Ah, Baby Boomers… soon they'll begin retiring in force, straining Medicare and Social Security. And according to recent reports and studies, they'll also be spending every dime they've socked away, forgetting about leaving an inheritance to their children and…dooming the stock market to pitiful returns for years to come as they withdraw their gains. Talk about the Big Chill!
The LA Times checked in on Boomer plans to enjoy their golden years — and enjoy them to the max:
Upending the conventional notion of parents carefully tending their financial estates to be passed down at the reading of their wills, many baby boomers say they instead plan to spend the money on themselves while they're alive....In a survey of millionaire boomers by investment firm U.S. Trust, only 49% said it was important to leave money to their children when they die. The low rate was a big surprise for a company that for decades has advised wealthy people how to leave money to their heirs...."We were like 'wow,'" said Keith Banks, U.S. Trust president.