Many people expect an inheritance.
Their parents are doing alright, they have their own home, a nice car, take holidays every year with some of them being expensive overseas ones. So They must be worth a pretty penny and when they die, all their wealth will be left to us kids. However, things are changing.
The old way of thinking
In my parents day, (before the Baby Boomer era) it was expected that a man not only provided for his family but that he left an inheritance when he died. My father worked hard 6 days a week for as long as I can remember. A few years after my mother died he remarried which turned out to not be a very happy marriage. We tried to tell him to leave the lady if he was unhappy. We knew he had enough investments so he could live very comfortably but no, he didn't want to do that. My Dad was a very astute businessman and he left a decent inheritance for his children. He would rather be unhappy than have to give part of his savings to the person that made his last years unhappy. Back then people had to retire at 65, they had no option. Many of the older people that worked with my husband retired at 65 and died a few years later. They had no purpose in life. They couldn't get another job and many had nothing to do. So they left an inheritance for their children.
Changes to Inheritance.
Many baby boomers have done quite well. Over the years they have been able to buy their own home, both parents worked so the income of most families was quite good. They worked hard and they could provide for their families as well as go on regular annual holidays. Wages went up regularly and often there were other, better-paid jobs available if they were unhappy with their current employment.
People are now living longer and are healthier than in my parents time. Many are working longer and not just retiring at 65 but keep working into their 70's. There are truck drivers out there in their 70's and are working up to14 hours a day.
Others have done very well and when they retire, have enough money and are healthy enough to enjoy retirement. One must also remember that Baby Boomers are now living well into their 80's and 90's. I know I plan to live into my 90's.
This has changed the whole concept of Expecting an Inheritance.
Some people think that if you receive any inheritance it's a bonus.That you shouldn't expect it.
A recent survey in Australia found that one in five Baby Boomers spent their kid's inheritance on travel and didn't feel a bit guilty about it. New Zealanders have the same attitude.
I agree. We have worked hard for 40 to 50 years. It is now our time to enjoy life. Why should we be unhappy sitting at home with nothing to do day after day just so we can leave all we worked for to our kids?
Most of us have paid for our kids until they left home and then still kept helping them out whenever they needed extra money. So in a way, we have already given them their inheritance.
Some will still get an Inheritance.
Many Countries are concerned over their budgets as more and more baby boomers retire and with the decrease in the working population, they don't have enough to pay for the Pension. Especially in places like New Zealand where it has only in recent years become compulsory for everyone to pay into a retirement fund.
A different way of looking at the problem is and According to a study from consulting firm Accenture, baby boomers have started to pass along their life savings to their heirs, and this process will continue over the next few decades. When done, some $30 trillion will be transferred from one generation to the next.
Look at the negative side
I realise that the ability to buy your own home is becoming increasingly difficult. Don't blame the Baby boomers, they are the ones that have their own homes through working very hard and earning enough money to do well.
Although they could possibly spend a lot, if not all of your inheritance, there will still be a home to live in or sell so you can split the money you get from the sale.
Be kind to your parents, instead of worrying whether you will get an inheritance or not think about the fact that you could possibly have to look after them in later years. If there is no money or income and they need to go into aged care, someone has to pay. Then there
All in all, whether you expect an inheritance or not, there are both positive and negative sides to this story. If you want to have a great life like me then just click on the link below.
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