Are Boomers Really Spending Their Children’s Inheritance?

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Sorry, any children of Boomers who may be hoping for a big inheritance someday. We’re spending your legacy.

This is the finding of a recent Schwab survey of more than 1,000 high net worth Americans that highlighted a generational divide in intentions for passing on wealth. Many Boomers, myself included, are part of the 79% who plan to enjoy their money during their lifetimes—and we’re okay with that.

After decades of working hard, saving, and making sacrifices, the idea of spending intentionally to enjoy what we’ve built feels like the ultimate reward. Many of my Boomer clients share this perspective, wanting to make memories and savor experiences as they live fully in their retirement years.

This mindset also may explain why only 19% of Boomers surveyed plan to pass along a portion of their wealth during their lifetime, compared to nearly half of Millennials (49%) and Gen Xers (52%). It is not about being stingy or disinterested in the next generation.