A massive transfer of wealth from baby boomers to their compatriots is underway, but the numbers show that many are not getting what they expected.
“Overwhelming” health care costs will deplete most baby boomers’ wealth before passing it on to Gen X and Millennials, according to one report. analysis From CNBC.
The front and center are report According to Fidelity, which estimates how much an individual needs to save to pay for medical expenses.
According to the report, a single person who turns 65 in 2023 may need to save about $157,500 after taxes to cover medical expenses in retirement.
For a couple, that number is $315,000 in savings.
For reference, the Transamerica Retirement Research Center’s 2023 study estimates current retirement savings levels for this generation.
- Median savings for baby boomers – $289,000
- Median savings for Gen X – $82,000
- Median savings for Millennials – $49,000
Wealth transfers are underway, but most people won’t receive much, with CNBC questioning who will be “rich enough to survive the disease.”
“The alarming numbers surrounding wealth transfers often obscure the reality that health care costs for the elderly are incredibly high and often wipe out people’s savings.
Baby boomers who are concerned about their own financial fate may be more aware of that fact. ”
2022 study According to research by wealth management firm Cerulli Associates, 42% of large wealth transfers come from high-net-worth and ultra-high-net-worth households, which together account for just 1.5% of all households.
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