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Why many parents may not have much to pass on to their kids
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Even boomers who have dutifully socked money away for decades may find that retirement costs more than they anticipate.
PHOTO ILLUSTRATION: UNSPLASH
Sarah Green Carmichael
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The Great Wealth Transfer sounds like a heist film or a game show. It’s neither.
It’s a rather morbid shorthand for the massive amount of money that boomers are expected to leave to their millennial kids – making those adult children the “richest generation in history”, according to some headlines. This, we’re told, will help solve the student debt crisis; allow cash-strapped 30- and 40-somethings to finally get into the housing market; and even help them make up for lost time on saving for retirement. Thanks for the parting gift, Mum and Dad!
