Baby boomers are living longer and many are concerned about having enough money to live on in retirement. For many baby boomers there will not be enough money left for loved ones to inherit. A lot of people are concerned about what sort of legacy they are going to leave behind to their heirs. People are discovering that a monetary inheritance is not the only thing they can give to their children, sentimental legacies like stories and memories and life learned lessons can be a valuable thing to leave behind. Helping to support children as they go through college and obtain an education can be just as valuable as any financial inheritance. Baby boomers are redefining what “legacy” means in an age when people are living longer and concerns about having enough saved up for retirement are rising.
See Kyle E. Krull, Baby Boomers and Their Legacies, Wealth Management, July 6, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
