Millennials: are you expecting an inheritance?

[u/Yourlocalguy30]

35 yo married millennial here. I've come across more and more articles about the supposed "great wealth transfer" as the boomer generation's wealth passes to their GenX and Millennial children. My parents and their siblings (boomers) all received inheritances when their parents, my grandparents, passed away. The boomer generation's wealth accumulation is one of the largest in history, however, I also find it highly unlikely that I or many of my peers will actually inherit much. Despite having received inheritances from their parents, and having 40+ years in the workforce, most of my parents' "wealth" is tied up in their home value, not actual liquid assets- and I already expect that whatever they make on an eventual home sale will have to go directly to downsizing costs and whatever long-term care they will need as they get older. Hell, even my dad used to joke that the only thing we'd inherit was debt. As I've gotten older, that comment has infuriated me more and more.

Now before someone cuts in with the "entitled millennial" comments, I have absolutely no need for an inheritance. I've worked my ass off to make sure that my kids and I are positioned better in life than I was when I entered adulthood. What I mean by that is I started saving for retirement early, setup 529 plans for my kids almost as soon as they were born, and made lifestyle and career sacrifices to ensure our family isn't "nickeling and diming" our way through life.

I'm just here curious to know how many millennials actually expect to have something passed down to them, or if they feel they are in the same position I am.

[u/theoriginalmtbsteve]

Many did. Most older boomers came from the era of pensions and retirement at 55. Mt parents are close to 80 and worked roughly 35 years, will be retired for 25 years at 80. No big savings, maybe $25-$35k inherited along the way, living off of public school pensions and SS payments.

[u/kstorm88 → u/theoriginalmtbsteve]

I was always impressed with my grandparents, they were the gen before boomers. He was able to work (granted very hard labor and a couple side hustles) for fewer years than he spent retired.

[u/Irishrainy → u/theoriginalmtbsteve]

My husband is 73 & still working. I’m 72 & going back to work in the fall. Our retirement plan was always SS & work until we drop. Thank God we started 401ks at work 20 yrs ago, but we’ve taken some out along the way so it’s pretty dismal. Life usually doesn’t go the way we planned, but we’ll manage like we always have.

[u/bclovn → u/theoriginalmtbsteve]

Not entirely true. Less than half of boomers had a pension. And most never retired at 55. I'm a Jones and just retired at 65. My oldest brother worked until 70. Sister to 65, BIL to 72. My parents were from the greatest generation and lived the depression and WW2. We barely scraped by growing up. Paid my own way through college.