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Boomers Should Give Their Life’s Earnings To Their Kids, Not Making A Slow Death Last Longer

Thanks to prolonging an inevitable end through expensive interventions, younger generations may see little of the money their parents and grandparents saved.

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Thanks to decades of rising home prices and a historically impressive bull market, Baby Boomers possess more than half of American household wealth. That’s more than double the amount of wealth controlled by Generation X, and five times as much as that controlled by Millennials and younger generations. 

If you are the child or grandchild of a Baby Boomer, you might think this is good news: as long as you exhibit the appropriate filial piety towards your gracious elders, you’ll be the recipient of their largesse. Indeed, some academics estimate that in the next 20 years there will be an incredible wealth transfer of money and assets amounting to between $68 trillion and $84 trillion.

But not so fast. Those estimates probably don’t sufficiently consider the dramatically expanded costs of growing old, which may very well evaporate that anticipated inheritance. Those who treasure family — and passing traditions to the next generation — should take note.

According to data from the federally funded, decades-long Health and Retirement Study analyzed by The Washington Post, the median American spent almost $20,000 out of pocket on various types of care in the final decade of her life. Almost 20 percent of those persons spent more than $50,000, and about five percent of them spent more than $100,000.

Between 2006 and 2022, the share of Americans whose elder care expenses emptied their savings increased from six percent to almost 11 percent. Even scarier is that these figures probably underestimate the costs, because they don’t fully account for assisted-living facilities, which on average annually cost about $75,000.

According to a study from earlier this year: “Most Americans — many more than may appreciate it — will have little left to pass onto future generations after depleting assets to pay for long-term care costs.” This is compounded by the........

© The Federalist