Because of increases in life expectancy the cost of retirement is going to continue to rise. Retiring baby boomers that are facing increased retirement expenses are going to have less to leave behind in inheritance for their heirs. The way we use to define ‘legacy,’ the traditional idea of leaving behind an inheritance, is changing. The legacy could be a parent or grandparent’s role in paying for a person’s college education. More grandparents are setting up 529 plans to help grandchildren pay college expenses. The meaningful conversations and memories that a person leaves behind are also an important legacy. Parents and grandparents can impart their wisdom and knowledge onto future generations.
See Joanne Cleaver, How Boomers Are Redefining ‘Legacy,’ U.S. News, June 18, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
