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Your Grandparents Are Spending All of Their Money

Via: the Atlantic Wire

The Wall Street Journal has some news for you, Baby Boomers: Not only have you suffered financially in the recession, but that inheritance you’re counting on from your parents, well, you might not get it after all. This is because today’s grandparents are probably going to live a long time, long enough to spend their money for themselves. You might actually have to take care of them. Curses! According to Anne Tergeson:

‘As a group, boomers likely won’t be getting as much of an inheritance as they hoped. Even worse, far from receiving a bequest, a growing number are tapping some of their own savings to help their cash-strapped parents make ends meet.

For families, the result is often a lot of scrambling, dashed dreams, and conflict and angst as parents and children try to come to grips with the lean new reality—and divide up a smaller pie.’

The growing aging population in the U.S. is a real thing, not to be scoffed at.

Tergenson gives us the numbers: “a 65-year-old man has a 60 percent chance of living to age 80 and a 40 percent chance of reaching 85. For women, the odds are 71 percent and 53 percent, respectively.” This means that seniors aged 85 and older are actually the quickest growing portion of the population. Which means, best case scenario, hooray: Our parents and grandparents will be with us for a long while!

But not everyone has planned, financially or otherwise, to live that long—and even if they have, the money they’ve saved may not be enough to cover it, particularly if they become ill and need medical treatment. And living so long, who won’t? As Michael Wolff wrote in New York magazine in May, the parents of adult parents are living longer and longer, even past the point some would describe as actually “living,” instead being kept only basically alive by doctors and medical technologies. This is a real issue.

http://www.theatlanticwire.com/national/2012/06/your-grandparents-are-spending-all-their-money/53404/

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FACTS:

– A ‘baby boomer’ is a person who was born during the demographic Post-World War II baby boom between the years 1946 and 1964′; which would put their age, between (48-66).

– If you figure 20 years per generation, baby-boomers’ would have parents between (68-86), and grand-parents between (88-106).

– So, many of us, ‘baby-boomers’, consider themselves very fortunate to still have parents alive; let alone, grandparents.

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Note: three of my grandparents died before I was born. My ‘Mom’s Mom’ passed away when I was 19.

http://jonsfamily.wordpress.com/2009/05/05/52-it-was-back-to-the-pacific-northwest/

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Bottom-line: I think WSJ should do the math; and the article should read:

‘CHILDREN of the baby-boomers, are fucked’ (see photo).

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personal story:

By living in Thailand, I will be able to leave my sons a larger inheritance; and you know what?

I feel DAMN GOOD good about it!

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related post:

’77 Pride and Inspiration – my sons

http://jonsfamily.wordpress.com/2009/05/05/77-%e2%80%93-pride-inspiration-my-sons/

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June 12, 2012 - Posted by | Uncategorized | , , , ,

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