Baby Boomers plan to enjoy their retirement instead of saving an inheritance for their kids. More and more baby boomers are saying they have already given their kids enough and now it is their turn to enjoy life and enjoy their money. Many baby boomers even plan on leaving nothing behind for their kids.
Some baby boomers have paid for medical school, law school and even taken care of the grandchildren financially. Many of them are saying that they plan to spend their money while they are alive. Out of a survey that was taken about the investment habits of millionaire baby boomers only 49% said that it was important to leave money to their children when they die.
There are 77 million baby boomers that are or will be shortly making these kinds of decisions. Many other baby boomers are worried that they are not going to live out their golden years the way they want to because they are taking care of their grown children, their grandchildren and their parents financially and timewise.
Baby boomers are those who are between the ages of 47 to 65. Many baby boomers spent their lives building successful businesses and careers and many did so at the expense of free time, their health or even their marriages and other relationships because they were looking at the goal of having financial independence and doing what they want to do when they reach a certain age. They pay for pricey college educations for their children so they don’t get pangs of guilt about wanting to spend their hard earned money.
Baby boomers are not interested in giving up traveling, buying a second home for all cash in South Florida, golfing or going on cruises just so that they can leave money for their children to inherit. Most of them think that the amount of money they have been helping their grown kids with is equivalent to an inheritence anyways. They are supporting elderly parents, they are taking care of unemployed children, they are buying homes with all cash for their children who went through foreclosures or short sales.
When we were at our son’s baseball game the other night I saw the sticker on an SUV: ” We’re spending our kids’ inheritance.” If you want to spend your kids’ inheritance here in Wellington Florida- we will be happy to oblige:)!