When she died, Grandma Sue left the most common form of inheritance, called an accidental bequest, which is simply the money left over when someone dies.
The New York Times reported on a coming inheritance wealth boom in 2023, 2019, 2014, 2008, and 1999.
Even for families with incomes in the 51% to 90% range of earners, the average inheritance was $46,000 — hardly life-changing money.
Researchers have been talking about the coming Great Wealth Transfer for at least a quarter of a century.
But the reality is that all the wealth boomers are sitting on probably won't end up fixing our collective financial problems.
Persons:
Grandma Sue, Grandma Sue's, —, Xers, Gen Zers, Xer, shouldn't, Edward Wolff of, Maury Gittleman, Wolff, Gittleman, Michael Bloomberg, Warren Buffett, Larry Ellison, Bill Gates, Isabel Sawhill, It's, Penn, there's, they're, Bank of America cardholders, Joseph Smith, haven't, boomer, Ann Logue
Organizations:
Social Security, Medicaid, Boomers, Federal Reserve, New York Times, Edward Wolff of New York University, US Bureau of Labor Statistics, Federal, Brookings Institution, University of Pennsylvania, Penn, Medicare, Family Foundation, Bank of America, Consumer, Department of, Northwestern Mutual, IRS
Locations:
Northwestern, Chicago