“Wealth managers say retirees today are far more focused on meeting their own living expenses than leaving a financial legacy behind.
And those who do have assets to spare are increasingly inclined to gift to charity or to skip a generation and name their grandchildren as beneficiaries to their estate.”
Shelly Schwartz, CNBC.com, June 11, 2015, “Do you think you’re in the will? Well, guess again“
The Takeaway: Expecting an inheritance from your baby boomer parents? Think again. Many boomers aren’t planning on leaving a legacy. Here’s why:
There may not be any money left. As boomers live longer, and health care expenses consume more of their dollars, retirees are concerned more about running out than leaving enough. Their own retirement needs come before any legacy concerns.
They’ve already “done enough.” Many boomers feel they’ve already passed enough to the next generation, as they’ve financed expensive college educations, paid off credit card bills, pitched in for car loans and have helped their adult children financially in other ways. Many are now questioning whether a lifetime of “hand outs” has created a sense of entitlement among their kids.
They’re having too much fun. Boomers have always believed in personal fulfillment, and many are now choosing to spend what’s left on new experiences and adventures, and checking items off their bucket list.