According to Metlife’s Study of Inheritance and Wealth Transfer to Baby Boomers, there may be a glimmer of hope for baby boomers, many financially burdened, who could possibly inherit more than $8 trillion, mostly from parents and grandparents. Two-thirds of all boomers are set to receive some inheritance in their lifetime.
The study also reports boomers have or will receive a substantial sum from their parents while they are still alive, which increases the total transfer of wealth to $11.6 trillion.
The median inheritance per person is $64,000, and $2.4 trillion has already been given. The wealthiest boomers expect to receive an average of $1.5 million, and the least wealthy will be left $27,000, a sum that represents a larger percentage of the latter group’s overall wealth.
Total household wealth for Americans of all ages amounted to $65.9 trillion in 2007, adjusted to 2009 levels, making the boomers’ inheritance a significant portion of total American wealth.
However, Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute, cautions that any anticipated inheritance is not guaranteed.