The Greatest Wealth Transfer in History Not Meant To Be: Millennials and Zoomers Won’t See a Penny of Boomer Wealth

Will the baby boomer transfer their massive wealth accumulation to the next generation? Some think it’s not meant to be. 

Wealth Statistics: Boomers vs. Millenials

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According to Census Bureau data, Boomers have far more wealth than any other generation. Boomers boast a median wealth of $240,000, compared to Millennials’ meager $27,000. 

The forgotten Gen Xers fall in the middle, with about $120,000 in wealth, while Zoomers trail the pack with less than $5,000. 

Generational Wealth Historic Key To Wealth Building

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Many people rely on generational wealth to get ahead. Their parents offer financial assistance to pay for college and housing. An inheritance provides an economic boon, allowing them to get ahead. 

An inheritance could make a massive difference for younger generations, offering them breathing room and the opportunity to finally get ahead. 

Boomers Won’t Transfer Wealth to Next Generation

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Unfortunately for the Millennial (and Zoomer) generations, a wealth transfer may not be in the cards. 

Ahead you’ll find where Boomer’s wealth is going – and it’s not to their kids.  

Healthcare

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The rising cost of healthcare sucks everyone’s wealth away. As the aging Boomer generation manages their ailments, their wealth moves from their wallets into the massively bloated healthcare industry. 

Long-Term Care Facilities

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If doctors don’t get Boomer’s wealth, long-term care facilities will. These facilities siphon off every drop of wealth from their residents, taking their family homes, cars, bank accounts, and anything else they can access. 

Reverse Mortgages

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The Census Bureau data confirmed that most Baby Boomers’ wealth is tied up in their homes. In the past, the family home would be the most significant piece of an inheritance, but now, seniors can tap into their home’s wealth before they pass with a reverse mortgage. 

The wealth and the home go back to the mortgage company rather than staying in the family. 

Living it Up

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Many seniors would rather live in luxury during their final days than offer their kids financial assistance. 

They worked hard all their lives and feel that they deserve a break. They’re not wrong – retirement should be a time to enjoy life and do everything you couldn’t before. 

Donating

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While no one should expect an inheritance, some are shocked to discover that their parents would rather donate all their wealth than offer any to their children. 

Many Don’t Have the Wealth To Transfer

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$240,000 is the median wealth of boomers, meaning that approximately 50% have less than that. 

Even those at or near the median clearly don’t have enough wealth for a stable retirement. Even without living it up, they may not have anything left for their kids. 

Millennials Lose Out Yet Again

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Millennials are struggling in every aspect of their lives. Housing is unaffordable, wages remain stagnant, and they can’t even expect an inheritance to save their financial futures. 

We can only imagine things will be worse for their kids, the Zoomers.

Millennials Trapped in Generational Poverty

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Generational poverty is just as real as generational wealth. Here’s a look at generational poverty in America

Don’t Despair – Financial Freedom Still Within Reach

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Financial Freedom is more than just a buzzword. It’s achievable for a lot of people. 

Here’s your ultimate guide to achieving financial independence

Millennials Financial Struggle Destroying Industries

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Millennials are renowned for destroying entire industries. Here’s what they’ll kill next if they have their way

Financial Planning Even More Vital Without Inheritance

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You don’t need to pay a financial advisor to craft a financial plan. Here’s how to do it on your own!

Read it Here: How To Make a Financial Plan

Use the Triangle Method To Achieve Your Goals

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Should you save, invest, or pay off debt? Gurus have tons of different answers, but the triangle method works for everyone