Baby Boomers Hold Tight to Wealth Amid Economic Uncertainty

USUnited States|

An estimated $84 trillion is poised to be transferred from baby boomers to younger generations in the coming two decades, a phenomenon referred to as the "Great Wealth Transfer." However, a recent Northwestern Mutual survey indicates a significant number of boomers intend to retain their wealth for personal use. According to the study, 45% of wealthy baby boomers prefer to spend their assets during their lifetime, with only 22% planning to leave an inheritance.

This decision stems from various factors, including rising living costs and healthcare expenses. Fidelity projects that a typical 65-year-old will need around $165,000 for healthcare in retirement, while Genworth estimates assisted living costs at approximately $64,200 annually.

Younger generations, particularly millennials and Gen-Z, are now grappling with the possibility that inheritances they counted on may be less than anticipated. A significant portion of these demographics—32% of millennials and 38% of Gen-Z—expect an inheritance to be crucial for their financial security. Experts emphasize the importance of open discussions about wealth transfer to prevent misunderstandings within families.

Weekly Newsletter

Loading...

More from United States

Two Dead in Tragic Shooting Involving Police Officer's Son

In a tragic incident, two individuals were killed in a mass shooting allegedly involving the son of a police officer in the United States. The shooting took place in a local neighborhood, prompting immediate responses from law enforcement agencies. According to reports, the gunfire erupted late on Saturday evening, leaving the community in shock. Witnesses described a chaotic scene as authorities arrived to secure the area and provide aid to those affected. The victims have not yet been publicly identified, and investigations are ongoing to determine the circumstances surrounding the shooting. Officials stated that the alleged shooter was apprehended at the scene and that no other suspects were involved. The local police department confirmed that they are coordinating with state authorities to gather more information and conduct a thorough investigation into the incident. Community leaders have expressed their condolences to the victims' families and are calling for unity in the face of violence. Such events underscore ongoing concerns about gun violence in the U.S., a topic that is increasingly becoming a focal point of national discourse.
USUnited States

Scientists Discover Possible Signs of Life on Distant Exoplanet K2-18 b

In a groundbreaking study, scientists utilizing the James Webb Space Telescope have detected what they describe as the strongest signs yet of potential life on exoplanet K2-18 b, located approximately 124 light-years from Earth in the constellation Leo. Researchers found chemical signatures of two gases, dimethyl sulfide (DMS) and dimethyl disulfide (DMDS), which are typically produced by biological processes on Earth, particularly by marine microorganisms, according to lead author Nikku Madhusudhan from the University of Cambridge. K2-18 b, categorized as a "hycean world," is situated in the habitable zone of its star, where conditions could allow for liquid water, a crucial ingredient for life. Researchers emphasized caution, noting that these findings indicate a possible biosignature but not conclusive evidence of life. Madhusudhan remarked that the data is a significant development in astrobiology, yet additional observations and analyses are necessary to confirm these results. Other experts, including Christopher Glein from the Southwest Research Institute, echoed the need for careful validation of the data before reaching definitive conclusions regarding extraterrestrial life.
USUnited States

Family Discovers Cremated Loved One Is Alive After Seven Months

A family in Rochester, New York, is grappling with the shocking revelation that their missing loved one, Shanice Crews, who they believed to have died from a drug overdose, is alive. The misidentification occurred after police found a body in February 2024 and erroneously reported it to her family, leading them to hold a memorial service and cremate what they thought were her remains. According to reports, Crews, 28, had been missing since July 6, 2021, and police informed her family of her “death” based on an autopsy that cited high levels of cocaine. Shanica Hopkins, Crews' sister, expressed her disbelief upon receiving the news, describing the experience of reading the autopsy report as traumatic. The situation took a bizarre turn in November 2024 when a stranger sent Hopkins a picture of Crews, stating she was alive and had participated in a volunteer event. Despite confirming the identity of the cremated remains, the Monroe County Medical Examiner's Office offered to reimburse the family for the funeral expenses. However, the family is seeking legal representation instead, asserting that the initial mishandling of the case was deeply distressing.
USUnited States