Counting on an inheritance from your Boomer parents? Fuhgeddaboutit. They’re keeping it for themselves

If your financial bailout plan hinged on a big dollop of cash coming from mom and dad when they’re gone, think again. At least if they’re of the baby boomer era.

Less than half of millionaire boomers feel that leaving money for their kids is a priority, says a 2011 U.S. Trust study, according to Smart Money magazine.

Nearly two in three  boomers plan to use their money to travel. One in three say they just want to have fun.

All this is a pretty big change from previous generations.

The magazine notes that, “Older retirees are seven times more likely than boomers to believe they owe their children an inheritance, according to a survey of high net worth individuals published in the Journal of Financial Planning.”

It adds that, “boomers are more concerned with leaving behind things like values and keepsakes.”

6 comments Add your comment

Snapman

November 11th, 2011
3:33 pm

I can tell you, for sure, that as a baby boomer, I absolutely plan to enjoy whatever I may accumulate. I am much less concerned with leaving anything to my children, who are generation y. I already know that their approach to any inheritance, like most of their generation, is how much do I have coming and how fast can I get it? I am sure that I will be the last thing on their mind.

Valerie

November 11th, 2011
4:24 pm

With financial pressures on the baby boomers from several generations – elderly parents, unemployed family memebers, grandchildren – there can be no PLAN to leave anything – all reqources will be used by all the living members of the family. Most baby boomers will have SOME fun but also be bound by family needs.

Shaundarius

November 11th, 2011
8:06 pm

You ^^^ sound like a couple of selfish ba$$tard$. I’m guessing your parents or someone else in your family left you something, but you’re fixated on spending every last cent on yourselves. You could be the poster children for the grasping, self-absorbed baby boom generation.

Destin Dawg

November 12th, 2011
10:35 am

We’ve worked hard and been frugal… Having sent my kids through school… college too… left them most of my dad $50 K trust fund at age 25… watched how they spent it… they’re working hard dont expect much more…. proud they are both working.. causal dining and nursing.. jobs are out there these 30 somethings need to get to work.. Take whats out there !!!

Destin Dawg

November 12th, 2011
10:44 am

Big mismatch…. we need technicians.. medical.. not just Drs.. nurses.. vets.. pharmacists.. engineers.. computer techs.. electricians.. even plumbers.. can’t get ag workers… Jobs are out there.. Don’t borrow $$ student loan to get a liberal arts colleg degree…. work your way through Vo Tech.. coop etc.. GET TO WORK !!!!

Boomers

November 13th, 2011
9:15 am

The Boomers have benefited from two of the greatest economic expansions in history (1993-2000) & (2002-2008). If they weren’t able to accumulate significant wealth (and protect it), they need to have their heads checked. Now they are leaving a huge pile of govt debt for their kids and grandkids to deal with, which will make it much harder for the next generations to prosper as they did. The quality of life in the US is declining at an alarming rate, due to lower incomes and higher costs of living. If they could have just left the US in the same condition as they found it, the younger generations wouldn’t need their support.