TITLE

Inheriting More Bad News

PUB. DATE
February 2004
SOURCE
Journal of Financial Planning;Feb2004, Vol. 17 Issue 2, p20
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
An American Association of Retired Persons (AARP) study in the U.S. as of February 2004, confirmed the 2000 Federal Reserve report that shattered the myth that baby boomers were going to inherit trillions of dollars and did not need to save for retirement. According to AARP, 17 percent of baby boomers had received an inheritance by 2001, but only another 15 percent expect to receive anything in the future. The median value of inheritances already received was $47,900, with less than two percent having received over $100,000. According to the AARP and Federal Reserve studies, the reasons most baby boomers will receive little or nothing in the way of an inheritance, are: (1) The bulk of wealth is concentrated in the hands of the wealthiest ten percent, (2) Parents are living longer and thus are spending down accumulated assets, (3) Health care costs are rising and (4) Parents are less concerned about leaving an estate.
ACCESSION #
12244167

 

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