Don't Rely On Inheritance To Fund Your Retirement

May 29, 2012 12:00 AM
Don't Rely On Inheritance To Fund Your Retirement
" BOSTON (CBS) – The reality is there may not be much money to inherit from mom and dad.

The media has been reporting for years that there is mega money coming. The greatest intergenerational wealth transfer. Today’s retirees are wealthier than previous generations. And according to The Center on Wealth & Philanthropy at Boston College, there are trillions of dollars that the Boomers will inherit.

But that may not happen; according to a study done by two economists working for the  Federal Reserve Bank of Cleveland. Boomers as a group will inherit more than their parents did, but they concluded that Boomers still need to plan on funding their own retirement by saving and investing during their working years.

I have summarized their findings:

Much of the wealth of the current retiree is in the form of pensions and Social Security benefits that cannot be passed to the children upon death. Only a small percentage of Boomers, less than 2%, will actually get $100,000 or more. Today’s retirees are spending down their assets at a faster rate than their predecessors did several decades ago. Today’s retirees are living longer "

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