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Boomer inheritances
Rising life expectancies mean baby boomer windfalls are coming later and roughly at retirement age.
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While much has been written about the much ballyhooed “trillion dollar inheritance” awaiting aging baby boomers, actuary Malcolm Hamilton notes in this audio podcast that it’s unfortunate that rising life expectancies means such windfalls typically come roughly at retirement age.
There may be a lesson for boomers contemplating their own mortality and the timing of when they pass their own wealth on to their offspring. Hamilton notes that such windfalls may be more welcome earlier in the life cycle when kids are still in debt and trying to find their place in the world.
The noted retirement expert at Mercer’s ends with some comments about his relationship with the media and his own pending semi-retirement.
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moneysense.ca, 26/11/12
Mentioning people needing this windfall earlier in life. People making their wills should ensure that a portion of their wealth goes to their grandkids then to assist them with university or buying a first home. That is when an inheritance really helps out!!
Start planning for retirement early and you won't have to worry about such things!
I would also think that Governments see all this transfer of wealth coming and are going to want to create ways to tax it even more than they are now
Proving that you still have to be responsible for yourself. Inheritance is not a guarantee and the timing is not predictable. .. Great if it comes but not a reliable retirement plan.