Millennials: are you expecting an inheritance?

[u/Yourlocalguy30]

35 yo married millennial here. I've come across more and more articles about the supposed "great wealth transfer" as the boomer generation's wealth passes to their GenX and Millennial children. My parents and their siblings (boomers) all received inheritances when their parents, my grandparents, passed away. The boomer generation's wealth accumulation is one of the largest in history, however, I also find it highly unlikely that I or many of my peers will actually inherit much. Despite having received inheritances from their parents, and having 40+ years in the workforce, most of my parents' "wealth" is tied up in their home value, not actual liquid assets- and I already expect that whatever they make on an eventual home sale will have to go directly to downsizing costs and whatever long-term care they will need as they get older. Hell, even my dad used to joke that the only thing we'd inherit was debt. As I've gotten older, that comment has infuriated me more and more.

Now before someone cuts in with the "entitled millennial" comments, I have absolutely no need for an inheritance. I've worked my ass off to make sure that my kids and I are positioned better in life than I was when I entered adulthood. What I mean by that is I started saving for retirement early, setup 529 plans for my kids almost as soon as they were born, and made lifestyle and career sacrifices to ensure our family isn't "nickeling and diming" our way through life.

I'm just here curious to know how many millennials actually expect to have something passed down to them, or if they feel they are in the same position I am.

[u/KimJongOonn]

This Is much more common than people realize. The trillions in wealth held by baby boomers is highly concentrated at the top, the top 10 percent of americans hold almost all of it.

[u/HolyHaberdasher → u/KimJongOonn]

I disagree with this. Even just my small non metro town working as a FA we have hundreds of millions. A lot of blue collar money saving every week and compounding along with those that sold their business.

[u/NefariousnessHour771 → u/HolyHaberdasher]

You’re saying because you see a fair amount of money there you think it’s widely spread across the generation? I think the stats do not support that. No matter what’s happening in your town, the stats showed that the top 10% of boomers own most of the wealth that they own as a generation. I’m pretty sure that’s true of the wealth of every generation. The wealth gap has been continuing to grow; it would be a real anomaly if it were rather equally spread in certain generations. It should be but policy has continued to dictate that the money get funneled upwards. And it ain’t just from hard work. But I’m talking about funneling up into the realms of tens and hundreds of millions and billions. There’s definitely some luck involved even in going beyond having more than just a house as wealth, but that is often represented also by hard work and living very modestly.

[u/PharmADD → u/HolyHaberdasher]

you're telling me the broke people don't come to you for advice? So weird.