Quote:
Originally Posted by CliffFletcher
The life expectancy of women in Canada who reach 65 is 87. Unless those inheritances are in the form of living wills, people typically won’t get them until they’re well into their 50s. So the wealth transfer will largely fund retirements. Lifespans are getting so long that it’s becoming increasingly common for two generations of retirees to live in the same household.
People who write these articles seem to have forgotten about the Silent Generation (born 1925 to 1945). Still lots of them around.
|
A lot of that inheritance is pre-spent because people are carrying significant debts and plan to use the inheritance to deal with that as well. But, like everything else with the boomers, this is something I've heard about as "imminent" for years, and it never seems to come to fruition. When I graduated from University, it was, "Oh man, you're graduating at the perfect time...all those boomers are retiring, and there are so many great jobs about to come through!" Fast forward more years than I care to consider and many boomers are still working, not leaving until they absolutely have to.
In my line of work, we hear about this enormous wealth transfer all the time, and that's been for at least 15 years now. It has to happen because people die, but at the same time, I've heard that this is imminent for so long that I am far too cynical.