{ This isn’t just a few stingy parents; it’s a massive cultural shift. The silent agreement that you leave everything to your kids is over, forcing younger generations to rethink their entitlement to their parents’ money. }
The ‘slide show’ opines that:
Many boomers are living longer AND adopting the YOLO mindset.
Some boomers are still supporting THEIR parents. Granny’s getting the grandkids wealth.
Costs are increasing with Healthcare soaring costs specifically mentioned. The healthcare industry is soaking up the boomer wealth.
See above comment that Boomers are paying their parent’s needs. Healthcare industry wins.
Gray Divorce is expensive.
Continuing to work, or returning to work… cause economic uncertainty.
Here’s the one that amuses me. { According to a 2024 study by Age Wave, 60% of retirees feel that their children are not financially prepared to handle an inheritance. They fear that a lump sum would be squandered, rather than invested. They’d rather spend it on their own treatments than watch it disappear. }
LOLOL. The ‘adults’ want to control their spawn.
When the ‘kids’ don’t act right, the narcissist parent cuts em out of the will, and says the wealth is going to a ‘charity’ instead.
See YOLO comment above, and add the Boomer attachment to ‘their’ money - the "I earned it, it’s mine, … ".
Here’s the final slide summary:
{ The “Great Wealth Transfer” is becoming the “Great Wealth Kept,” as Boomers are not withholding their money out of spite. They are making a rational choice based on a new reality: they are living longer, their healthcare is more expensive, and they are prioritizing their own lifestyle, forcing a generation that expected an inheritance to reevaluate its own financial goals. }
Hehe.
I rearranged the ‘info’ from the slides, therefore, my ‘list of slide comments’ is not in the same order.
I see nothing wrong with this. I certainly never expected an inheritance from my parents. I intend to enjoy my money while I can. I’m now considering paying off my share of the national debt at my expiration!
The media working as usual. They find a relatively very rare situation and report on it as if it’s more common than it really is. Because it causes controversy and garners more eyeballs.
For a decade or two I’ve been encouraging my parents and my in-laws (they’re the generation just before the boomers) to “live it up” and spend the money they’ve saved for retirement. After all, it’s their money, not mine!
The healthcare industry is soaking up everyone’s wealth, retirees (including a large majority of boomers) are on medicare at this point, so much of the direct costs for medical care come from all of us.
High on my list of “best things Mom and Dad did for me” was to inculcate in me from young childhood that I would be supported through 4 years of college if my grades were B average or better, and to expect no inheritance if they lived to see me into adulthood.
Sibs and I were strongly incentivized to become self-supporting.
Most of their wealth went to charities, but they gave us “love gifts job well done” lumps in their wills.
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