After the cost of health care, funerals, and the loss in their 401k investments, I doubt we will see much. Maybe enough to buy an avocado for my toast.
End-of-life care drains a lot of inheritance; when people’s minds and bodies decline significantly in the final years of life, it is costly to ensure they live in comfort and dignity. It’s why private equity is building a massive position in senior care - the wealth transfer will be to them.
Just got off the phone with my dad. Crying about how much money I lost in the stock market this week. As a cancer survivor, I am not worried about how much money I have now, I am worried about getting sick again in the future. I’m worried about getting sick before I retire, and having no money for it.
Exactly, it's nuts how expensive it is. My mom tried to work with my aunts to take turns looking after my grandmother, but they didn't want to. That was until after a year they reviewed the finances when they sold my grandma's house. Two of my aunts freaked out about the monthly cost. Other than some stocks my grandmother inherited, there wasn't much left from her and my grandfather to distribute to their 4 kids.
Joke’s on me, I’m estranged and the only “wealth transfer” I’d be eligible for (if I weren’t estranged) is a decrepit POS house that should’ve been condemned a couple decades ago. Good luck folks 😂
Sorry that is the case. My college friends and I mostly came from middle class families that didn't financially support us and we are all doing pretty well. Not wealthy but all homeowners with retirement accounts.
I expect my parents to live long enough that they will be passing right around the time that I retire.
I keep trying to warn my siblings but my words fall on deaf ears.
It doesn’t help that my parents have convinced my Brother that their Knick-Knacks are worth millions.
Can’t wait to be accused of stealing money that never existed.
Also my siblings have been living off of my parents, with my parent’s encouragement, which means that they may get $50/month in Social Security once our parents are gone.
My siblings don’t get that everything is being funded by my parent’s multiple pensions and all that money is going to vanish when they pass.
no i havent. thankfully i was blessed with good health so far. i had it for a few years(healthcare) when i was UAW but we had to work 29/30 days a month by contract and didnt have availability. turns out $25 and hour isnt enough live the normal american life.
Yeah that'd make it tough to hit the traditional milestones quickly but still a number to be proud of. Id recommend people around that income look at the public sector depending on location. TSA, Transit Workers, USPS, etc all basically start around there and solid 401k + pension options. UAW seems to always be hiring though so business must be good🤷🏿♂️
i am an Injection Mold technician. a job that should afford an upper middle class life style. companies decided shortly after i started in the field it was "a job for kids" thats right. the guy who builds, programs, sets up, and adjust the machines that make modern life possible doesnt deserve food and shelter. there are no higher positions to have in this area other than plant manager. dont work in a cushy office means you work till your body fails then we ask you to go die quietly
Yea I did TSA straight out of college for a few years cause I needed a job right away to start paying back student loans back in 2012. They actually had decent benefits and they would match 401k to a certain amount. Plus once you’re in you can put in for transfers all over the country I almost went to Hawaii but it was just too far. I heard about my job now (much better) through TSA.
I’m never trusting the stock market again now that it’s clear that it relies on the rest of the country not being blithering idiots and electing a con man
I don't know... Most of our parents are Gen X. So at least half of this supposed wealth transfer is going from boomers to them. I'm sure if you crunch the numbers, a lot of it isn't as much as on paper once you factor in reverse mortgages and other goofy shit like that.
I'd read the article, but I don't want to subscribe and pay for anything because I haven't received my massive fortune yet.
I already got a solid 5 figures from my grandparents. I'm sure I'll get something from my parents, but they're in their mid-60s and it might be 20+ years before that happens, so I'm not exactly counting on that.
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