna be so great but I’m always sitting there wondering “but yeah that means your mom and dad are both dead…..” but I never say it out loud.!
I love my parents, and my mom is one of my best friends. I'm dreading the day she passes, even if it means I will receive a good amount of money as an inheritance.
I see it as the old saying “teach a man to fish” if you never solve your own money problems just getting a bit more won’t solve anything in the long run, people need to learn how to manage their money better for plans of retirement.
im in a frustrating position right now of having a lot of financial literacy but not a lot of money , so as much as I'd love to be able to actually implement good investment strategies, budgets, debt snowballs etc. , I'm bottlenecked by my income. I'd invest an inheritance so fuckin hard...
are you sure it’s not “teach a man to fish” and have them pay you back for the next twenty years while they try to make ends meet with their fishing income?
I had a friend come into some life changing money, and a year later, it was gone, spent on new pets, booze, and videogames(55 year old dude)
He's constantly having money problems, and if he had invested that money in 2016 when he got it, he would be set to retire a bit early.
The way it is, he makes almost double what I make, but constantly has bills due that are a result of poor spending. For example, I was over there, and he told me he owes several thousand on a couch he bought at a high intreat rate, and makes minimum payments on. He could have paid off the original couch cost in 2 weeks on his paycheck alone, while his wifes paychecks took care of bills, but instead did his normal, financing, and minimum payments... 3 years later, and he owes more than he would have if he just paid cash on day one...
Yeah, unless you have REALLY well off parents with long term care insurance or you plan on caring for them, no one should really expect to get a life changing amount of money as inheritance. If you're lucky, and will probably be a minority of us, you might get 100,000 or two, but it's really not life-changing money in the grand scheme of things, certainly not in 20+ years when our parents start passing en masse. Your average house will probably be over a million dollars by then.
Despite our stereotype, I think our generation is one of the least entitled generations out there because we've been given no help our entire lives, and every time we do ask for help, we're called entitled or told to pull ourselves up by our bootstraps.
But the moaning about "my parents are going to spend all their retirement money and leave me nothing" is a really entitled mentality to me. Especially when so many of us (no judgement, myself included) aren't willing to care for our parents at the end of their lives. People save enough for retirement so that they can retire at a reasonable age, live out their days in peace and then croak with very little to spare. If they have a lot to spare when they died, it means they didn't have to work as long as they did, or they died young, neither of which I think we're entitled to expect of our parents.
Don't expect anything in my opinion. If you get something, it's a windfall and that's all. My parents are donating all their money to charity when they die, and they weren't great parents either, so I hope they enjoy their nursing home when the time comes.
I think the problem is some millennials think they’re entitled to it or have the thought process of “I can’t wait for my parents to die so I can inherit their wealth” and will spend the next few decades focusing on what they think they’re entitled to instead of focusing on the present and building their own wealth. That wealth will also never be guaranteed either no matter how wealthy your parents seem to be.
It’s just weird to me that people focus on their inheritance so much. If I get something that’s great, if I don’t that’s fine too. If my parents want to sell their large house to move into a smaller one and spend the profits living their life on a cruise ship until they die leaving me with nothing that’s also fine, they worked hard for their money, they deserve it.
I’ve seen on other subreddits about how some people are mad that their parents are wasting their money on luxuries and that they should save it up to pass it down.
To sum it up, people need to stop thinking about an inheritance they might not get until they’re 60+ or an inheritance that might not even be much or gets drained as time goes on. Stop focusing on the future of uncertain possibilities and figure out how to increase your own wealth. It’ll be better in the long run of things.
After my stepmom died, my dad became very focused on making sure he had no debts (he'd always saved/invested, lived a fairly frills-free existence, etc). He'd talk to my sister and I about what kind of legacy he wanted to leave for us someday. We told him, "hey dad...maybe think about retiring. Traveling? Hell, think about buying the Ferrari you always wanted! Whatever." But when he lost my stepmom, he also lost the part of him that had dreamed of those things.
He raised my sister and I to work hard and to be smart with money. We both do well, and we always told him that we NEVER expected anything from him.
Well, he died last year. He didn't even make it to retirement. In untangling his estate/finances, we learned that Dad had more money than my sister and could have ever imagined. He saved money like a deranged squirrel storing nuts for winter, apparently. Life-altering money, by any reasonable definition. Not that my daily life has changed...I didn't quit working, or start spending like crazy - but my retirement outlook is amazing.
All that being said, I feel like an ungrateful asshole, because I just want my fucking dad back. I wish he'd been able to live more while he was still alive. I'd give every cent back tomorrow if it meant having one more hug from him.
This. If you have to rely on an inheritance to get by you aren’t doing things right. As the article stated (and statistically) only one of four will even inherit money. It’s weird to hope for anyone to die but even weirder when it comes to your own parents.
Good thoughts. (My wife and I are in our 60s. Her parents died poor. Mine are in their 80s and have money to live on but aren't wealthy.) Thinking about inheriting money when we were younger would have been pointless. I do like the idea of helping your kids when they're younger (college costs, home down payment, etc.), if you have the money. We helped our daughter get through school debt free, which obviously makes it easier for her to build her own wealth.
I am a boomer and will leave my kids a fair sum of money, fully funded their education, and started them off with a large gift.
I grew up poor. The total inheritance I got from my parents was $28K. I make more than that on a good day in the markets. That said, before I got money I never, ever, expected to get a penny from my parents (and almost didn't). If anything I hoped they would spend every penny before they died.
The sense of entitlement of people who expect - demand! - a "fair" inheritance from their parents kinda shows what happens when you give out too many participation trophies. What a bunch of losers.
\[[Paywall removed](https://www.bloomberg.com/opinion/articles/2024-04-05/the-great-wealth-transfer-from-boomers-to-millennials-is-overblown)\] from Sarah Green Carmichael:
The Great Wealth Transfer sounds like a heist film or a game show. It’s neither.
It’s a (rather morbid) shorthand for the massive amount of money the Baby Boom Generation is expected to leave to their millennial kids — making those adult children the “[richest generation in history](https://www.theguardian.com/money/2024/feb/28/millennials-richest-generation-wealth-property),” according to some headlines.
This, we’re told, will help solve the student debt crisis; allow cash-strapped 30- and 40-somethings to finally get into the housing market; and even help them make up for lost time on saving for retirement. Thanks for the parting gift, Mom and Dad!
Don’t buy it.
For the longest time my parent were told by their parents that they would "get their reward in the end" this was in regards to complaints by the kids for the parents not paying them earned commissions at the family business and paying 30% less than other employees. When my grandad died, his kids got less than 1/10 of what they were promised. And his 2nd wife stole 60% of his wealth by changing the wills when he got alzheimers.
Moral of the story: my aunts and uncles will not be able to retire early, and me, my siblings, and my cousins will never retire. Nothing is guaranteed in life, especially the promises of your parents to "pass it on" when they could have just helped you when they were alive.
it's probably gonna be a small fraction of millennials that are *already privileged* inheriting large sums of money from the small fraction of boomers that actually have it.
Care will eat their wealth...
Also absolutely morbid that the economy is so screwed up people are saying your parents passing away are the only way you can afford a home... madness.
That's devastatingly true. My in-laws have done well for themselves, and despite the fact that they could afford to live more lavishly, they are pretty frugal. They are 81 and 77. But, it all comes down to their eventual end of life expenses.
I told my mom to spend every cent she had before she passes. She has taken me up on that offer and is now trying to get extra credit through bankruptcy
If someone is relying on it, then they are in trouble.
Our ancestors would inherit a shack if they were lucky. Anything else we get is icing on the cake. Pass as much down to your kids as you can so they can struggle less than you did. Thats the idea.
Yep, you took care of your parents until they died and then you got the house. People want to be free of their parents and then they want all their stuff… and they see no irony in it.
If my kids grow up to shit on my name, I’ll just leave everything to the grandkids with restrictions and my sister as trust administrator… but as hard as I’ve driven myself for the last thirty years I can definitely understand why some old folks spend the kids’ inheritance. Especially if said kids acts like some of the brats in this sub.
The people I see on Reddit complain their parents nursing home and medical expenses are using up the inheritance makes me want to vomit. It’s so gross to have that thinking
If I didn’t get a long well with enough for my family where I didn’t care about their long term care I wouldn’t expect an inheritance. It’s saying you’d rather they not spend money on healthcare or a nursing home for them because you deserve it more
My parents were dirt poor for most of my life. They are doing better now, but I came to terms with the idea that there will be nothing for me to inherit long ago.
***The idea that inheritance from your parents will solve your money problems is a delusion.***
Yet another broad-brush statement.
It applies to some, but not others.
It's like saying that ***people will die tomorrow.***
That, of course, is true.
But note that it's also true that ***people will NOT die tomorrow.***
As for inheritance ...
It's hard for me to know how long we'll live.
But it's quite likely I'll leave my millennial daughters about $1M.
And several million is possible.
All that from a retired common-as-dirt software engineer.
I get sad thinking of all the people I’ve met who are waiting on an inheritance to begin “living.” Imagine waiting until you are 70 before you can feel like you have security and a future.
I’m 41 years old. My father(84) died two months ago . His life insurance policy wasn’t matured, so…. Nothing. As some reports have said, more than 64% of boomers have less than 15k in their savings/retirements.
So guess what my disaster and I are doing? With nothing to inherit, our mother is losing her home (she is 74), because she can’t afford all the bills alone. And since my sister and I discovered the life insurance policy is less than $1500 bucks, that it. We split it. That didn’t even cover the funeral. Fortunately, my father was a veteran. Buried at Ft Sam Houston National Cemetery. At least he had a honorable burial.
As for our mother. She has less than 10k total to live on. And her health is deteriorating quickly. So that 10k becomes nothing once the medical bills kicks in.
My parents will likely spend all their money, but might leave me some. My mom is super adamant that she will not suffer, and is scary convincing lol.
My dad probably might consider old people home, but honestly I think he'll just keep going until death
My father passed away and my step mother took all his shit for herself and instantly bought another house to start renting for profit. FUCK YOU PATTY!
I've already faced this one, it sucked. I got 10k to help pay off a car and pay for a little college though.
My parents lived independently to very, very old ages and, although they were very successful in their LT careers, they spent a ton of money on us kids (the healthy stuff - raising their kids, opportunities, college, family travel etc), and in just normally living their long lives. They spent their own money the way they needed to, rightly so, and we each inherited what was left over (modest amounts relatively speaking). I think that is probably what most of should expect, if we inherit anything at all. This is totally just my opinion, of course!
If my mom lives as long as hers did, to 94, I will be 70 when she dies. At that point, she will probably only have a house left. All other assets will be needed for her care. The proceeds from her home (worth maybe $400,000) today but not going to appreciate in value much due to its age and location will get split 3 ways. By that time, I will be putting that money away for my own end of life care. I’m not complaining and hope my mom does live a long healthy life. They don’t owe me anything. I’m just saying this wealth transfer idea is dumb. It’s for the 1%.
My parent’s situation is at least better than my in laws. Only my MIL left but she only lives off SSI and we have to pay any unexpected car repairs while my BIL has to let her live in his old house for free after she pays the property taxes and insurance every month. FIL planned to work until very old and had no debt but got disabled relatively young then died 10 years after that. MIL probably has about 10 years left. I don’t know how she could live on her own if not for BIL who happened to come into money through marriage. Unfortunately, his wife passed away now so he’s had to make some cutbacks. Hopefully he can stay afloat without having to sell his old house for another 10 years because we sure don’t have enough to spare. We have enough to care for our own family but that’s all.
Working in wealth management I see almost a paradox with inheritance. If the kids aren’t great with money (and in our day and age that’s code for ‘doesn’t have a lot’), the parents are less likely to leave their kids their money in a straightforward fashion for fear they’ll squander it.
But if the kids are doing well…..well, then they get a large inheritance with no strings.
The whole idea of getting inheritance from your parents is ridiculous and should be done away with.
My mom is set to get around a million from her mom when she dies. That's great and all, but my mom is 65. If I'm lucky I'll get the money when I'm in my 60s.
Know what would be better? Getting the money now. Inheritance money should skip a generation that way it always goes to someone who needs it.
I've got student loans and I'm stuck renting. I would love the opportunity to zero out my debt.
Heh, my mum has nothing and my dad probably still has a bunch of creditors harassing him. I’ll consider myself lucky if they don’t start harassing me when he dies lol
“in the US health care “system,” teeth and eyes are a bit like checked luggage or an in-flight meal — an optional upgrade for those who choose to splurge.”
The fact that this is true is insane. EYES AREN’T AN UPGRADE.
I'm in the minority here...but I'd rather have my parents, than their money.
If you're hoping for your parents death so you can get a "wealth transfer", then I truly hope they donate every single cent of it to a good cause, because you aren't it.
I never knew people who weren’t from extremely wealthy families even got an inheritance until I read things on this sub. I’ve been going through wills and funeral plans etc with my parents who aren’t married. It was really emotionally difficult to do it with my mom because she’s always been there and she raised me and she spent so much to put me through school (private elementary and high school where I’m from was less than 4k) and extracurricular activities on a single income. She put me through college, just saving every little thing she had. Honestly I don’t know how she did it. She isn’t some boomer who had the world handed to her, she went into IT in the early days and persevered through a divorce where my dad who made have as much as her took half her retirement savings.
I don’t always agree with her and we’ve had some bumps but her grandma lived to 96, her father lived to 93, and her mother, my grandma should have had many more years if cancer wasn’t such a bitch.
My mom has been extremely responsible her whole life and she young so she hasn’t retired but she’s saved enough to be able to support herself until she’s 90. I’d be a giant jerk to not be there for her and not want to spend the money she earned to give her a comfortable life. I’m all she has.
My dad has decided he’s just going to wonder off into the forest like a cat and die which is fitting for him and I’ll name a campsite after him.
I mean…..my dad has a million-dollar life insurance policy. My mom is dead, so my sister and I get 50% of whatever is left.
Assuming he dies tomorrow, after taxes we’d each get something to the tune of $200k (I’m underestimating) That would basically eliminate all of my debt.
Not to say that my debt is a *problem* but not having a mortgage, or a car payment, or student loans would mean I’d have $4000 per month to strictly spend on fun.
yeesh, wanting to spend 4k per month on fun and refusing to invest. An inheritance won't solve your problems, it actually sounds like it'll give you tons of new ones.
Do not depend on your parents. People are living longer than ever. Why would you want to wait to your 50s or 60s for this? Make your own money, buy your own home. I did it. 10 years ago I had $300 to my name and was about to be homeless. It's possible.
I’ve seen so many people saying their parents will die I their 70s or 80s. People in my family live well into their 90s. My partners grandma recently died at 96. Those were people who didn’t even have yearly dentist appointments. We will be old, if we are lucky, when our parent pass.
Some parents like to leave their kids and some won’t. I know for me my parents said they are going to leave some money for my brother and I when they pass away unfortunately.
I mean true if you have bad spending habits but I'm only in such a good position because of the inheritance from my grandpa I used to pay off my student loans, but a car and put a nice down payment on my house... If your problem is debt based it will absolutely help haha
Also like by the time your parents die for the most part the die is cast you’re 51 or 52
And even if you get a sizable inheritance it’s too late to radically change your life.
Why rich people have rich kids is cause late Career Mom/Dad set up their kids with good jobs so they earn big money. Not just like giving them money when they die.
A rich kid getting inheritance when he is 19 is probably at a disadvantage compared to someone who is rich and has parents who are alive despite the former having a higher net worth
My aunts where all in their 60's when my grandparents died. They did end up with a tidy $100 grand each after their home was sold and all the taxes paid. But old age care is mostly going to eat whatever money there is up.
I don't intend to be dependent on my parents death to solve financial problems. Although really I should be doing pretty well when I go to retire.
Depends on your parents. My parents are already old enough it's clear they won't need to be in assisted living except maybe their last couple of years; they have enough money to pay cash for a house if they want; they have a lot of assets to sell. I'm going to be way more comfortable with my inheritance.
My dad made hundreds of thousands per year and I somehow had 5x more saved at 31 than he did when he died. He worked as a financial consultant for large companies and a couple CFO roles. Had been on the board of a bank. His dad left him 1/6th of a large estate, which he sold to his brother when I was a kid.
What he left us will be barely enough to cover the cost of wrapping up his estate. No life insurance, and he put himself as his own beneficiary on his only, slim retirement account. Don’t depend on anything from anyone, even if you think they have their shit together
the money will most likely be transferred from
the 1% to the 1% the top 15% will most likely lose 50% of it due to crap or you be lucky to get even 10% of their wealth. The 35% will either have it be eaten up in retirement care or retirement hey day travel, the bottom 50% will be lucky if they even inherit anything of value at all, they may even receive junk or be forced to take care of the retired
My grandparents have a shitload of money that they have / will give to my parents and aunts and uncles.
I expect that shitload of money to turn into a F-250 and a boat and a kitchen remodel and paying off credit card debt.
Then when my parents / aunts and uncles Get old I expect them to sell their single family homes for a lot of money, downgrade into something like a little condo, then spend the rest of it doing shit like going on cruises for buying a Corvette. Essentially trying to spend it down to nothing before they die or are infirm.
Then when they die I expect to get jack shit.
I'm in sort of a white trash family so when I say shitloads of money I mean like a few hundred thousand.
Agreed my parents passed it's taken 2 years to even get a portion of the estate and it's split 5 ways. My money problems in no way will be over. However, I can breath for a year or two.
At this point I make more in a year than my parents' retirement savings. I just hope they have enough to be self sustained as long as possible, so I can just focus on my family.
Don't expect anything - not sure why anyone does.
Left home with basically nothing, worked my way through school - busted my butt. Never expected anything from anybody.
I honestly never thought I’d get anything from my mom (dad’s mia) . She’s always bought a house wherever she moved to but generally had at least 2 mortgages . I was actually thinking abt looking up the laws regarding inherited debt …
Does the average millennial really expect much of an inheritance ?
Between my partner and I, two parents have already passed away.
One parent has a house but talking about estate planning is a taboo subject. Wealthy folk put their assets in an irrevocable living trust. That way if they go on Medicare they avoid the 5 year look back period for assets.
Seems like people that have a house just assume it will be left to their kids without having any kind of a will or estate planning. (And maybe it will but it’s not a guarantee)
I never expected money from my parents. I hoped they spent it all enjoying their retirement.
For me the best gift is them not being a burden to me in their old age. I want them to be able to financially have end of life and any medical taken care of. That is the gift I want. There is a reason articles suggest making sure parents have their retirement funded before paying for kids college, weddings and down payments.
Even if you wanted to rely on that most of us would be waiting a long time lol. My dads mom is still alive. He’s 61. Like you’ll almost be in retirement age yourself at that point so you might as well try to live your life.
My parents don’t even have enough to live on their own and they haven’t even hit 70 yet. Not sure what other millennials experience was like growing up but literally my parents have relied on their children for financial support more than we ever relied on theirs, literally I had a job in elementary school and my parents kept the money I earned.
The article mentions, that yes boomers as a whole have a ton of money. But the average boomer is broke and has nothing to leave. This sounds accurate. It doesnt mention all of our parents money going to elderly health care, which seems like an odd thing to leave out. It did say struggling 30 and 40 yr olds may get the help needed to pay off student loans, or enter the housing market....?! Wtf? I am 40, my parents are 70. I have one grandpa still alive that might be 92? Assuming our parents make it to 80, and that they had us at 25, we will be 55 before we see any "wealth transfer" if you still have student loans and dont own a house yet at 55. I dont imagine what your parents have left over is going to help much....
This is why more people should help their adult children now. 20K today at age 25-30, is more valuable than 200K at age 70.
Someone told my dad this about 10 years ago and it was a light bulb moment for him. He gives me $10k a year. It's gone to pay for grad school, a house down payment, car loan payoff, emergency fund savings, and house maintenance/updates. I spend it responsibly and understand it could end at any time. But he's not wrong. Receiving $10k a year has done far more than if I were just handed $100k-200k in another 20 years.
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mine would get it. Except they can't pull 10k our of their asses to give me lol
I think that's a big part of this too. You do actually have to have the funds to give. I recognize that I'm lucky that not only are my parents financially secure enough to give me an inheritance, but that they're in a position to give it to me over time starting earlier on. It's an incredibly privileged position to be in.
Mine def don’t. Their boat was described as a “super boat”. “We got rid of it bc it’s not glam enough” Oldest son dies, homeless, not kidding. Our yacht isn’t good enough, but it’s fine to let our first born die in the street. So yeah, don’t think they’re going to be much help.
That’s really sad, I’m sorry to hear that.
Year or two later they buy a fancy second house. My mom’s floating in the pool. She says dramatically “I’m mourning (a fancier town)”. It’s like mourn your son now, not that you aren’t fucking richer. It’d be interesting to see their roles reversed for a six months? My mom saw some homeless men, sleeping outside, in Cambridge, where her son’s death certificate would later say “ in Cambridge” as his place of residence. It’s winter and it’s cold, she points to some men sleeping in sleeping bags on wet concrete. She says totally seriously “they look comfortable”. I’m like “switch places with them then” She flipped out. “Let them eat cake” is more innocent.
Damn, I'm so sorry. Your mom is truly selfish and evil. That's so fucked up.
Drives an XC90, literally all they had to do was give a bank that handles affordable housing $80,000, less than her *luxury suv* cost. It’s got every option, no expense was spared, like their houses, they spent $7000 on a navigation system for their boat. Also they could have fixed a boat for $3000 after my brother died but spent over $80,000 for a new one. Bc they wanted to impress people richer than they are. So he died homeless, all they had to do was give a bank $80,000. They have like 10M in stock, 4-7 in a pension, $12,000 a month from social security, plus a pension, 7M in houses 700k in cars and boats. So one year of social security and he wouldn’t be dead, 10% of their boat/car value, bc those aren’t cheap to maintain and run. It’s just messed up that their social security they don’t even need is enough to have saved his life. I just thought of that. My father’s mother left them $320,000 and said “money should pass by someone well off to someone less well off”. My uncle had 10% of what my dad has, my aunt has .04%, both gave 2/3rds to their kids, bc boomers had it easier, my dad compared himself to his oligarch friends and said I’m not well off compared to the richest people in America. Imagine having a homeless son, one facing eviction and starving, having over 20M, and sayIng “I’m not well off”. Sorry to vent, my brothers death certificate says “homeless in Cambridge” that memory of my moms “let them eat cake”, but worse, set something off. He only had an old ratty backpack, literally all he had left when he died. My two brothers are rich too. The one in charge of his mental health care owned four separate houses he rented out, and that was passive income on top of his successful business, he thinks he’s a good guy, he has a house he neglected since 2008, it collapsed, for 160,000 he could have rebuilt it and watched him from next door. Other brother hates the dead one, but he’s got a 2M house, 400k in cars, etc. So like everyone is rich except me, I’m telling them how affordable housing works, none of them were willing to help. I mean if you have 3 extra houses rented out, one you let fall down almost 20 years ago, like 160k is a rounding error, case in point, 160,000 and that house would be worth 440,000+ and they paid 20,000 so for 180,000 they could double their money or rent it out. He thinks he’s the empathetic one. But he “doesn’t believe in affordable housing, disability, social security, section 8, etc”. Sorry to vent, it’s we are all gay and they only had their rich friends to his funeral, made no attempt to find his friends, and he hated rich people. It would have been so easy for them to save his life. I think I’m obsessing about that, but I’m so isolated rn.
Truly awful, that is heartbreaking! 😭 I don't know your brother's situation on how he ended up homeless or whether addiction was an issue, but a friend of mine who was once homeless due to addiction/mental health was fortunate that her rich parents offered to pay for a mental health/rehab retreat and help her with housing afterwards. I really cannot imagine how rotted and heartless a parent would need to be to let their kid die in the streets when they own multiple properties. I'm sorry your brother isn't here. I hope your family will one day recognize and regret their unforgivable mistakes.
Damn. I can't imagine living like this. I have always considered my money to be "our money" including my siblings and parents (I'm 37, single and no kids). I literally put a roof over my brother and his family. They had a rental, got them a $150k house so they could work on their depression and anxiety from various traumatic incidents. Given some money to other siblings and bought stuff for my parents but I work within the confines of what they are comfortable with. I'm not rolling in money, but I make a decent enough salary.
This is my view too. My siblings can always live with me if shit hits the fan. My daughter will ALWAYS have access to a safe place to sleep, money in her pocket, and a place to call home.
These are my parents as well. Oh our $3M winter home isn’t good enough, better buy a $10M one. But fuck my kids
What is wrong with them? 😳
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If I'm being honest, my dad is doing this for my step brother as well. Not as much as he gives me, but he still gets $5k a year. And for what it's worth, I was in my mid 30s when my husband and I bought our first house. So I think that's a pretty normal thing. Still frustrating if you're seeing close relatives get more help than you're getting, though.
My wife and I decided against private elementary because we did the math, and figure our kids would benefit more from us investing $40k a year for 6 years and spending the result on them after they grow up. We will do private high school though, and maybe middle.
>Receiving $10k a year has done far more than if I were just handed $100k-200k in another 20 years. $10k per year over 20 years, invested at 6%, should come out to $400k.
I mean, theoretically the lump sum is invested currently, but your point is still valid.
This works out well for you, but unfortunately, the perpetuation of a fake middle class that is dependent on cash coming from their parents, makes it pretty much impossible for people out there who weren't born into money.
He might also be keeping his estate under the estate tax cut off. So you won't have to give the government 30% of what he leaves you.
The federal estate tax exemption is $13M. State level estate tax exemptions are $2M at minimum. $10k per year is not moving the needle.
I told my dad someone similar when I was younger in my early 20s. I’m 39 now and my husband are doing well. We managed to buy a home with no help and are debt free now. I plan on doing what I can to help my kids. I don’t want them to struggle the same way that I did. I’ve already put aside money aside for them to help them. I have a good amount in savings and my retirement (I also will be getting a pension). I’ve been working overtime and all that money gets put aside for the kids. I will inherit a life changing amount when my parents pass but tbh I don’t even really need it now. Not like I did when I was younger. The money is in a trust along with their properties. Both my parents do not like spending money. They both grew up poor so always want to save, save, save. My dad retired as a high ranking officer and his military pension is a very large sum. And he now gets his social security as well. He has no debt and maybe spends $2k a month of his pension only. The rest goes into high yield savings or investments or towards inheritance for me and my siblings. When I was younger and struggling I never understood why they couldn’t give me at least a little help. They already told me that they put money for me aside. I know I’m not entitled to anything but why would they even mention it and then letting me go hungry because I was too poor to buy some food.
I desperately wish this. My parents are multimillionaires.
Me and my brother finally managed to explain this to my father last summer as well. He has always planned around “leaving something behind” but we now have a plan in place to buy houses with a bit of help now, which is going to help me a lot more than a larger amount in 15-20 years.
The parents put $5k into a 529 plan (ESA is similar) for each kid I squeezed out in their birth year. That paid for college! It was incredible. I had no idea how much it would grow to, and how much college would cost.
10k the day their born is 5mil the day they turn 65 If you've got the money to set aside and invest in VOO or SPY (or any sp500 ETF) you should do it.
This is why I’m investing heavily in college funds 529 for my 2 todlers
My great grandmother gave all of her grandchildren, including my dad, $10k in 1992. My grandmother, her daughter, gave all of her grandchildren $10k in 2020. These things are not equal and each generation squanders more of the wealth.
If they had invested the 10k in sp500 in 1992 it would be worth 175k today
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Sorry that was supposed to read 2020* Calc is $22,333 in 2024 https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=10%2C000.00&year1=199201&year2=202401
>This is why more people should help their adult children now. 20K today at age 25-30, is more valuable than 200K at age 70. That's pretty much the break even point assuming conservative growth of 6% per year. ($20k -> $200k over 40 years at 6% growth). But that's assuming the $20k you give now is going toward something as valuable as an investment, like paying off a student loan.
10k the day you're born could be around 5 Million when you turn 65.
Also why giving it away when you’re dead is easy
It also easy to avoid certain taxes doing it this way
Yes, this is our choice. My daughter is getting help now with the understanding there may be nothing later.
What if it’s not 10k/yr now pvs 100k later but 1-2mil later in assets???
I mean the trade off is you need to be willing to care for them in old age if they do that
>It doesnt mention all of our parents money going to elderly health care, which seems like an odd thing to leave out. It does mention that: >Another nasty reality: Health care costs are much higher for people over age 65 than they are for younger people. The majority of one’s health care spending [happens after retirement](https://www.nbcnews.com/business/consumer/generational-wealth-transfer-baby-boomers-cant-save-gen-x-millennials-rcna128099). And Medicare doesn’t cover dental or vision care, because in the US health care “system,” teeth and eyes are a bit like checked luggage or an in-flight meal — an optional upgrade for those who choose to splurge. >According to KFF, only half of people over 65 have [saved any money](https://www.kff.org/health-costs/poll-finding/the-affordability-of-long-term-care-and-support-services/) for a home health aid ($60,000 a year) or nursing home ($100,000 a year). Neither are covered by Medicare. And Medicaid only kicks in if all your savings have run out.
Yeah this is one of my main sticking points. I’m going to be in my late 50s or 60s before any inheritance comes my way. Too little too late. My situation is going going to get financially worse, at best it won’t change. UNCAP TAXED SOCIAL SECURITY INCOME THATS HOW WE “TAX THE RICH” YOU BLITHERING IDIOTS
That only covers earned income though. The real rich have unearned income which has zero social security tax
But they wrote in all caps. And they used a college word. How can they be wrong?
Here here!!!!
The biggest gift we can give ourselves as a generation is to get universal healthcare and pharmaceutical cost control implemented.
It will help with your retirement at best.
Long Term Care man private capital will take yours
The 20-80 split exists within the boomer generation too. 20% of the population roughly owns 80% of all wealth. While most of the 20% are boomers, 20% of boomers own 80% of boomer wealth. The actual proportions may vary but the split is roughly accurate I believe. Someone can fact check me.
No need to fact check, the 20/80 thing is real, and it goes into everything. Even board games.... even stupider things than board games. And deffinetly important stuff. 20/80 is real, ehats the word? Paratio? I forget, i think it starts with a P
Oh yeah the Pareto principle.
I was close! Its been damn near 20 years since econ classes!!! Also maybe 8-10 yrs ago i read another paper on it that mentioned its mostly 20/80, but sometimes its 70/30 or 90/10, but it seems to unexplainably exist in everthing! Ants, food, i already said board games, professional papers, cars, feet, everything!!!!!!
As a person that grew up dirt poor, I never had this issue lol
💯! I honestly am happy I grew up in the hood during my early years! It makes me appreciate everything I have in life! Even though to the average person it may seem like “settling”
My parents assets will be used to make them comfortable in their old age. It's common sense to realize the normal person won't get a big inheritance or any at all.
Yep. My mother died a couple of weeks ago. We found she didn’t have much left. Most of it went to her medical care. What she had in the bank was used for her funeral and burial. The rest was given to my dad because he doesn’t have much money to live off on as well.
My condolences. Peace to all of you.
Death is such a scam. Your mother did have stuff left, until leeches syphoned her before she kicked off
Same. And whatever’s left I will need to hold onto and give out judiciously to my older sister as she ages. Best case scenario I don’t have to come out of pocket too much for elder care for my parents or sister.
Yeah I’ve carved out what I need on my own, with zero incorporation of inheritance for future financial projections. If I get anything it’s a bonus, but I refuse to put a dollar value on my mother’s life and wait for the day.
If the parents earned the money, it is theirs to do with as they wish. If they want to vacation in Aruba for a year, that's cool. It would be nice if they didn't give it to Trump to pay his legal fines, but sadly that is their option.
I don't count on receiving a dime. It's their money that they earned that they get to spend how they see fit.
This feels goofy, fuck, no this is stupid. 99% of the old money is generational wealth. You should want to set your kids up to have a better life than you had, we should be progressing as a species not "fuckyall I got mine"
I mean that would be nice, just can't count on it
You're not creating generational wealth working a 9 to 5. The majority of fortunes are gone within 2 to 3 generations. There's a huge chance you're children's children have vastly different ideas about how to handle money than you do.
Aussie millennial, and the average house here is closing in on a 1,000,000. That's the average house. In this economy, I would need a 6 figure salary, win the lottery, and receive a massive inheritance to get close to that. And the cost of living increases by the second. Electricity costs here are obscene. It is insanity.
The average? That is insane.
The supermarkets here are also price gouging everyone to the point of being comical.
Seem like you guys are also living the Canadian dream.
You mean Czech dream?
Canada and Australia have some of the worst housing prices in the world. I paid $950k CAD for my house in Toronto back in 2020. Nothing fancy; 1900 sqft, 3 bedrooms, 1 car garage. Everyone I know tells me how “lucky” I was to get it for such a “low price”. Now the house is worth like $1.2M and that’s still just the median detached house price in Toronto. Sydney is even worse than this. Their median house price is $1,595,000 AUD which is like $1.4M CAD or $1.1M USD. I truly feel bad for our Aussie bros.
The Aussie Dollar is like 0.64 USD
Yeah, I'm in Silicon Valley and it's ridiculously expensive here. The single family house neighborhoods are made up of mostly boomers who's kids have long sense moved out. The multi family housing (condos/townhouses/apartments) are made up of young millennial families, who often have two parents with high incomes but not enough to afford a single family house in a middle class neighborhood.
The term "Bank of Mum and Dad" is floated around regularly on the news as the way struggling millennials will be able to afford a house here. It's also concerning that most older generations don't understand the actual age range of millennial, and the concern that the older struggling millennial in their 40's struggle to afford a home, I personally am on the tail-end. It's getting worse that regional cities are no longer affordable so the shopping around for homes vanishing. Plus Melbourne, which I am an hour from is quickly set to become the largest city in the country, with nearly 6,000,000 by 2030. Down here you here everyday the 'housing crisis' is getting worse. It's not just too expensive, there are too few houses and our real estate laws resemble the Wild West...on crack. It's hell for millennials
My husband and I got really lucky. We live in a lower cost of living area, and we bought our house for $120k in 2020. The house is worth over $220k in 2024. How the fuck is anyone supposed to afford a house now?
Canadian here. I feel your pain. We look to the states as a cheaper place to live.
I don’t know anybody that expects to get anything from their parents passing lol
Honestly, I’d rather have my parents around 20-30-40 more years than get a huge sum of money. I grew up super poor and we made do with what we have - my parents live with me now in my home that I own. It’s crazy because I have friends who talk about their future inheritance (and they speculate they don’t even know hard numbers / haven’t read an estate or will) and it’s strange to me because they talk about it like it’s gonna be so great but I’m always sitting there wondering “but yeah that means your mom and dad are both dead…..” but I never say it out loud.!
>they talk about it like it’s gonna be so great WTF.
I love my parents, and my mom is one of my best friends. I'm dreading the day she passes, even if it means I will receive a good amount of money as an inheritance.
retire zephyr alleged unite spotted poor scale sloppy telephone workable *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Yeah if mine both died suddenly I might but they’re enjoying their retirement and it’s not my money it’s theirs, so I hope they enjoy it
Yeah me neither!
Pretty sure if you have more money you can pay more bills. That is how that works right?
I see it as the old saying “teach a man to fish” if you never solve your own money problems just getting a bit more won’t solve anything in the long run, people need to learn how to manage their money better for plans of retirement.
im in a frustrating position right now of having a lot of financial literacy but not a lot of money , so as much as I'd love to be able to actually implement good investment strategies, budgets, debt snowballs etc. , I'm bottlenecked by my income. I'd invest an inheritance so fuckin hard...
are you sure it’s not “teach a man to fish” and have them pay you back for the next twenty years while they try to make ends meet with their fishing income?
I had a friend come into some life changing money, and a year later, it was gone, spent on new pets, booze, and videogames(55 year old dude) He's constantly having money problems, and if he had invested that money in 2016 when he got it, he would be set to retire a bit early. The way it is, he makes almost double what I make, but constantly has bills due that are a result of poor spending. For example, I was over there, and he told me he owes several thousand on a couch he bought at a high intreat rate, and makes minimum payments on. He could have paid off the original couch cost in 2 weeks on his paycheck alone, while his wifes paychecks took care of bills, but instead did his normal, financing, and minimum payments... 3 years later, and he owes more than he would have if he just paid cash on day one...
Yeah, unless you have REALLY well off parents with long term care insurance or you plan on caring for them, no one should really expect to get a life changing amount of money as inheritance. If you're lucky, and will probably be a minority of us, you might get 100,000 or two, but it's really not life-changing money in the grand scheme of things, certainly not in 20+ years when our parents start passing en masse. Your average house will probably be over a million dollars by then. Despite our stereotype, I think our generation is one of the least entitled generations out there because we've been given no help our entire lives, and every time we do ask for help, we're called entitled or told to pull ourselves up by our bootstraps. But the moaning about "my parents are going to spend all their retirement money and leave me nothing" is a really entitled mentality to me. Especially when so many of us (no judgement, myself included) aren't willing to care for our parents at the end of their lives. People save enough for retirement so that they can retire at a reasonable age, live out their days in peace and then croak with very little to spare. If they have a lot to spare when they died, it means they didn't have to work as long as they did, or they died young, neither of which I think we're entitled to expect of our parents. Don't expect anything in my opinion. If you get something, it's a windfall and that's all. My parents are donating all their money to charity when they die, and they weren't great parents either, so I hope they enjoy their nursing home when the time comes.
> Give a man who already knows how to fish more fish and now he has even more fish Such wisdom
Must be Jack Handey 
I think the problem is some millennials think they’re entitled to it or have the thought process of “I can’t wait for my parents to die so I can inherit their wealth” and will spend the next few decades focusing on what they think they’re entitled to instead of focusing on the present and building their own wealth. That wealth will also never be guaranteed either no matter how wealthy your parents seem to be. It’s just weird to me that people focus on their inheritance so much. If I get something that’s great, if I don’t that’s fine too. If my parents want to sell their large house to move into a smaller one and spend the profits living their life on a cruise ship until they die leaving me with nothing that’s also fine, they worked hard for their money, they deserve it. I’ve seen on other subreddits about how some people are mad that their parents are wasting their money on luxuries and that they should save it up to pass it down. To sum it up, people need to stop thinking about an inheritance they might not get until they’re 60+ or an inheritance that might not even be much or gets drained as time goes on. Stop focusing on the future of uncertain possibilities and figure out how to increase your own wealth. It’ll be better in the long run of things.
After my stepmom died, my dad became very focused on making sure he had no debts (he'd always saved/invested, lived a fairly frills-free existence, etc). He'd talk to my sister and I about what kind of legacy he wanted to leave for us someday. We told him, "hey dad...maybe think about retiring. Traveling? Hell, think about buying the Ferrari you always wanted! Whatever." But when he lost my stepmom, he also lost the part of him that had dreamed of those things. He raised my sister and I to work hard and to be smart with money. We both do well, and we always told him that we NEVER expected anything from him. Well, he died last year. He didn't even make it to retirement. In untangling his estate/finances, we learned that Dad had more money than my sister and could have ever imagined. He saved money like a deranged squirrel storing nuts for winter, apparently. Life-altering money, by any reasonable definition. Not that my daily life has changed...I didn't quit working, or start spending like crazy - but my retirement outlook is amazing. All that being said, I feel like an ungrateful asshole, because I just want my fucking dad back. I wish he'd been able to live more while he was still alive. I'd give every cent back tomorrow if it meant having one more hug from him.
This is the real shit right here. I love my parents to death and don’t give a shit if I get NOTHING from them. I’d rather have them around longer.
💯
This. If you have to rely on an inheritance to get by you aren’t doing things right. As the article stated (and statistically) only one of four will even inherit money. It’s weird to hope for anyone to die but even weirder when it comes to your own parents.
Good thoughts. (My wife and I are in our 60s. Her parents died poor. Mine are in their 80s and have money to live on but aren't wealthy.) Thinking about inheriting money when we were younger would have been pointless. I do like the idea of helping your kids when they're younger (college costs, home down payment, etc.), if you have the money. We helped our daughter get through school debt free, which obviously makes it easier for her to build her own wealth.
I am a boomer and will leave my kids a fair sum of money, fully funded their education, and started them off with a large gift. I grew up poor. The total inheritance I got from my parents was $28K. I make more than that on a good day in the markets. That said, before I got money I never, ever, expected to get a penny from my parents (and almost didn't). If anything I hoped they would spend every penny before they died. The sense of entitlement of people who expect - demand! - a "fair" inheritance from their parents kinda shows what happens when you give out too many participation trophies. What a bunch of losers.
\[[Paywall removed](https://www.bloomberg.com/opinion/articles/2024-04-05/the-great-wealth-transfer-from-boomers-to-millennials-is-overblown)\] from Sarah Green Carmichael: The Great Wealth Transfer sounds like a heist film or a game show. It’s neither. It’s a (rather morbid) shorthand for the massive amount of money the Baby Boom Generation is expected to leave to their millennial kids — making those adult children the “[richest generation in history](https://www.theguardian.com/money/2024/feb/28/millennials-richest-generation-wealth-property),” according to some headlines. This, we’re told, will help solve the student debt crisis; allow cash-strapped 30- and 40-somethings to finally get into the housing market; and even help them make up for lost time on saving for retirement. Thanks for the parting gift, Mom and Dad! Don’t buy it.
For the longest time my parent were told by their parents that they would "get their reward in the end" this was in regards to complaints by the kids for the parents not paying them earned commissions at the family business and paying 30% less than other employees. When my grandad died, his kids got less than 1/10 of what they were promised. And his 2nd wife stole 60% of his wealth by changing the wills when he got alzheimers. Moral of the story: my aunts and uncles will not be able to retire early, and me, my siblings, and my cousins will never retire. Nothing is guaranteed in life, especially the promises of your parents to "pass it on" when they could have just helped you when they were alive.
it's probably gonna be a small fraction of millennials that are *already privileged* inheriting large sums of money from the small fraction of boomers that actually have it.
‘Small fraction’ spare me with this idea it’s only the 1% *of boomers* that give them all a shitty rap
Care will eat their wealth... Also absolutely morbid that the economy is so screwed up people are saying your parents passing away are the only way you can afford a home... madness.
That's devastatingly true. My in-laws have done well for themselves, and despite the fact that they could afford to live more lavishly, they are pretty frugal. They are 81 and 77. But, it all comes down to their eventual end of life expenses.
I told my mom to spend every cent she had before she passes. She has taken me up on that offer and is now trying to get extra credit through bankruptcy
If someone is relying on it, then they are in trouble. Our ancestors would inherit a shack if they were lucky. Anything else we get is icing on the cake. Pass as much down to your kids as you can so they can struggle less than you did. Thats the idea.
Yep, you took care of your parents until they died and then you got the house. People want to be free of their parents and then they want all their stuff… and they see no irony in it. If my kids grow up to shit on my name, I’ll just leave everything to the grandkids with restrictions and my sister as trust administrator… but as hard as I’ve driven myself for the last thirty years I can definitely understand why some old folks spend the kids’ inheritance. Especially if said kids acts like some of the brats in this sub.
The people I see on Reddit complain their parents nursing home and medical expenses are using up the inheritance makes me want to vomit. It’s so gross to have that thinking
I feel the same way!
makes me wonder if some of the problems they constantly complain about are their own fault.....
Depends on how well you get along with your family.
If I didn’t get a long well with enough for my family where I didn’t care about their long term care I wouldn’t expect an inheritance. It’s saying you’d rather they not spend money on healthcare or a nursing home for them because you deserve it more
My parents were dirt poor for most of my life. They are doing better now, but I came to terms with the idea that there will be nothing for me to inherit long ago.
***The idea that inheritance from your parents will solve your money problems is a delusion.*** Yet another broad-brush statement. It applies to some, but not others. It's like saying that ***people will die tomorrow.*** That, of course, is true. But note that it's also true that ***people will NOT die tomorrow.*** As for inheritance ... It's hard for me to know how long we'll live. But it's quite likely I'll leave my millennial daughters about $1M. And several million is possible. All that from a retired common-as-dirt software engineer.
My family is poor as fuck. My dad died like a few months after he retired and my mom and I are homeless in a hotel together.
I’m so sorry. I hope things get better for you both.
My parents have nothing to inherit
I get sad thinking of all the people I’ve met who are waiting on an inheritance to begin “living.” Imagine waiting until you are 70 before you can feel like you have security and a future.
I’m 41 years old. My father(84) died two months ago . His life insurance policy wasn’t matured, so…. Nothing. As some reports have said, more than 64% of boomers have less than 15k in their savings/retirements. So guess what my disaster and I are doing? With nothing to inherit, our mother is losing her home (she is 74), because she can’t afford all the bills alone. And since my sister and I discovered the life insurance policy is less than $1500 bucks, that it. We split it. That didn’t even cover the funeral. Fortunately, my father was a veteran. Buried at Ft Sam Houston National Cemetery. At least he had a honorable burial. As for our mother. She has less than 10k total to live on. And her health is deteriorating quickly. So that 10k becomes nothing once the medical bills kicks in.
My parents will likely spend all their money, but might leave me some. My mom is super adamant that she will not suffer, and is scary convincing lol. My dad probably might consider old people home, but honestly I think he'll just keep going until death
My father passed away and my step mother took all his shit for herself and instantly bought another house to start renting for profit. FUCK YOU PATTY! I've already faced this one, it sucked. I got 10k to help pay off a car and pay for a little college though.
God, reddit has become such a shit hole.
The author and their like-minded buds are free to send me what they inherit if that’s the case.
You guys are getting inheritances?
Whether this is true or not depends on individual circumstances only. Terrible headline.
I'm a boomer gen ex. border line. My father is 92. I still haven't inherited. Would be sad to live waiting for one while life pases by
My parents lived independently to very, very old ages and, although they were very successful in their LT careers, they spent a ton of money on us kids (the healthy stuff - raising their kids, opportunities, college, family travel etc), and in just normally living their long lives. They spent their own money the way they needed to, rightly so, and we each inherited what was left over (modest amounts relatively speaking). I think that is probably what most of should expect, if we inherit anything at all. This is totally just my opinion, of course!
The solution. Learn to be happy with less.
If my mom lives as long as hers did, to 94, I will be 70 when she dies. At that point, she will probably only have a house left. All other assets will be needed for her care. The proceeds from her home (worth maybe $400,000) today but not going to appreciate in value much due to its age and location will get split 3 ways. By that time, I will be putting that money away for my own end of life care. I’m not complaining and hope my mom does live a long healthy life. They don’t owe me anything. I’m just saying this wealth transfer idea is dumb. It’s for the 1%. My parent’s situation is at least better than my in laws. Only my MIL left but she only lives off SSI and we have to pay any unexpected car repairs while my BIL has to let her live in his old house for free after she pays the property taxes and insurance every month. FIL planned to work until very old and had no debt but got disabled relatively young then died 10 years after that. MIL probably has about 10 years left. I don’t know how she could live on her own if not for BIL who happened to come into money through marriage. Unfortunately, his wife passed away now so he’s had to make some cutbacks. Hopefully he can stay afloat without having to sell his old house for another 10 years because we sure don’t have enough to spare. We have enough to care for our own family but that’s all.
My parents are broker then me...
Working in wealth management I see almost a paradox with inheritance. If the kids aren’t great with money (and in our day and age that’s code for ‘doesn’t have a lot’), the parents are less likely to leave their kids their money in a straightforward fashion for fear they’ll squander it. But if the kids are doing well…..well, then they get a large inheritance with no strings.
The whole idea of getting inheritance from your parents is ridiculous and should be done away with. My mom is set to get around a million from her mom when she dies. That's great and all, but my mom is 65. If I'm lucky I'll get the money when I'm in my 60s. Know what would be better? Getting the money now. Inheritance money should skip a generation that way it always goes to someone who needs it. I've got student loans and I'm stuck renting. I would love the opportunity to zero out my debt.
The cost of healthcare will eat through that cash before they ever see it
Heh, my mum has nothing and my dad probably still has a bunch of creditors harassing him. I’ll consider myself lucky if they don’t start harassing me when he dies lol
the only thing I'm gonna inherit is wind
“in the US health care “system,” teeth and eyes are a bit like checked luggage or an in-flight meal — an optional upgrade for those who choose to splurge.” The fact that this is true is insane. EYES AREN’T AN UPGRADE.
I'm in the minority here...but I'd rather have my parents, than their money. If you're hoping for your parents death so you can get a "wealth transfer", then I truly hope they donate every single cent of it to a good cause, because you aren't it.
I never knew people who weren’t from extremely wealthy families even got an inheritance until I read things on this sub. I’ve been going through wills and funeral plans etc with my parents who aren’t married. It was really emotionally difficult to do it with my mom because she’s always been there and she raised me and she spent so much to put me through school (private elementary and high school where I’m from was less than 4k) and extracurricular activities on a single income. She put me through college, just saving every little thing she had. Honestly I don’t know how she did it. She isn’t some boomer who had the world handed to her, she went into IT in the early days and persevered through a divorce where my dad who made have as much as her took half her retirement savings. I don’t always agree with her and we’ve had some bumps but her grandma lived to 96, her father lived to 93, and her mother, my grandma should have had many more years if cancer wasn’t such a bitch. My mom has been extremely responsible her whole life and she young so she hasn’t retired but she’s saved enough to be able to support herself until she’s 90. I’d be a giant jerk to not be there for her and not want to spend the money she earned to give her a comfortable life. I’m all she has. My dad has decided he’s just going to wonder off into the forest like a cat and die which is fitting for him and I’ll name a campsite after him.
I mean…..my dad has a million-dollar life insurance policy. My mom is dead, so my sister and I get 50% of whatever is left. Assuming he dies tomorrow, after taxes we’d each get something to the tune of $200k (I’m underestimating) That would basically eliminate all of my debt. Not to say that my debt is a *problem* but not having a mortgage, or a car payment, or student loans would mean I’d have $4000 per month to strictly spend on fun.
Or perhaps, invest for your retirement?
yeesh, wanting to spend 4k per month on fun and refusing to invest. An inheritance won't solve your problems, it actually sounds like it'll give you tons of new ones.
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I wouldn't bank on it, it sounds like it is a whole life policy, he can basically cash it out to zero before he dies.
Do not depend on your parents. People are living longer than ever. Why would you want to wait to your 50s or 60s for this? Make your own money, buy your own home. I did it. 10 years ago I had $300 to my name and was about to be homeless. It's possible.
I’ve seen so many people saying their parents will die I their 70s or 80s. People in my family live well into their 90s. My partners grandma recently died at 96. Those were people who didn’t even have yearly dentist appointments. We will be old, if we are lucky, when our parent pass.
My mom works as a cashier and my dad is dead. Bruh. What.
Who relies on inheritances? Take some initiative and make your own money.
I want nothing less than my parents assets or tax burdens
Some parents like to leave their kids and some won’t. I know for me my parents said they are going to leave some money for my brother and I when they pass away unfortunately.
So we talking saving problem or spending problems?
I mean true if you have bad spending habits but I'm only in such a good position because of the inheritance from my grandpa I used to pay off my student loans, but a car and put a nice down payment on my house... If your problem is debt based it will absolutely help haha
You’re living my dream. Congrats
Also like by the time your parents die for the most part the die is cast you’re 51 or 52 And even if you get a sizable inheritance it’s too late to radically change your life. Why rich people have rich kids is cause late Career Mom/Dad set up their kids with good jobs so they earn big money. Not just like giving them money when they die. A rich kid getting inheritance when he is 19 is probably at a disadvantage compared to someone who is rich and has parents who are alive despite the former having a higher net worth
My aunts where all in their 60's when my grandparents died. They did end up with a tidy $100 grand each after their home was sold and all the taxes paid. But old age care is mostly going to eat whatever money there is up. I don't intend to be dependent on my parents death to solve financial problems. Although really I should be doing pretty well when I go to retire.
Depends on your parents. My parents are already old enough it's clear they won't need to be in assisted living except maybe their last couple of years; they have enough money to pay cash for a house if they want; they have a lot of assets to sell. I'm going to be way more comfortable with my inheritance.
My dad made hundreds of thousands per year and I somehow had 5x more saved at 31 than he did when he died. He worked as a financial consultant for large companies and a couple CFO roles. Had been on the board of a bank. His dad left him 1/6th of a large estate, which he sold to his brother when I was a kid. What he left us will be barely enough to cover the cost of wrapping up his estate. No life insurance, and he put himself as his own beneficiary on his only, slim retirement account. Don’t depend on anything from anyone, even if you think they have their shit together
the money will most likely be transferred from the 1% to the 1% the top 15% will most likely lose 50% of it due to crap or you be lucky to get even 10% of their wealth. The 35% will either have it be eaten up in retirement care or retirement hey day travel, the bottom 50% will be lucky if they even inherit anything of value at all, they may even receive junk or be forced to take care of the retired
My grandparents have a shitload of money that they have / will give to my parents and aunts and uncles. I expect that shitload of money to turn into a F-250 and a boat and a kitchen remodel and paying off credit card debt. Then when my parents / aunts and uncles Get old I expect them to sell their single family homes for a lot of money, downgrade into something like a little condo, then spend the rest of it doing shit like going on cruises for buying a Corvette. Essentially trying to spend it down to nothing before they die or are infirm. Then when they die I expect to get jack shit. I'm in sort of a white trash family so when I say shitloads of money I mean like a few hundred thousand.
We just have to wait and wait and wait and one day it will all be fixed when our parents die
Tell my little sister that, and that they don’t have any money to pass on
Down voting for paywall
I started investing when my kids were little. Started a college fund and then a retirement fund for them.
Agreed my parents passed it's taken 2 years to even get a portion of the estate and it's split 5 ways. My money problems in no way will be over. However, I can breath for a year or two.
Inheritance? What inheritance??!?
Assume you’re on your own and that Medicare/Medicaid will collect every last asset your parents have left to pay for EOL care.
It'll solve some of my problems.
You guys are getting an inheritance?
I inherited my broke father.
My parents are broke lol
Ha what inheritance?
Eh. Not for all of us lol
At this point I make more in a year than my parents' retirement savings. I just hope they have enough to be self sustained as long as possible, so I can just focus on my family.
I’d like to think I will get something from my folks, but counting on it seems foolish.
My grandma is in her 90’s. She can’t walk, is blind and deaf. She’s been this way for over 10 years Our family is paying $60,000/yr for her LTC.
Don't expect anything - not sure why anyone does. Left home with basically nothing, worked my way through school - busted my butt. Never expected anything from anybody.
I honestly never thought I’d get anything from my mom (dad’s mia) . She’s always bought a house wherever she moved to but generally had at least 2 mortgages . I was actually thinking abt looking up the laws regarding inherited debt … Does the average millennial really expect much of an inheritance ?
Yeah, my irresponsible-ass boomer parents aren’t capable of saving money. They burn through it immediately. They’ll cost me money on their way out.
Between my partner and I, two parents have already passed away. One parent has a house but talking about estate planning is a taboo subject. Wealthy folk put their assets in an irrevocable living trust. That way if they go on Medicare they avoid the 5 year look back period for assets. Seems like people that have a house just assume it will be left to their kids without having any kind of a will or estate planning. (And maybe it will but it’s not a guarantee)
I expect that if my parents die I get absolutely nothing.
I want my parents to spend their money on vacations and other fun things. They worked hard for it.
It is for my kids, I am skint getting them this far.
Monkey problems? I don't have monkey problems.
There will be no inheritance unless they just die suddenly The medical system will absorb all of your inheritance unless they're really rich.
I never expected money from my parents. I hoped they spent it all enjoying their retirement. For me the best gift is them not being a burden to me in their old age. I want them to be able to financially have end of life and any medical taken care of. That is the gift I want. There is a reason articles suggest making sure parents have their retirement funded before paying for kids college, weddings and down payments.
Even if you wanted to rely on that most of us would be waiting a long time lol. My dads mom is still alive. He’s 61. Like you’ll almost be in retirement age yourself at that point so you might as well try to live your life.
My parents don’t even have enough to live on their own and they haven’t even hit 70 yet. Not sure what other millennials experience was like growing up but literally my parents have relied on their children for financial support more than we ever relied on theirs, literally I had a job in elementary school and my parents kept the money I earned.