This will be a substantial change in fortune for Millennials who have had to deal with recessions, exorbitant college tuition, nearly unaffordable home prices and trying to maintain a lifestyle that can’t compare to their parents.Although this is good news for Millennials as a whole, there may be a disconnect between how much they expect to inherit and how much aging Baby Boomers plan on actually leaving them.
Job security and career advancement have been on an upward trajectory for Boomers. This doesn’t mean that the trend will last forever. There could likely be a correction or recession in the future, as it's a usual part of the market cycle. With anxiety over outliving their wealth, Boomers may elect to participate in the workforce longer and hold onto their money rather than give it to their children while they’re still alive.
Baby Boomers may face financial challenges in their later years due to increased healthcare costs and longer life expectancies, which could impact the amount available for inheritance. For Millennials, inheritance tax will eat a huge chunk of their payout. Coming into a lot of money is hard, complicated and risky, and not all Baby Boomers have accumulated substantial wealth.The transfer of wealth to Millennials could lead to a shift in the job market, as some may choose to pursue entrepreneurship or take time off work to travel or pursue other interests. The influx of wealth could lead to increased demand for certain industries, such as luxury goods and services.
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Source: Forbes - 🏆 394. / 53 Read more »