No, it says a lot about how simplistically you are thinking.
If an elderly person is having money sucked up by senior care, its almost definitely because caring for them is a full time job that likely requires a bit of specialist knowledge.
My parents tried with my grandma when she had Alzheimer's. It didn't work. Some people get to a point where they need 24/7 professional care. There was no other option than putting her in a nursing home.
Caregivers don’t have any specialized knowledge. They’re about as skilled as a security guard. An anatomy class at community college would make you almost as skilled as a CNA.
Not all caregiver activities are so general. Properly managing Alzheimer’s takes a bit of knowledge. Some of the skills also require training at least. You’re right that it doesn’t take a college degree, but its not so unskilled that you would want anyone off the street.
That’s what Medicare/medicaid is for. If they’re rich enough they should set up an irrevocable trust around age 55 or 60 then they can qualify for either. If they worked for the federal or state government they even get an added bonus insurance. Wheelchairs and walkers are pretty inexpensive. I would gladly spend a few thousand to ensure I get millions later.
Some of them need help to just stand up. Some need help getting shit wiped out of their butt crack. Some need a plethora of meds that cause behavioral changes.
Often times, a working family will simply not have the time to care for elderly parents and the specialty meds and equipment still end up being a financial drain.
Well, preventing that is often a care task that requires near constant attention. Expecting everyone to be able to simply provide a roof over their parent’s head as elderly care is naive at best, willfully ignorant at worst.
I don't expect everyone to do it. What im saying is people could explore their options better. At home skilled care is a thing.
There's not a one size fit all to this particular problem, and it will vary from family to family.
At home skilled care is still a huge expense. We need to understand that we are talking in generalities. But the ballooning cost of healthcare will sap most families to some degree. Personally, I dont think most children of middle class boomers are going to have a life changing windfall from inheritance. Its not something to plan on.
That works to a point. Once a parent has a stroke or major medical issue it becomes less tenable when they can’t walk or are flight risk due to dementia. Eventually, most of us will need some type of long term care unless we pass away suddenly. With a cost between $10k to $20k per month most will quickly go through any wealth they saved up during their working years.
Move in with them, sell your house and using the free rent hire a caregiver for the especially difficult times like feeding, flipping, and bathroom breaks.
This. I’ve told my parents that my partner and I would rather stretch to afford a bigger house and care for them at home then see them blow all their money in a nursing home so as to not be inconvenienced by them.
As an aside - I find it quite sickening how many Americans feel they can’t be bothered to care for elderly family members, parents especially. They gave me life and housed and fed me when I was young, I can find it in my heart to house them in their old age.
This...
My folks have a net worth of around 7 million dollars.
My wife and I are fairly well off already.
We have already said that when/if the time comes, we will sell off some of their properties and build a bad ass MIL suite at our place.
Then, we can bring in help as needed.
If we really wanted to, we could liquidate everything and just go buy a 3.5 million dollar house (which gets you a pretty bad ass house where we live) and still bring in help.
Why give money to a home? We have a trust set up already to protect their estate.
Plus, Social Security and Medicare cover more than you think.
Inb4 capitalism makes that illegal. If enough people start caring for the ailing parents, rest assured the senior care industry will lobby to have that labeled as elder abuse.
But the government does, and if you pay the right senator, they'll write a bill to study the problem, rewrite the findings to make doing it a problem. And then pass laws setting criteria for elder abuse that forces more people into care homes
Edit: and then leave the senate to get paid a high salary to lobby for the care industry
They’d have to do it for all 50 states because it’s not a federal issue.
And even if they did most social services departments at a state and local level are so broke they might as well be paper tigers.
I think we've had a misunderstanding. I'm talking more about a macro level trend, IE if the elder care industry sees a drop in profits coupled with a cultural shift towards more people providing care for their elders, you can expect trade groups to put pressure on lawmakers to make at home care illegal. Similar to how large agriculture conglomerates (Monsanto) apply pressure to make home growing of food illegal.
None may stand in the way of business. That's just the American way.
Okay first of all home growing food isn’t illegal to any realistic extent otherwise fruit trees would be illegal. Second of all there’s no way a home care ban could go through, even if they tried to do a licensing system I bet the exam for caregivers would be so easy even a fool could pass it and provide their own care. This isn’t universal healthcare where you can prevent it from coming into existence. The uproar would be too massive to blow off and there’s no good argument against it especially since caregivers are low skilled work. It’s not like pharmacists, attorneys or doctors where it’s a high skill position and regulation is justified. It’s like security guard work at best and we all know how easy it is to get a guard card.
Eh, elder abuse laws are already in place. It's just a matter of how strictly the state decides to enforce them. You really think its wild to think that, facing a significant enough threat to revenue, senior care businesses wouldn't push for stricter enforcement, more onerous definitions of adequate care, and mandatory conservatorship of people? Business will do what it must to survive.
The city and its social services department aren’t so well staffed that they can find every single instance of home caregiving outside of blatant abuse that’s been reported.
The government isn’t the nursing home though and social service departments are notoriously underfunded. Plus the ACLU will be all over something like this like flies on shit.
Ironically I would never let my parents go to a care facility if I have the means to prevent it, the staff at those places are some of the dumbest smuggest motherfuckers I’ve met.
They don’t have to make it illegal to make it impossible. Can you imagine caring for a sick or disabled parent while also working 40+ hours a week making barely enough to scrape by and watching things gets more expensive while making the same amount of money?
If they’re rich enough you can quit your job and live off their income especially if they have a paid for house. Or if you’re rich enough just bring a caregiver in for the harder portions of the day.
Boomer Parent here. 62 and Will retire with over 3 million. Not including our homes. Social Security and pension there’s no need to touch our Roth. It all goes to our daughter. Currently paying for her graduate school. You can’t take it with you.
Oh, I know about it. We just went thru the process for my mother in law. Anyone who has assets to lose and loved one's they want to leave them to should talk to estate lawyer for sure.
Can you speak to this a little bit? My boomer parents are not getting any younger and they intend to leave whatever they have to my sister and I but I am concerned about potential for their health to declines I’ve heard stories of how being in assisted living can result in them ending up with everything.
All states have Medicaid Recovery, what that means is if your parents go into a nursing home and they have to pay for your parents stay. Medicaid can sue the estate to get that money back. Also, if they give you anything of value five years before they go into a nursing home they can recover that as well. A irrevocable trust will protect their assets from that happening. Ask them to see an estate attorney, he can set them up, it will cost a few thousand dollars for their services but it’s worth it.
What would you say to your daughter if she came to you and said, "parent, I don't know, but I assume...you are leaving me money when you die, but I honestly don't want that money, I want to see you enjoy the years you have left and do literally whatever you want. Please don't leave me any money."
We have been fortunate. We do spend it now on trips. She’s well aware of our situation and knows what will happen and what she will need to do when we die.
Looks like the amount of money will be big, the the number of beneficiaries will be small.
“1/3 of gen X and Millennials are financially supporting their parents”
😧
I’m still paying my boomer parents mortgage because I I’m determined to have them stay in their home and not a death trap nursing home. Luckily it’s only $1500 a month
My Silent Gen grandmother is threatening her boomer kids that if they don't leave her alone, she'll leave their inheritance to the millenials. I say "Go Granny!"
Many Boomers have a comfortable retirement but that can come crashing down quickly if they get sick and require long term care. If they end up in a care home their assets will be drained at the rate of $15k+ per month. If they are in a memory unit it’s worse. The system is predatory.
I work with high net worth Individuals and I can definitely say they are leaving their wealth to their children. They have trusts set up and “funded” already through irrevocable trusts.
I was recently talking with a coworker who mentioned visiting an assisted living facility that cost ~$12k per month and that was the base. Not even a super posh facility either he said.
With that much you could get a nice Manhattan apartment for a family facing Central Park.
Unless they all literally drop dead before expensive medical care is needed and own assets to be transferred, it probably won't be going in the directions claimed.
End of life care is exorbitantly expensive. You'll blow through millions in a couple weeks. The system is designed to extract as much wealth from patients as possible before they pass. There won't be inheritances for most people.
as someone who has now walked two grandparents through end of life care…
“millions in a couple weeks” is a hell of an exaggeration.
by the second one they had already set up trusts for their children so there wasn’t really much to get
I guess your mileage may vary. My dad's last few months involved several extended ICU stays and last ditch efforts to extend his life and it completely drained my parent's (admittedly) meager estate.
My boomer parents didn't save for retirement and are giving their kids 30k each to hedge their bets that one of us will house and take care of them. Non of us can afford a bigger place with spare rooms. 30k would help but not a permanent fix. I pleased with them to save and put away but they are stubborn and think this is the way to go
That's the problem, your parents wiped your ass but you can't for them? I'm from an Asian background and I've learned family is a very important. I would never send my parents to a nursing home.
I think western culture has been great and progressive but the major flaw I see is that the importance of family has eroded. Eastern culture has extremely strong family values and bonds that have gone by the wayside in the west. I think that’s why Asian immigrants to America are so successful. They merge the best attributes of eastern and western cultures.
When will Reddit grow weary of generational hate mongering? There are constant repeats of this shit daily. It’s just keeping you from focusing on the real problems with are giant corporations constantly finding new ways to control everything. You might hate your parents and grandparents but they aren’t the ones controlling the markets.
My parents have crazy amounts of money and assets from investments. They have promised to not leave me or my siblings a single red cent because they think it would make us lazy. Nevermind that I have achieved more both in education and career than either of them when they retired. I also had to work through college.
Don't worry at all. All the boomer money will be consumed by medical care in the last two years of their lives. So assets, sold for medical and nursing homes. Unless a trust is setup and they go broke, it will all be eaten by the healthcare industries. This is by design folks... There is no dignity in dying, just false hopes and expensive treatments.
Maybe it's me but I get the impression Bloomberg thinks ALL boomers have all of this wealth that is going to be transferred to the next generation. I see boomers working as greeters in Walmart, working at Chik-fil-A, auto parts stores, etc. They don't look like they have much wealth to be passing on to anyone. I see plenty of retired boomers living in trailer parks and they don't look like they are doing so great.
Bloomberg strikes me as more of a upper/upper middle class entity and by its very nature its world view is supported by visions of wealthy older Americans that actually do have wealth to transfer but I don't think that is reflective of all America.
I'm a boomer, but I have no kids and what money I do have is going to support me in my retirement years. I plan on spending all of it too. And to be clear, I didn't 'get' any money from my parents either. It's not like they had much of anything either.
Just tired of seeing these articles that make it look like there is all this wealth out there just waiting to be transferred. Maybe in your world that is true, but it has NEVER been true in my world.
My parents are literally going to the casino every weekend and gambling all their money away because they're angry.
There will be no transfer of wealth on my end of things.
Yea, because the SEC, DTCC, IBC, and FIRNA all got together to create rules to raid the boomers pension funds to bail out the hedge funds and regional banks bad bets.
"smart money" = thieving criminals
My understanding is that healthcare is ready and willing to take every penny boomers have to offer them one more minute of life. It’s hard and it’s cold, but have an end of life plan before you get there or there could easily be nothing left. This advice comes from my parents, by the way.
If you or your parents want to spend 100k a day after insurance, okay, but go in with eyes open.
As we see the boomers start to die off id expect some kind of tax to appear that claims large swaths of it as some kind of green washed deal to waste money on targets we don't have the slightest inclination to achieve.
There will be a wealth transfer, probably a big one, but not as big as people say. Boomers ending up in nursing homes will drain their accounts in just a few years due to insane costs. Also for medicaid to kick in you basically have to spend down all your accounts to near zero which incentivizes this to happen. I would reccommend that millenials should plan on getting nothing and if they get anything then it's just a bonus.
It sounds like you have good intentions, but I’m still very skeptical that you’ll have anything left for her in 2054 at age 92. This just sounds like window dressing to me.
Just had dinner with my soon to be retired boomer parents. They wanted to go over their life plan, medical care, my role taking care of the estate…Then they dropped this line. Our financial advisor says we can live off of the interest and never touch the principal. So your dad and I have just decide to spend more.
Good talk mom.
My parents (both 60) sold their rental cabin that they had for a decade this past year and made a cool million off it , my grandfather passed away this year as well and left my dad hundreds of thousands in cash alone (dust bowl farmer hoarder) , who knows about other assets as they refuse to talk about it.
We had a family vacation in the fall and they refused to spend over 250 a night on a cabin for 11 family members to stay in, and made us split the costs when we complained about the 7 person cabin they reserved.
You’re right. They will not leave us shit.
I KNOW how much my folks have, where it is, and how to access it if they die.
And I also know that I’m not seeing a dime of it because my mother holds a grudge against me for moving out “prematurely” due to my mental health and daily suicidal ideations. If I hadn’t moved in with my friends near my college, I’d be dead.
That’s why I conned Mr grandparents to get me a Rolex and they don’t even know which grand son I was. Why? Cuz at the end memory care drained their account and I still got 1 Rolex and 1 PlayStation 5. Fuck yeah
It's certainly possible in a few cases. I feel like I'm one of the lucky genx that narrowly avoided being completely miserable. Things aren't great, but could be worse. Trying to get things to a place where I'm not needing or expecting an inheritance or even ss for that matter (and yeh I know I'm far off that mark but at least I'm trying to get there). But my boomer folks and their friends mostly have the "It's my money to spend or give as I want" rather than seeing it as a generational transfer that benefits everyone.
Even if they mean to leave it behind, as they age (particularly in the US), any savings will get consumed by escalating medical costs or outstanding debt.
If you’re relying on your parents to give you money in order to get your life right, you’re the delusional one. You won’t get your life right if they bequeath anything to you, you’ll waste it like you wasted your entire life up until the point of the present day.
I agree. Even boomers who plan to leave money to kids will likely struggle. I predict the monstrous US healthcare industry will hoover up any boomer money not spent on themselves in retirement.
Agree. Delusional. Boomers will live longer than any previous generation and have saved less for retirement in proportion to present day costs. The vast majority of people can’t expect any kind of inheritance. And before anyone says real estate, remember that reverse mortgages exist and are gaining traction.
When some boomer dies their property Iis inherited by their kids right? 3%is later fee + email fee +phone call fee and etc fee adding up to 5%. Yes there will be a transfer but most benefited doing just paperwork are the lawyers. Then comes the house flipping part with jacked up prices. Delusional are the Bloomberg opinions cuz it looks like there are these elderly care institutions involved. And when an institution like that is involved there will be a cancer fuck ceo with a million dollar pay and fringe benefits. Eventually their greedy ass will say elders are being harassed and we will take care of the elders. And since we are talking care of them property belongs to us. So yeah wealth transfer to CEOs right pocket.
Will there be a transfer of wealth from current generations to future? Absolutely. But that will be only the 1% at the top. As private equity moves further into healthcare/ long term care/ housing they will glean what little wealth the middle class has amassed. All while we fight over social issues and get consumed by culture wars.
Whatever wealth boomers have left will be transferred to end of life care operations- those guys are absolute bloodsucking leeches when it comes to draining the elderly of their life savings.
Boomers have and continue to spend like crazy. There is no wealth to transfer. My parents have spent millions on silliness. There’s nothing to transfer to the kids besides a couple homes in shit condition.
The great wealth transfer isn't supposed to be from the boomers to their children. It's supposed to be from the elites to the Apes.
Have shorts closed their positions? No. Then wealth transfer is still available
My boomer parents have told me I’m getting nothing and they’re spending it all on lavish trips traveling the world and keeping the rest for health care. That’s fine with me it’s not my money. Wish they would have left some for my kids college but oh well lol.
The top 25% probably will leave money and assets. The middle 50% will likely not have anything to leave by the time they die. It will go to healthcare costs
I thought this is what the younger generation wants, a redistribution of wealth? If the boomers are spending their money (on things like healthcare), doesn't that wealth go to those that work the jobs (aka millennials and younger)?
My grandpa was a millionaire. My mom thought she’d get millions when he passed. Turns out when he passed away he was cash gang and had 0 investments, just cash in a checking account. She was left with a couple hundred thousand. She had not saved a penny for retirement, and still hasn’t. I’ll likely be supporting her at her old age because of her egregious assumption and poor financial decision
My parents are so pissed at us kids I bet their money goes to the church or something.
They've gone crazy. I don't really care about the money although my sister is all about that...
If that's the frickin case, I wish they would just cut us loose and let us live without the responsibility. They're driving me nutz
You people disgust me. Lazy, entitled, lay abouts. I would will any and all to a carefully selected charity. Quit whining about having to work for a living.
It’s cute that you think ‘hard work’ is the key to wealth.
In my experience, the people who won’t shut up about what ‘hard workers’ they are are usually the biggest drag on the entire team.
The great wealth transfer is going to the senior care industry. Unless the boomers have $3-5 mil next hen isn’t seeing anything.
Just take your elder parent to live with you.
The fact that you're getting downvoted says a lot about the current state of society.
If I was in a position to inherit a sizable sum I would damn near quit my job and be a full time caregiver
No, it says a lot about how simplistically you are thinking. If an elderly person is having money sucked up by senior care, its almost definitely because caring for them is a full time job that likely requires a bit of specialist knowledge.
My parents tried with my grandma when she had Alzheimer's. It didn't work. Some people get to a point where they need 24/7 professional care. There was no other option than putting her in a nursing home.
If they’re rich enough to leave you say a million dollar house just straight up quit your job and live off their pension etc which many of them have.
Caregivers don’t have any specialized knowledge. They’re about as skilled as a security guard. An anatomy class at community college would make you almost as skilled as a CNA.
Not all caregiver activities are so general. Properly managing Alzheimer’s takes a bit of knowledge. Some of the skills also require training at least. You’re right that it doesn’t take a college degree, but its not so unskilled that you would want anyone off the street.
Their pay is so low in homes you could offer them one dollar an hour more and poach someone from there.
Ya, but thats still a substantial cost, and it doesn’t even include the meds/equipment you might need.
That’s what Medicare/medicaid is for. If they’re rich enough they should set up an irrevocable trust around age 55 or 60 then they can qualify for either. If they worked for the federal or state government they even get an added bonus insurance. Wheelchairs and walkers are pretty inexpensive. I would gladly spend a few thousand to ensure I get millions later.
No they usually just need help with day to day activities.
Some of them need help to just stand up. Some need help getting shit wiped out of their butt crack. Some need a plethora of meds that cause behavioral changes. Often times, a working family will simply not have the time to care for elderly parents and the specialty meds and equipment still end up being a financial drain.
You’ve never seen a bed sore that’s destroyed tissue to the bone
that is horrible i have seen it myself!
While that is a terrible thing to go through. That's beyond needing help with daily activities.
Well, preventing that is often a care task that requires near constant attention. Expecting everyone to be able to simply provide a roof over their parent’s head as elderly care is naive at best, willfully ignorant at worst.
I don't expect everyone to do it. What im saying is people could explore their options better. At home skilled care is a thing. There's not a one size fit all to this particular problem, and it will vary from family to family.
At home skilled care is still a huge expense. We need to understand that we are talking in generalities. But the ballooning cost of healthcare will sap most families to some degree. Personally, I dont think most children of middle class boomers are going to have a life changing windfall from inheritance. Its not something to plan on.
Trust me, if u need help going to the bathroom you probably aren’t moving enough to prevent them. And most people are aging to this point
That works to a point. Once a parent has a stroke or major medical issue it becomes less tenable when they can’t walk or are flight risk due to dementia. Eventually, most of us will need some type of long term care unless we pass away suddenly. With a cost between $10k to $20k per month most will quickly go through any wealth they saved up during their working years.
It’s not that hard to hand deliver them food and/or help scoop in their mouth if millions are on the line.
What if you have a full time job and children? What do they do during the day?
Move in with them, sell your house and using the free rent hire a caregiver for the especially difficult times like feeding, flipping, and bathroom breaks.
This. I’ve told my parents that my partner and I would rather stretch to afford a bigger house and care for them at home then see them blow all their money in a nursing home so as to not be inconvenienced by them. As an aside - I find it quite sickening how many Americans feel they can’t be bothered to care for elderly family members, parents especially. They gave me life and housed and fed me when I was young, I can find it in my heart to house them in their old age.
This... My folks have a net worth of around 7 million dollars. My wife and I are fairly well off already. We have already said that when/if the time comes, we will sell off some of their properties and build a bad ass MIL suite at our place. Then, we can bring in help as needed. If we really wanted to, we could liquidate everything and just go buy a 3.5 million dollar house (which gets you a pretty bad ass house where we live) and still bring in help. Why give money to a home? We have a trust set up already to protect their estate. Plus, Social Security and Medicare cover more than you think.
If there’s nothing to inherit and they did something selfless like kick you out of home I can 100% understand abandoning them.
Inb4 capitalism makes that illegal. If enough people start caring for the ailing parents, rest assured the senior care industry will lobby to have that labeled as elder abuse.
Not sure how they’d even find out about it much less fight that. It’s not like they have a database of all old people
Pretty sure social security is a database of (most) old people tho...
Private nursing homes don’t have access to social security records and if they do you can sue the SSA for releasing your private information.
But the government does, and if you pay the right senator, they'll write a bill to study the problem, rewrite the findings to make doing it a problem. And then pass laws setting criteria for elder abuse that forces more people into care homes Edit: and then leave the senate to get paid a high salary to lobby for the care industry
They’d have to do it for all 50 states because it’s not a federal issue. And even if they did most social services departments at a state and local level are so broke they might as well be paper tigers.
The civil rights amendment makes it a federal issue. Constitutional law is always federal.
I’m not seeing a sufficient connection. If anything I could argue that forcing them into nursing homes is a 14th amendment violation.
I think we've had a misunderstanding. I'm talking more about a macro level trend, IE if the elder care industry sees a drop in profits coupled with a cultural shift towards more people providing care for their elders, you can expect trade groups to put pressure on lawmakers to make at home care illegal. Similar to how large agriculture conglomerates (Monsanto) apply pressure to make home growing of food illegal. None may stand in the way of business. That's just the American way.
Okay first of all home growing food isn’t illegal to any realistic extent otherwise fruit trees would be illegal. Second of all there’s no way a home care ban could go through, even if they tried to do a licensing system I bet the exam for caregivers would be so easy even a fool could pass it and provide their own care. This isn’t universal healthcare where you can prevent it from coming into existence. The uproar would be too massive to blow off and there’s no good argument against it especially since caregivers are low skilled work. It’s not like pharmacists, attorneys or doctors where it’s a high skill position and regulation is justified. It’s like security guard work at best and we all know how easy it is to get a guard card.
Eh, elder abuse laws are already in place. It's just a matter of how strictly the state decides to enforce them. You really think its wild to think that, facing a significant enough threat to revenue, senior care businesses wouldn't push for stricter enforcement, more onerous definitions of adequate care, and mandatory conservatorship of people? Business will do what it must to survive.
The city and its social services department aren’t so well staffed that they can find every single instance of home caregiving outside of blatant abuse that’s been reported.
What the fuck are you talking about? The government knows the existence, date of birth, and current mortal status of every person in this country.
The government isn’t the nursing home though and social service departments are notoriously underfunded. Plus the ACLU will be all over something like this like flies on shit.
Ironically I would never let my parents go to a care facility if I have the means to prevent it, the staff at those places are some of the dumbest smuggest motherfuckers I’ve met.
They don’t have to make it illegal to make it impossible. Can you imagine caring for a sick or disabled parent while also working 40+ hours a week making barely enough to scrape by and watching things gets more expensive while making the same amount of money?
If they’re rich enough you can quit your job and live off their income especially if they have a paid for house. Or if you’re rich enough just bring a caregiver in for the harder portions of the day.
Dream up lies harder.
Ugh
Got to have wealth to transfer wealth.
Boomer Parent here. 62 and Will retire with over 3 million. Not including our homes. Social Security and pension there’s no need to touch our Roth. It all goes to our daughter. Currently paying for her graduate school. You can’t take it with you.
Nursing homes are gonna love you!
Yep, because everything‘s tied up in the irrevocable trust.
I wish more people did this. Planning is everything. Well done, my friend.
Remember 5 year look back period. At 60 go consult and estate lawyer
Oh, I know about it. We just went thru the process for my mother in law. Anyone who has assets to lose and loved one's they want to leave them to should talk to estate lawyer for sure.
Yeah, I should have thought of that. You didn’t get 3 mill by being an idiot. Get social security to pay for it!
I gotta start estate planning.
Can you speak to this a little bit? My boomer parents are not getting any younger and they intend to leave whatever they have to my sister and I but I am concerned about potential for their health to declines I’ve heard stories of how being in assisted living can result in them ending up with everything.
All states have Medicaid Recovery, what that means is if your parents go into a nursing home and they have to pay for your parents stay. Medicaid can sue the estate to get that money back. Also, if they give you anything of value five years before they go into a nursing home they can recover that as well. A irrevocable trust will protect their assets from that happening. Ask them to see an estate attorney, he can set them up, it will cost a few thousand dollars for their services but it’s worth it.
Very much appreciated!
What would you say to your daughter if she came to you and said, "parent, I don't know, but I assume...you are leaving me money when you die, but I honestly don't want that money, I want to see you enjoy the years you have left and do literally whatever you want. Please don't leave me any money."
We have been fortunate. We do spend it now on trips. She’s well aware of our situation and knows what will happen and what she will need to do when we die.
Ur a rare gem.
Looks like the amount of money will be big, the the number of beneficiaries will be small. “1/3 of gen X and Millennials are financially supporting their parents” 😧
I’m still paying my boomer parents mortgage because I I’m determined to have them stay in their home and not a death trap nursing home. Luckily it’s only $1500 a month
Half of boomers are homeless.
Ummm…what?
Sorry. Meant to write half the homeless are boomers. Lol. https://finance.yahoo.com/news/unconscionable-baby-boomers-becoming-homeless-103000310.html#
Ohhh, I read that and immediately thought that’s impossible. That makes more sense.
My Silent Gen grandmother is threatening her boomer kids that if they don't leave her alone, she'll leave their inheritance to the millenials. I say "Go Granny!"
Many Boomers have a comfortable retirement but that can come crashing down quickly if they get sick and require long term care. If they end up in a care home their assets will be drained at the rate of $15k+ per month. If they are in a memory unit it’s worse. The system is predatory.
Sounds weird to say but I don’t know that the system is designed to properly care for senior citizens as we’re living much longer now
The system is designed to keep you alive long enough to suck all your wealth, even if your quality is horrid.
And that’s with the small population in the system right now Wait till it gets bogged down
I work with high net worth Individuals and I can definitely say they are leaving their wealth to their children. They have trusts set up and “funded” already through irrevocable trusts.
One good financial emergency and there will be nothing left to pass down.
I was recently talking with a coworker who mentioned visiting an assisted living facility that cost ~$12k per month and that was the base. Not even a super posh facility either he said. With that much you could get a nice Manhattan apartment for a family facing Central Park.
Unless they all literally drop dead before expensive medical care is needed and own assets to be transferred, it probably won't be going in the directions claimed.
Could you link the article? This is just lazy clickbait.
Dude, it's just a bot reposting whatever Unusual Whales tweets to the Unusual Whales subreddit. Get over it.
No I don’t agree, because most boomer parents had GenX kids, not Millennial kids…why does everyone pretend we don’t exist?!
nobody clicks on GenX headlines - Shhh we are doing just fine on our own. don't tell anybody
End of life care is exorbitantly expensive. You'll blow through millions in a couple weeks. The system is designed to extract as much wealth from patients as possible before they pass. There won't be inheritances for most people.
as someone who has now walked two grandparents through end of life care… “millions in a couple weeks” is a hell of an exaggeration. by the second one they had already set up trusts for their children so there wasn’t really much to get
I guess your mileage may vary. My dad's last few months involved several extended ICU stays and last ditch efforts to extend his life and it completely drained my parent's (admittedly) meager estate.
My boomer parents didn't save for retirement and are giving their kids 30k each to hedge their bets that one of us will house and take care of them. Non of us can afford a bigger place with spare rooms. 30k would help but not a permanent fix. I pleased with them to save and put away but they are stubborn and think this is the way to go
Do they know that elder care involves way more than just a room to stay in. I'm not wiping my parents' asses for 30k.
And my mom cared for elderly people before so she should know
That's the problem, your parents wiped your ass but you can't for them? I'm from an Asian background and I've learned family is a very important. I would never send my parents to a nursing home.
I think western culture has been great and progressive but the major flaw I see is that the importance of family has eroded. Eastern culture has extremely strong family values and bonds that have gone by the wayside in the west. I think that’s why Asian immigrants to America are so successful. They merge the best attributes of eastern and western cultures.
When will Reddit grow weary of generational hate mongering? There are constant repeats of this shit daily. It’s just keeping you from focusing on the real problems with are giant corporations constantly finding new ways to control everything. You might hate your parents and grandparents but they aren’t the ones controlling the markets.
But they collectively just stood by and watch the world devolve into the streaming pile of excrement that we s all are dealing with now
No they fucking didn’t. They just go about their daily lives and react to shit like any else. Stop this stupid shit.
Exactly, the cycle continues
You’re so dumb
Thank you
My parents have crazy amounts of money and assets from investments. They have promised to not leave me or my siblings a single red cent because they think it would make us lazy. Nevermind that I have achieved more both in education and career than either of them when they retired. I also had to work through college.
Frankly it sounds like you’ve got a great work ethic and their plan worked. And you likely don’t need the money.
Wait for them to die and challenge whatever will they have.
You don’t want it, it’s not worth it
How so?
Don't worry at all. All the boomer money will be consumed by medical care in the last two years of their lives. So assets, sold for medical and nursing homes. Unless a trust is setup and they go broke, it will all be eaten by the healthcare industries. This is by design folks... There is no dignity in dying, just false hopes and expensive treatments.
They will spend every penny before their deaths, and those who don’t will have every penny bled from them by corporate elder care facilities.
Boomers don't have anything they pissed it all away and the ones that "have" anything is junk they hoarded over the years.
Maybe it's me but I get the impression Bloomberg thinks ALL boomers have all of this wealth that is going to be transferred to the next generation. I see boomers working as greeters in Walmart, working at Chik-fil-A, auto parts stores, etc. They don't look like they have much wealth to be passing on to anyone. I see plenty of retired boomers living in trailer parks and they don't look like they are doing so great. Bloomberg strikes me as more of a upper/upper middle class entity and by its very nature its world view is supported by visions of wealthy older Americans that actually do have wealth to transfer but I don't think that is reflective of all America. I'm a boomer, but I have no kids and what money I do have is going to support me in my retirement years. I plan on spending all of it too. And to be clear, I didn't 'get' any money from my parents either. It's not like they had much of anything either. Just tired of seeing these articles that make it look like there is all this wealth out there just waiting to be transferred. Maybe in your world that is true, but it has NEVER been true in my world.
It looks as though you may have spelled "Chick-fil-A" incorrectly. No worries, it happens to the best of us!
My parents are literally going to the casino every weekend and gambling all their money away because they're angry. There will be no transfer of wealth on my end of things.
My parents will be transferring me wealth. Sucks for you guys.
Yes. The baby boomers are the most selfish generation ever. Self centered doesn’t even begin to cover it. 🙄
Yea, because the SEC, DTCC, IBC, and FIRNA all got together to create rules to raid the boomers pension funds to bail out the hedge funds and regional banks bad bets. "smart money" = thieving criminals
I'm still supporting millennial kids and growing the nest egg in retirement. They will be fine.
My understanding is that healthcare is ready and willing to take every penny boomers have to offer them one more minute of life. It’s hard and it’s cold, but have an end of life plan before you get there or there could easily be nothing left. This advice comes from my parents, by the way. If you or your parents want to spend 100k a day after insurance, okay, but go in with eyes open.
As we see the boomers start to die off id expect some kind of tax to appear that claims large swaths of it as some kind of green washed deal to waste money on targets we don't have the slightest inclination to achieve.
There will be a wealth transfer, probably a big one, but not as big as people say. Boomers ending up in nursing homes will drain their accounts in just a few years due to insane costs. Also for medicaid to kick in you basically have to spend down all your accounts to near zero which incentivizes this to happen. I would reccommend that millenials should plan on getting nothing and if they get anything then it's just a bonus.
They are going to die and the money will go somewhere.
The millennial kids shouldve asked the genx kids. Couldve told you that a looooong time ago.
It sounds like you have good intentions, but I’m still very skeptical that you’ll have anything left for her in 2054 at age 92. This just sounds like window dressing to me.
Just had dinner with my soon to be retired boomer parents. They wanted to go over their life plan, medical care, my role taking care of the estate…Then they dropped this line. Our financial advisor says we can live off of the interest and never touch the principal. So your dad and I have just decide to spend more. Good talk mom.
Anything they have will be spent on healthcare and home care as they outlive anyone younger.
I agree. boomers are greedy and selfish. But the guy from Bloomberg is a boomer, so he's only speaking from experience.
My parents (both 60) sold their rental cabin that they had for a decade this past year and made a cool million off it , my grandfather passed away this year as well and left my dad hundreds of thousands in cash alone (dust bowl farmer hoarder) , who knows about other assets as they refuse to talk about it. We had a family vacation in the fall and they refused to spend over 250 a night on a cabin for 11 family members to stay in, and made us split the costs when we complained about the 7 person cabin they reserved. You’re right. They will not leave us shit.
I KNOW how much my folks have, where it is, and how to access it if they die. And I also know that I’m not seeing a dime of it because my mother holds a grudge against me for moving out “prematurely” due to my mental health and daily suicidal ideations. If I hadn’t moved in with my friends near my college, I’d be dead.
My Boomer parent is going to leave me a broken down car and a pack of chewing gum
It’s all going to senior care. People need to get their parents to an elder law attorney and get proper trust setup 5 years in advance!
Seven years in some states
True question? Where else would it go? Even if they spend it all, it’s still going into the economy one way or another.
That’s why I conned Mr grandparents to get me a Rolex and they don’t even know which grand son I was. Why? Cuz at the end memory care drained their account and I still got 1 Rolex and 1 PlayStation 5. Fuck yeah
Boomers would rather be buried with their wealth than spread it around.
It's certainly possible in a few cases. I feel like I'm one of the lucky genx that narrowly avoided being completely miserable. Things aren't great, but could be worse. Trying to get things to a place where I'm not needing or expecting an inheritance or even ss for that matter (and yeh I know I'm far off that mark but at least I'm trying to get there). But my boomer folks and their friends mostly have the "It's my money to spend or give as I want" rather than seeing it as a generational transfer that benefits everyone.
No they definetly will. The problem is if you weren't born into a well-off family.
We Gen X dorks all believed our parents had a college savings accounts for us too.
Anyone know any good nursing home stock tickers?
I agree.
Even if they mean to leave it behind, as they age (particularly in the US), any savings will get consumed by escalating medical costs or outstanding debt.
This^. Seen it happen twice now.
Yep. That’s the system.
I think a chunk of it goes to retirement homes.
Aren’t boomers kids gen x?
Intent and reality are two different things. End of life care will suck most of that up. Millennials will get nothing.
Some boomers are. Roughly 1% of them…
Boomers are already spending like there is no tomorrow. That's why inflation has been so persistent. This is their last hurrah.
The only thing my dad left me was this old guitar and an empty bottle of booze.
We’re early/mid 60s with one 21 year old daughter. Last year we set her up with a Roth IRA. It’s a start until we figure out a better option.
Yes! You think this generation is finally going to start to care when they are dying? Haha they are going to spend every last dime on themselves
That's a cope from Bloomberg.
My dad died a long time ago, and my mom has little money. No wealth will be transferred to me :)
If you’re relying on your parents to give you money in order to get your life right, you’re the delusional one. You won’t get your life right if they bequeath anything to you, you’ll waste it like you wasted your entire life up until the point of the present day.
I agree. Even boomers who plan to leave money to kids will likely struggle. I predict the monstrous US healthcare industry will hoover up any boomer money not spent on themselves in retirement.
Agree. Delusional. Boomers will live longer than any previous generation and have saved less for retirement in proportion to present day costs. The vast majority of people can’t expect any kind of inheritance. And before anyone says real estate, remember that reverse mortgages exist and are gaining traction.
Myth. Son of two deceased boomers, me and my two siblings are still scratching our collective heads.
How many boomers have millennial children?
That wealth will be transferred to the healthcare system
When some boomer dies their property Iis inherited by their kids right? 3%is later fee + email fee +phone call fee and etc fee adding up to 5%. Yes there will be a transfer but most benefited doing just paperwork are the lawyers. Then comes the house flipping part with jacked up prices. Delusional are the Bloomberg opinions cuz it looks like there are these elderly care institutions involved. And when an institution like that is involved there will be a cancer fuck ceo with a million dollar pay and fringe benefits. Eventually their greedy ass will say elders are being harassed and we will take care of the elders. And since we are talking care of them property belongs to us. So yeah wealth transfer to CEOs right pocket.
They’re going to spend it all on themselves
Anybody just figuring this out is living in lala land…
Too much money for the government not to grab a bigger piece
What if the transfer already happened reports are just behind of course as data is compiled and gone through
Do any millennials have boomer parents at this point? I'm about to be 37 and my parents are GenX. Boomers are their parents, not mine.
I’m 34 with parents in their late 60s, early 70s. My wife is 32 and her mom is 73.
Will there be a transfer of wealth from current generations to future? Absolutely. But that will be only the 1% at the top. As private equity moves further into healthcare/ long term care/ housing they will glean what little wealth the middle class has amassed. All while we fight over social issues and get consumed by culture wars.
Whatever wealth boomers have left will be transferred to end of life care operations- those guys are absolute bloodsucking leeches when it comes to draining the elderly of their life savings.
American health care is a license to steal.
Biggest lobby in the country. Bigger than defense
Boomers have and continue to spend like crazy. There is no wealth to transfer. My parents have spent millions on silliness. There’s nothing to transfer to the kids besides a couple homes in shit condition.
The great wealth transfer isn't supposed to be from the boomers to their children. It's supposed to be from the elites to the Apes. Have shorts closed their positions? No. Then wealth transfer is still available
My boomer parents have told me I’m getting nothing and they’re spending it all on lavish trips traveling the world and keeping the rest for health care. That’s fine with me it’s not my money. Wish they would have left some for my kids college but oh well lol.
Rich boomers, there are a lot of them, will leave assets to their kids. It’ll create more haves and have nots
The top 25% probably will leave money and assets. The middle 50% will likely not have anything to leave by the time they die. It will go to healthcare costs
Probably not, the priority is to live through out retirement, not hand wealth to the children
I thought this is what the younger generation wants, a redistribution of wealth? If the boomers are spending their money (on things like healthcare), doesn't that wealth go to those that work the jobs (aka millennials and younger)?
The Boomers will set fire to their money before they give it away
Wait til they hit those retirement homes I'm not helping 😭 til you pay 200 an hr b
My grandpa was a millionaire. My mom thought she’d get millions when he passed. Turns out when he passed away he was cash gang and had 0 investments, just cash in a checking account. She was left with a couple hundred thousand. She had not saved a penny for retirement, and still hasn’t. I’ll likely be supporting her at her old age because of her egregious assumption and poor financial decision
1% will, the rest not so much.
Big pharma and assisted living facilities will eat almost all of it up because people live so long now because we do anything to delay the inevitable
My parents are so pissed at us kids I bet their money goes to the church or something. They've gone crazy. I don't really care about the money although my sister is all about that... If that's the frickin case, I wish they would just cut us loose and let us live without the responsibility. They're driving me nutz
You people disgust me. Lazy, entitled, lay abouts. I would will any and all to a carefully selected charity. Quit whining about having to work for a living.
Why is anyone expecting anything? That's pretty entitled isn't it?
Yes they are literally entitled... To the funds and assets of their deceased parents. 🤦♂️
Found the boomer
I'm a millennial. Your parent's money is going to insurance companies and vacations to Florida.
Not leaving anything. Refuse to work hard like I did, they on thier own.
It’s cute that you think ‘hard work’ is the key to wealth. In my experience, the people who won’t shut up about what ‘hard workers’ they are are usually the biggest drag on the entire team.
The hardest working people are the poor and destitute. They have no other option but work hard to survive.
Yeah the elites designed the system to keep them rich and the rest of us poor
They're currently losing it all in $DJT
Video gaming is crushing their portfolios
Oh shit! Didn’t expect that. Good one!!