Why You Probably Won't Inherit Anything!

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Over the next couple decades, an unimaginable amount of wealth will be inherited from the Boomer generation... will you get any of it?
Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson, AFC®
Directors: Katie Graham & Andrew Matthews
Written by: Andrew Matthews
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Steven Simone
Fact checker: Yvonne McGreevy
Executive in Charge for PBS: Maribel Lopez
Director of Programming for PBS: Gabrielle Ewing
Assistant Director of Programming for PBS: John Campbell
Images by: Shutterstock
Music by: APM
Two Cents is a production of Spotzen for PBS Digital Studios
sources:
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www.aplaceform...
www.fidelity.c...
www.rbcwealthm....
www.payingfors...

[@mrparkerdan]

so the "great wealth transfer" will still happen, the recipients will be the health care industrial complex, not the kids 😂

[@schuylergeery-zink1923]

They’re saying we should all invest in the elder care industry 🤔 that way we can profit. A feringi can hear profit in the wind!

[@kohtalainenalias]

Exactly. In nursing home Health Business will greedily take everything they can. And politicians will support this.

[@ShinzouKatsune]

​@kohtalainenalias who do you think is their #1 customer? 😂

[@savage.4.24]

Between health insurance, the cost of medications, food, and taxes yup it's gone...long gone. So far gone alot of folks die in debt

[@AntonioPerez-bv7mk]

Problem is I should’ve been buying a house in 3rd grade instead of learning fractions

[@Adelina-293]

Wait? You didn't have a Roth IRA and $10,000 invested in the NASDAQ by age 9? All the cool kids did.

[@SupercriticalSnake]

Another failure of our public school system. Thanks, _Obamna._

[@thedopplereffect00]

@@Adelina-293 my Dad taught me about Vanguard and John C Bogle when I was in highschool. Saved a bit of every paycheck since.

[@everythingisfine9988]

Still useful. Because that's your inheritance. A fraction of nothin'

[@whymee4786]

@@everythingisfine9988lmaooo

[@wineenthusiast-v4m]

People think they’re going to get this windfall from their parents or relatives, but between rising healthcare costs, living longer, and taxes, there might not be much left

[@Robby767]

Yeah, and even if you do inherit something, it’s not guaranteed to set you up for life. I’ve seen people blow through their inheritance in a few years because they didn’t know how to manage it.

[@Larry1-pl2wq]

Yeah, and even if you do inherit something, it’s not guaranteed to set you up for life. I’ve seen people blow through their inheritance in a few years because they didn’t know how to manage it.

[@Churchillhump2268]

I hear that a lot. It’s easy to think a lump sum is the answer to everything, but if you don’t invest it wisely, it can disappear fast.

[@Churchillhump2268]

That’s why I’ve been working with my advisor for years. Joseph Nick Cahill -he’s been helping me manage my portfolio, and his approach to inheritance planning is a game-changer

[@MONROEJACQ]

Joseph Nick Cahill? I’ve heard of him. Doesn’t he specialize in long-term wealth management?

[@nerdcave0]

"Start an open dialog with your parents..." dang, mission impossible right out the gate!

[@thomasjpuleo8112]

You have to have the room already set up with all of their favorite things so there is a visual that aids the narrative. It also saves you from looking them in the eye.

[@frankprit3320]

@@thomasjpuleo8112 i agree, you just have to "assume" these events will happen and be READY. thanks

[@jaystrickland4151]

Being an attorney I drafted my mom's will. so that helped a lot.

[@189Blake]

Two Cents with another video remindings us that no matter how much we work/save we'll die poor! 🥳

[@tigerinc7484]

We need revolution

[@sakmadik69420]

​@@tigerinc7484 yeah i commit my life to exactly that......

[@sakmadik69420]

im glad to be born in capitalism

[@erinspitfire]

unless we change the way our society is governed ;)

[@Anton-V]

Eat the rich

[@brianh9358]

I'm 62 and have already decided that if I get a major disease or condition I am likely to just clean up what I can, get in my car, and drive up to the Canadian Rockies to take a hike and watch a last sunrise or sunset. I would just stay there until I froze. I watched my father spend the last 4 months of his life in a hospital with no real chance of recovery. I won't allow our healthcare system to do that to me if I have a choice about it. Sure, maybe medical treatment could extend my life, but for what purpose? To live a half-ill faded existence for my remaining time? I would prefer to leave behind what I have to help my children rather than grasp at additional time.

[@everythingisfine9988]

Sounds like a great plan except for freezing 🥶 part. Just load up on supplies and exit like a rockstar! 🎉

[@tw8464]

Same. I fully accept when it's over it's over. The "trickle down" crime syndicate US "system" is all about milking everyone to no limits draining the whole family into poverty at the end of life. All so billionaires can live a good life. Can't blame anyone for saying "No."

[@jayshko]

@@everythingisfine9988 suffering from illness alone in the Canadian Rockies is not exiting like a rockstar.

[@shelbys9598]

You realize that life insurance wouldn't pay out because this would be seen as a suicide, right?

[@brianh9358]

​@@shelbys9598 Life insurance isn't of a concern. My money is in other assets.

[@RobertNoppers]

Had I been able to see through the massive amount of misinformation I was fed earlier on, I might have retired well in my 50s. I'm 68, and starting late meant I couldn't just rely on compounding interest from ETFs to catch up. I tried different options but kept feeling it might be too late for me to make a difference. Eventually, I found a strategy that felt right for my situation, it took patience, but I stayed the course. Now, I’m on track to retire with at least $4 million and hopefully ill leave something tangible for my kids. Those of you in younger generations, please don’t be like me: too soon old, too late smart

[@AlexMorgan-ti6nv]

It’s worth noting that luck often plays the significant role in investing, sometimes even more than the resources involved. Without it, its challenging

[@RobertNoppers]

I agree, luck plays a part, especially early on. But I’ve noticed that when results stay consistent, it’s usually due to more than just luck. I had a hard time cutting through the noise myself until I came across Emily Ava Milligan, a fund manager. Her strategy helped me understand how to balance risk and growth, and contributed to growing from 500k into this, and counting.

[@AlexMorgan-ti6nv]

I did a quick search and found her page. I’m curious to learn more. I appreciate that you pointed that out

[@TheGreatBrownBoy]

Scam bots

[@jeanp.5929]

My parents didn't give me much when they were alive, they sure as hell won't give me anything when they die. Also, that $9K/month for a nursing home is a damn crime. Edit: I'm not sure why this comment has gotten so much likes.

[@youtubeuser1052]

What would you charge to feed and bathe a bunch of incoherent, incontinent strangers?

[@Judith-b3t]

Gee that makes my sister's care at $7,350 a month look like a bargain.

[@thepotatoofheaven]

i guess theyre gonna have to pay their own nursing home

[@Mythoughts4you]

@@thepotatoofheaven if they have a house then you can inherit the house or pay for the nursing home. if your lucky inherit the house... they may leave it to someone else! That just makes them assholes!

[@SvPVids]

People think that having rich parents means you are set for life. My parents were rich and close to the end of their lives they sold everything at a discount and used the rest to pay credit cards and other debts and travel the world.

[@simplesimon755]

My sister and I are currently facing these harsh realities with our parents right now. Healthcare costs have really destroyed my parents plans for their golden years to the point where desperation is starting to set in. Heed this warning, folks.

[@redhot663]

Move to the UK before you are old. Healthcare is free here.

[@Jonathan-i8j]

​@@redhot663 yeah just move to a foreign country that has immigration laws preventing this... Good call.

[@wolfworks7339]

@@redhot663 And get eaten alive by taxes. The grass is not always greener.

[@colinrussell2017]

​@@redhot663I think Two Cents needs to do a video on how moving to another country WILL NOT solve financial woes. What you're describing isn't "free healthcare", it's "universal" same as here in Canada. There is no influx of old Americans fleeing to Canada because the health care is most certainly not "free".

[@owenb8636]

​@colinrussell2017 Americans have consistently spent almost twice the OECD average per capita on health care for decades now. And there are lots of Americans who go to Canada to buy medicine because it is cheaper

[@CountJeffula]

The parasitic medical system is almost entirely to blame.

[@SkyeWoodrum]

Specifically the cost of nursing homes. $9000 a month is more than most of us make!

[@kohtalainenalias]

It's called Business the american way

[@integr8er66]

​@@kohtalainenaliasAnd you would prefer 24 hr a day nurses not get paid? If you can do better, then do it

[@Syllogyzym]

you misspelled capitalism

[@integr8er66]

@@Syllogyzym Who did?

[@Andromahlius]

Rich kids will inherit from rich parents, the others will get nothing, it's nothing new and that "big transfer" is just clickbait.

[@tw8464]

Nailed it

[@abjectt5440]

I'm a boomer and no one I know has a big house or boat or big money.

[@giovannituber2827]

Sad, I believe you as a Millenial..

[@moneyobsessed]

As a rich kid i can confirm

[@RaulDiaz-n9t]

Amazing content! I have been following your videos for sometime now, consistently kicking down Wall Street doors for two years now, I have over $320k in stocks. Currently, my portfolio is down by 15%.. Wondering if they're any short term opportunities I can invest in..

[@Joanmacduff]

I agree that there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience. Reason I decided to work closely with an brokerage-adviser ever since the market got really tensed and the pressure became so much(I should be retiring in 17months) so I've had an brokerage-adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.

[@RaulDiaz-n9t]

Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?

[@Joanmacduff]

Gabriel Alberto William is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@RaulDiaz-n9t]

He appears to be well-educated and well-read. I ran an online search on his name and came across his website; thank you for sharing

[@samstarlight160]

Beat it, bots!

[@langhamp8912]

Only about 3% of homeowners have inherited their homes. It's not an exaggeration that homes are indeed a retirement fund.

[@HermanWillems]

Jep, my dad is now in a caretaking house. And my mom in a small apartment just now. She is selling the house soon. What is left she said she wanted to give me and my siblings something. But i will just keep it aside for if its needed for my mom later on. Because if she holds it, the government will come after the money haha

[@guillaumegiroux9425]

Imagine if they all sell at the same time

[@syscruncher]

I inherited two homes when my parents passed. I wasn’t about to move to another state to live in an inherited house nor become a landlord for a house in another state, so they both got sold.

[@langhamp8912]

@@guillaumegiroux9425 Zoning laws, NIMBY'ism, and weaponizing building permits to nearly nothing will put a quick stop to that nonsense.

[@C05597641]

People tend not to inherit entire homes due to having brothers and sisters and tax bills. Now that families are smaller I imagine it will become more common.

[@millersam07]

I was 18 during the 2008 recession. I remember saying to my parents that the only thing I wanted upon their death was to not go into debt from their death. I still stand by that statement today.

[@A_Canadian_In_Poland]

Whether or not one may inherit debt depends upon the country. Not typically the case in North America or the UK, but very common in Asia.

[@Draggonny]

I'm lucky that my parents are very conscious of the bureaucratic nightmare that is settling an estate, so have taken steps to make it as simple and painless as possible. My husband's father was not so considerate, even though he had time after his terminal cancer diagnosis to manage his estate. He's been passed for nearly 2 years now and there's still a holiday home that is under his name. My husband is probably going to be fluent in Spanish by the time that's been transferred and sold.

[@penultimateh766]

Wow, you are NOT a ghoulish psychopath. Great achievement.

[@glendacastillo6504]

😂 I will try not to leave any debt to my only child.

[@penultimateh766]

@@Draggonny So just GETTING the estate is not enough, it also has to be painless? Ghoul.

[@lidarman2]

There is a wealth transfer...to corporations that provide medical care and assisted living....and after that the next gen won't even be able to afford long term care insurance.

[@Elemblue2]

In america you get taxed... at the end.

[@mrparts]

All the wealth will be used to pay for retirement homes and medical costs.

[@ILikeBigCatsAndICannotLie]

My grandmother’s sister (Greatest Generation) had saved up money she hoped to give to her family after she passed on, but her in-home care took almost all of it. Medical care might get most of what’s left of what people would like to pass on.

[@jeabo0adhd]

Medical is 0.0001% away from being a ripoff.

[@IICassaII]

You can always put your home in a trust to save that from being liquidated to pay for medical care. Most people don't though.

[@IICassaII]

Also, im sorry for your loss, I know my comment isn't helpful.

[@scarpfish]

​@IICassaII Putting one's home in a trust should only be done if they do it more than five years before their funds would be exhausted because transferring assets to one makes you Medicaid ineligible for five years. Unless one has $600k plus in liquidity to deal with a worst case scenario situation, (and truth be told most people don't), it's just easier to sell the house.

[@mrparts]

@@IICassaIIand who is going to pay for their medical care? The taxpayers? People have sell and use all their assets before qualifying for Medicaid.

[@MzShonuff123]

It’s also important to talk to them about life insurance policies, whether they have them, who the beneficiaries are, and where that paperwork is.

[@jeabo0adhd]

Also avoid annuities. The insurance company usually gets everything left after you die.

[@WillHerrmann]

And GoFundMe is not a replacement of life insurance. Don’t guilt friends and family into covering your expenses because you didn’t plan ahead.

[@judipierry549]

You mean ask them where the paperwork is kept for future reference, correct? Your wording comes across as patronizing, as if you are talking to someone who is either a toddler or addled.

[@LeviRobinson270]

The rich stays rich by spending like the poor and investing without stopping then the poor stays poor by spending like the rich yet not investiing like the rich

[@MrsWilliams762]

Assets that can make one successful in life

[@MrsWilliams762]

I. Forex 2.Stocks 3.Shares

[@AlexJames893]

​@@MrsWilliams762You are right.

[@AlexJames893]

But I don't know why people remain poor due to ignorance

[@AlexJames893]

The world is gradually moving out of the I work for my boss era, and people who choose to be entrepreneurs are highly securing a brighter future for themselves..

[@scooppoopins7294]

My dad is in his sixties and started putting change in a big water jug recently. I told him banks don't accept change like that anymore and that he would have to roll it before he took it there. His response was that it wasn't his problem, he was doing it so he could leave something to me and my brother when he dies. Within a month he had cut the jug open and taken out the money out so he could pay for beer. I'm boned.

[@joshuaa.kennedy8837]

From my parents I inherited $900 and a bunch of stuff in my storage... that was almost 5 years ago... I would rather still have my mother. My mother and her siblings are late boomer so they own nothing.

[@justindie7543]

Personally I'd trade my inheritance for a few extra months with either of my parents. However this is no excuse for healthcare to be so extortionate.

[@rubenverster250]

Done. Now go spend time with them

[@vollengineer]

Me too. And I always begged them to spend every dime on enjoying themselves. They worked so hard in their lives.

[@Draggonny]

There is no excuse for the US healthcare system. Many other countries have cheap, nationalised healthcare. It's the same principle as health insurance: you pay when you don't need it so it's there when you do need it.

[@pioneer7777777]

​@@DraggonnyThe problem is we have a for profit system with huge regulatory capture, that supports the lions share of highest paid individuals in our society. 88% of the top 25 paying professions are in the medical industry. And their lobby is strong.

[@scarpfish]

​​@@DraggonnyThere's absolutely an excuse for the US health care system. A sizeable portion of the US populace continues to fall for ideological fearmongering tactics and as a result continue to vote for politicians who maintain the status quo who do anything and everything to hamstring any reform. The debacle that is the ACA is proof of such.

[@justanotherjessica]

I can tell you how much I'll inherit: $0. My mom lives in a house worth $50,000 and has less in her 401K at age 58 than I do at age 37. I am estranged from my father but even if I wasn't, he wouldn't be leaving me anything because he spends every spare penny on drugs.

[@penultimateh766]

Oh boo hoo.

[@CarolynnMarkey]

I'm in your shoes

[@justanotherjessica]

@@penultimateh766 found the boomer leaving $0 to their kids. I wasn't posting to complain. I was posting because it's the truth and I am far from alone on this. I am planning for $0 in inheritance and have saved accordingly. I put minimum 15% of my gross income into my 401K and Roth IRA and put money aside for emergencies too. Because that's what being a responsible adult is. Too bad my parents couldn't be responsible too.

[@beautifulpeoplealways]

In the 50's my late dad worked a modest job, mom was a housewife, and they lived a nice lifestyle including owning a home. Nowadays both I and my partner works and can barely afford to make ends meet. Luckily, I've just received an inheritance of $500,000 and concerned how to use money I didn’t work for. Should I pay mortgage since I’m still working, or do I invest in stocks rather than just staying 100% cash?

[@J.woltz48]

You should do a mix of both. Seek the help of a financial advisor and a real estate broker. Use $100k to get yourself a decent rental property, may need a mortgage but keep the cost of the property low, and put the rest into stocks.

[@chadgriffith1969]

Well agreed, investing with the help of an advisor did the trick for me in less than 5 years, retired with couple millions before 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually, enough to get me fully invested.

[@bukki07]

@@chadgriffith1969 bravo! retired in my 40s after inheriting money from a childless relative, traveled overseas and found a girl almost my age, happily married but only issue is how to grow and preserve our wealth... think your advisor can be of help?

[@bukki07]

bravo! retired in my 40s after inheriting money from a childless relative, traveled overseas and found a girl almost my age, happily married but only issue is how to grow and preserve our wealth... think your advisor can be of help?

[@chadgriffith1969]

Can't divulge much here, I take guidance from a "Annette Louise Connors" and most likely, the internet is where to find her basic info, simply do your research.

[@DevoutSkeptic]

I won't be inheriting anything because both of my parents are idiots that squandered every penny they earned and borrowed money every time they could. Their retirement plans consist of working until they die.

[@Draggonny]

I hope you don't feel obligated to look after them when they can no longer work. Their lack of planning is not your responsibility.

[@penultimateh766]

Enjoy the inescapable prison of your genes.

[@MBarberfan4life]

@@DraggonnyI don’t feel obligated. Especially because my mom is a narcissist.

[@Iffy50]

mean=$1.8 million, median = $200k..... Wow! It's really important to know how the "average" is being calculated.

[@tw8464]

Exactly. Only the smaller group of "trickle down" Boomers will leave anything whatsoever. They already pulled the ladder up behind them long ago back in the 1980s monopolized and rigged everything to make their terrible pyramid over everyone except themselves

[@giovannifoulmouth7205]

Averages are useless when you have extreme inequality and that's pretty much every part of the world, so when talking about wealth and income, I always go to median

[@Dodgerific]

American health care costs are an atrocity

[@thedopplereffect00]

They are worse in Europe. Their taxes are so high that everyone stays poor forever

[@vollengineer]

My husband has blood cancer, had kidney cancer, aneurysm, skin cancer... and our combined health care costs are under $10k out of pocket per year: insurance premiums, drugs, doctor/dentist/eye doctor care. $5k per year per person. Under $14/day. That's like a crappy fast food meal. We live in a low-cost area that has a world class (people from Canada, Europe, India come here for care and for medical training.) For perspective, in 1999 in Canada, hubby paid $160/month in premiums plus co-pays, plus non-generic drugs plus dental and vision were not government funded, and you had to wait for not-so-great care (or come across the border as many still do). Plus astronomical taxes. How much is everyone else paying?

[@Draggonny]

​@@vollengineerMy sister had non-hodgekins lymphoma and didn't have to pay for so much as a prescription. Scotland is awesome. I just had keyhole surgery last month and we didn't even have to pay for parking at the hospital in England. 10k USD is around half my annual take-home pay. Most people live paycheque to paycheque so that would be a huge struggle at a time when you have more important things to think about than money.

[@gilchris]

@@vollengineer Astronomical taxes - total BS. You may pay somewhat less tax if you reside in a state with no state income tax, but only if your higher property tax doesn't make up for it. Or the local sales tax (city, county) - which we don't have in Canada. If Canadians split their retirement income between spouses so that they have two relatively low incomes, they will pay little more, or no more than a great many Americans (depending on the state). And, by the way, Americans pay just as much tax for healthcare - non universal healthcare (Medicare, Medicaid, etc).

[@vollengineer]

​@gilchris there are city taxes in Canada, but they don't show up in a receipt. Not to mention taxes drive up Canadian prices in fuel, as a matter of fact all energy in Canada carbon tax... Food prices driven up by tax. And yes the employment taxes are higher, much higher. The cost of living in Canada is much higher than in the a States, while the standard of living remains measurably (I'll not say "much" for this one) lower. This effect is now being felt in the States as well. Millennials are complaining that their standards of living are worse than two generations before. I'll say that I see it worse that even one generation before. Either way it's correlated to the astounding increase in taxes here. 32 trillion in debt, increasing but 1 trillion every 100 days, I read yesterday. Scariest part of all is that neither presidential candidate is stumping on cuts and government largesse. But I don't mean to go total political. Just that Healthcare cost is not so bad here and the quality is outstanding. It should be the number 1 budget priority imo.

[@mentallydisturbedscience8900]

I’m not inheriting anything because my parents have absolutely nothing.

[@blanketfortressofsolitude5270]

Same. Not that I want anything from mine.

[@puppylove3781]

They had everything and gave e a point to give me nothing. Knowing then what I should have known now, I would have walked away much sooner. Decades sooner in fact.

[@willerwin3201]

*Take everything that sucks about your situation and make that awesome for the next generation.* *1. Don't expect to inherit anything, ever.* Instead, be grateful for anything you do inherit (unless it's a timeshare, in which case don't sign a damn thing to accept it, ever). *2. Don't focus on what people 30 years older than you have accumulated.* Instead, focus on spending less than you make and investing your savings in assets that grow: unmanaged index funds, real estate, education, and your business. *3. Don't ask what your family can do for you.* Ask what you can do for your family, and especially your children.

[@frankprit3320]

that's not exactly what this is about, this is about being BROKE after your parents die. due to SKY ROCKETING health insurance costs!!

[@willerwin3201]

@@frankprit3320 I don’t think that’s a useful way to focus our attention and efforts. I prefer to focus on what I can control over what I can’t control.

[@freesk8]

@@frankprit3320 And yet, if you follow willerwin's advice, you will be better off. If you depend on the government, you will be worse off.

[@BrianPoehler-y8t]

Last time I checked it’s Gen X that would stand to inherit most of the baby boomers assets, since the majority of BB kids fall into that generation. It’s funny how that generation goes ignored, but math doesn’t lie.

[@colleenmarin8907]

Our (Gen-X) younger siblings (Millenials) are more like to inherit, as we (Gen-X) won't be guilted into being there to care for the parent(s) that treated us like crap

[@JakoWako]

Most of Gen X’s parents are Silent Generation

[@vollengineer]

@@JakoWako Exactly

[@RedEyeification]

​@@JakoWako Wrong.Boomers.

[@sciascia66]

My parents were born in 47. I was born in 66 which makes me the second year of the Gen X generation, and we should be their $$. it but it doesn’t appear that there’s going to be that much left is on what you’re saying, my dad is are healthy , mom passed earlier this year and it cost us kids $10,000. the healthcare costs are going to destroy any wealth my dad has between two homes, and a pension and a small amount of savings.

[@gradosa8272]

☹️my father worked all his life. He didn’t make much and I helped him many years before his death. Nothing left but the wealth of my childhood memories with such an amazing person. Rest in peace. Tons of love and hugs will last forever. Until we meet in heaven. 🙏🏼

[@MrThatGuyYouForgot]

The problem with trying to have conversations about these kinds of things is that they turn into emotional conversations instead of rational ones. The parents get mad that you're thinking about their death and boomers still think financial conversations are too "private" to even have with their own kids. Plus if you say something like that you're not willing to be a full time caregiver for them (an utterly reasonable thing if you've ever met a caregiver) then you're accused of being heartless. It rarely ends well. My parents are buying a nice place in a foreign country soon and I'm not dare asking what will happen to it when they die lest I be accused of wanting them to die. I doubt they've even considered it.

[@dajavax]

inheritance aside, of only thinking the wealthiest generation will barely manage to pay their medical bills... what's coming up for the rest of us?...

[@prettylilly2933]

Sobering thought...

[@scarpfish]

Being told by the peacekeepers (as in the Hunger Games kind) that we can't camp under the overpass anymore.

[@sor3999]

@@scarpfish "Reeeeeeee your poverty and suffering is ruining my neighborhood AESTHETIC" - some NIMBY boomer probably

[@giovannifoulmouth7205]

I'm millennial and I will be living in my car.

[@Hulksmashhulkregret]

Most of us late Gen. X and Millenials will become what we now consider homeless or migrants, though with nowhere to migrate to. Unless there is vastly more than enough to retire already secured, the trend in wealth-destroying variables will wipe out the minimum necessary amount. Gen Alpha are feral and will become cannon fodder for WW3; not strictly a nuclear war though there will be that and the global famine to follow, rather a war for the dwindling vital resources of the planet while also a war at the borders of every nation that hasn’t collapsed by then, while also a quasi civil war of internal migrants vs homeowners and terrorist attacks from political extremists, with Cartels, white supremacist militias and police-gangs violently securing territory in most places that currently have a Starbucks. Gen Alpha’s empathy is the lowest recorded since data began a half century ago, so I wouldn’t count on any help from them. Gen Beta will likely be decimated in their childhood from war/ civil conflict, famine, preventable diseases, and most of all from not being born in the first place. So they won’t be much help either. Most of us will starve in the 2030s, as even aside from the famine consequences of even a limited nuclear war, global agriculture is faltering as climate change continues to render ag land ever less productive and ever less in acreage. Global is also not great for ag output, as we already connect the dots from Ukraine to Sudan and other famine hotspots. Wildlife, already in severe decline, will be decimated in this hunger, with many species we recognize being driven into extinction. In the late 2030s, we will meme Canadian Geese as the final Thanksgiving, as their mass slaughter will be the first and last time many people hunt for themselves. Even for those that do hunt, long pork will soon be the only meat out there. Most likely, legalizing sewer-slide will become the big social issue of that decade. Ultimately the tsunami of violent conflict for resources will be what tips they balance for legalizing sewer-slide like weed was legalized two decades earlier. Regardless, with the surviving population chronically malnourished, and with the healthcare system being on par with what it is today in Sudan or Haiti, a disease like the Black Death will come along by mid century. Plague ships will again become a thing, plague migrant buses, plague military caravans as well. People who currently have the knowledge on how to mitigate this disaster will mostly be dead by then. Most of us will be dead by then. Most of those who remain will be dead within a year of this. Those alive at the time will have some sweet nostalgia for 2020, and really the entirety of the 2020s, which by then will be the good old days

[@BingChiller227]

Oh great, even MORE existential dread

[@Forever_Endeavor]

That's all you get anymore

[@TallSilhouette]

Losing my Mom hurt. Medical bills wiping out everything she put away for us was salt in the wound.

[@Stylez-13]

Everything is designed that way to take everything but people don't notice until it's their turn....

[@Iffy50]

This was a really great video. It was sobering and a bit depressing, but like you say, putting your head in the sand is not the right solution.

[@craftypam9992]

I'm a UK boomer, so everything in your excellent video is probably a little bit different, but I just wanted to share: my father died when I was 21, my mother when I was 37, my stepfather when I was 48, so I "inherited" then. Apart from my large contribution to the last two funerals, I inherited £2,000 and a cat with bad teeth. He'd been my mum's cat, so at least 13 years old when I got him. So the first £700 went to the vet for dental treatment, and I had to pay for food and vet's fees till the little fella died - 8 years later. Don't get me wrong - I adored my furry half-brother - but how many cats live to about 21? I hope to leave a more spendable legacy when I go!

[@way_truth_life_of_love]

God bless ya, what a great caregiver you are, and your sense of humor will always help!!!!❤❤❤

[@JiminyClarkson]

Mine is 20 and she's still plodding along.

[@jugutierrez]

hahahahaha

[@Draggonny]

They missed the biggest reason I'll not inherit much. My 6 siblings. Even a substantial inheritance will not stretch that far.

[@zacharybob4336]

This is so much more a likely outcome for the average person, instead of inheriting cash and assets they’ll be inheriting liabilities and debt.

[@luckymanindeed]

I will check out voluntarily before I pay $9K a month to be warehoused in a home. That’s a fact.

[@ignitionSoldier]

As dark as it sounds, I guess there is a silver lining to my dad being a deadbeat. I didn't have to worry about his care when he died years ago.

[@johnnyli4702]

there are multiple ways to not have to worry about elderly care... There, I wrote something darker than what you wrote.

[@Forever_Endeavor]

​@johnnyli4702 it was a dark and stormy knight. There I wrote something darker than you wrote

[@abjectt5440]

I live in NS. When I die I'm donating my body to the Dalhousie medical school. They pay for everything. The cremation of the remains. Issuing statements of death. Won't cost my wife a penny.

[@ronswansonsdog2833]

@@Forever_Endeavorwhy was he dark, and what made him stormy? 😂

[@Joelconway34]

I'm overjoyed and grateful to see God's blessings manifest in my family's life. We're happy once again, and I can now provide for my loved ones even in retirement, thanks to a remarkable weekly income of $67,000. It's a game-changer after facing many challenges.

[@KuramaUchiha-id1ow]

Massive! Been trying to trade on my own for a while now, but it isn't going well. few months ago I lost about $8,500 in the trade. Can you please at least advise me on what to do?

[@Joelconway34]

@@KuramaUchiha-id1owMaria Angelina Alexander I really appreciate her efforts and transparency.

[@Joelconway34]

Giving her my initial savings of $12,000 to invest in a brokerage account was a turning point in my life. It's been an incredibly rewarding experience and the best decision I ever made!

[@amalmberg13]

This is a definition of God's unending provisions for his people. God remains faithful to his words. I receive this for my household.🙏

[@chloepackens4455]

Investing can be a powerful tool for building wealth and securing financial stability especially in this hard time. but it’s important to understand that it’s not without its challenges. The investment landscape is inherently volatile, with periods of both gains and losses. This variability is a natural part of investing and requires a clear strategy and patience to navigate effectively.

[@DtWolfwood]

Well considering my dad is now in the medical healthcare system, i know ill get nothing. Cause they'll take everything.

[@Adelina-293]

Having worked for a health insurance company I can verify this.

[@youtubeuser1052]

@@DtWolfwood if you'd had the sense to get a job in healthcare you'd be saying "we'll take everything". Can't blame your parents that you didn't have the sense to go where the money is.

[@abjectt5440]

When my mother was being considered for senior's care the first thing out of the reps mouth was "how much does your mother make?" Such compassion.

[@Misaka-gt5yj]

@@youtubeuser1052 Oh trust me, as a healthcare worker I've seen what private equity does to hospitals. Replace MDs with Nurse Pracs and physician assistants for lower pay since they do roughly the same diag, prescription, orders, etc while saving the hospital millions in the long run. While admins have nurses staffing at skeletons with unsafe nurse:patient ratios. That and the rising medical malpractice insurance prems = healthcare workers save much less anyways.

[@youtubeuser1052]

@@Misaka-gt5yj It's a market ripe for diversification. You've got the people who never saved anything whose kids are sticking them in the cheapest possible place. And you've got the boomers described in this video who have a lot of money that they intend to spend instead of leaving it to their kids. The latter are willing and able to pay top dollar for premium healthcare. You'll never get rich working for someone else, but there's money to be made in healthcare for those with the initiative and motivation to seek out the growing market.

[@Kris.with.a.K]

GenX not even mentioned, as per usual! 😂 That's cool, though, we like it that way. 🎉❤

[@wallcouldtalk]

Are you sure? Because you all seem to talk about it at every given opportunity. If you want to be invisible, be invisible.

[@ig-8887]

​@@wallcouldtalkwell of course they're going to talk about it, they were the last generation to play outside or something.

[@Kris.with.a.K]

@@wallcouldtalk It's cool that we are left out of videos like this, you know, generational comparison type stuff. Sounds like you think I'm talking about being completely ignored, which is a tad different. The "completely ignored" situation brings up some childhood traumas. 😆😂

[@jeanp.5929]

Your time for fame will come in a decade or two when the boomers have passed away.

[@HermanWillems]

@@ig-8887 wrong my whole childhood was playing outside. :) as a millennial.

[@TomMcMorrow]

My parents graciously purchased me a condo when i moved out for the first time and put it in a trust in my name. Now that my girlfriend and i are saving for a home, once we have it we plan to rent out the condo as an additional income stream. This and the college degree with no debt are by far the two biggest gifts. Very gracious, if i didn't get another penny they've done more than their fair share for me.

[@pineapplesoda]

Smart parents!

[@gr8dvd]

@@pineapplesoda Smart (and grateful) son.

[@IL_Bgentyl]

Yep they invested in you early allowing it to compound or letting you squander it.

[@stephaniejones9325]

Nice, I’m in a similar situation but I paid for college through scholarships & stayed home to save on expenses & then purchased my own condo at 24 with my own savings from a $36k job out of college in ATX in 2015. I’m a 33yr old first generation Latina environmental scientist. I also have a Masters in Occupational Health which I paid for fully through company reimbursement & savings. On my second home now which I house hacked the lower level into a Airbnb for extra income. Happily married with my first baby on the way. 4 months 100% maternity leave paid. I am truly living the American dream by comparison but know that this was only possible bc of the sacrifice I made as a young adult including: did not buy into having to have the “college experience”, didn’t party as a young adult but instead nickel & dimed my salary until I was able to afford my condo, waited until 32 to get married (although in Latin culture my mom thought I was never going to get married lol), eloped & instead bought a second house (on my own bc my husband didn’t have the best saving habits but love does change & now he’s a super saver). I don’t live in the same state as the rest of my family which breaks my heart since MX families are so close, but know that the current sacrifice I’m making will benefit myself & children in the future. They’re dad will get a bachelors for free in the current state we live in, I have a 6-fig salary that’s hybrid & can save some on childcare, & my husband will pay off his business loan. Strategic sacrifices must be made!

[@vollengineer]

That part is left completely out of this analysis. Many boomers have been giving to their millennial loved ones for years while alive. Thank you for bringing this out :) (Love, Gen X lol)

[@levirynearson5800]

Open dialog is a great start, hard to do with some parents. I still have no idea how my parents are doing financially. Like they said at the very end, act as if you will inherit nothing, but make the plans with your parents. You do not want to get more bogged down in probate than necessary.

[@Draggonny]

I only worry about my parents in extreme weather conditions. They're both living in fully paid off houses getting pensions higher than my salary. They're fine. Thankfully my parents are both great with money and talking about finances and funerals has never been taboo. Last time I texted my stepmum to check in during a heatwave she replied they're fine and in an air-conditioned hotel abroad.

[@glalza]

The rich keep getting richer. Why? One big reason is that inheritance taxes used to go up to 90% for the very wealthy and now it's less than half of that. Too much concentrated wealth is not good for the country. We need to raise income and inheritance taxes on the very wealthy as it's better for society in every way.

[@Ritajames3]

I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Stephanie Janis Stiefel. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.

[@melektopcu2520]

I know this lady you just mentioned. Stephanie Janis Stiefel is a portfolio manager and investment advisor. She gained recognition as a former employee at Goldman Sachs; a renowned investor she is. Stephanie Janis Stiefel has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.

[@themasticpalace5519]

How can i reach her, if you don't mind me asking?

[@Ritajames3]

Well her name is 'STEPHANIE JANIS STIEFEL'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.

[@Alanwilliams3]

Been debt free for two years thanks to Stephanie Janis Stiefel. So sad to see my friends in their 40s with car loans, mortgages and credit card debt.

[@rabbihossain6748]

The thing is people often doubt the prospects of financial advisors like Stephanie Janis Stiefel in business/markets today. Well it gives me more time to get ahead while they stew in their own pity and doubts as they childishly complain about those spreading the word

[@RK-ow1zg]

Serious question: why bother saving all this money if it’s just going to end up in the hands of a private equity run nursing home anyways?

[@starsiegeRoks]

Because the alternative is being in a situation where you cant take care of yourself and nobody is there to help.

[@d_all_in]

What a silly question

[@nikkiespinosa8854]

@@starsiegeRoks if i get to a point where i can't take care of myself, i'd rather just be dead anyway

[@jmlkinc]

The biggest takeaway from these videos is really making you appreciate living in a country with public universal healthcare.

[@tw8464]

Yep

[@Judith-b3t]

Which country?

[@wolfworks7339]

Not really. Same story, different problems.

[@amanasd26]

@@wolfworks7339 not quite, nothing prevents you from investing in american markets while reaping the benefits of universal healthcare from a country outside of the US

[@nicolasgirard2808]

All developed countries will see their healthcare systems crumble as the population ages. You're not safe

[@sueschoers4974]

What is not said is that most Boomers did not inherit anything from their parents. So the sad's about not inherenting is the way it has always been for generations. If you want to keep what wealth the boomers have saved you need to look at alternative way of living e.g. in multi generational homes, the elderly care for the young until they are too frail and then the young care for the elderly. This is the way in most of Asia and the resources of the family are shared.

[@GreekRetroGeek]

That's exactly right, and unfortunately americans do not think or live this way. I am from Greece and the family support environment is different. People die in their homes or hospitals after a short stay, and they die on average much later than americans do!

[@vollengineer]

@@GreekRetroGeek We're catching on, Greek. My sister and my brother plus his daughters recently moved close to me (only because I live in the most cost-effective location). My sister's BFF just moved in with me too! We're always plotting to see how we can consolidate in the future and planning for when we get old to be together. I'd rather be in Greece, today. 🗺

[@scarpfish]

Multigenerational living was the way we did it in the US until after WW2. Then we decided everyone needed a suburban single family house full of shiny appliances, two cars, a lawn and their own bedroom. That change had probably the most massive downstream impact on how Americans manage their finances to this day.

[@ronswansonsdog2833]

They didn’t need to because you could actually live affordably back then. They bought homes in their 20s, one parent stayed home, had a yearly vacation. That was a pipe dream starting in the late 90s/ early oughts, and completely undoable today.

[@Internet_Hobo]

Gen-X understood this stuff out about our parents when we were teenagers. It's nice to see someone finally talking about it, even if it's decades after we figured it out. BTW, thanks for the one-word shoutout.

[@tw8464]

Exactly we figured all this out years ago while our Boomer parents did nothing to plan anything and acted like they were going to live forever. Such a waste of time and everything

[@lisacrews3060]

Yep. Gen X here and I've been saying this for several years. The reality is that most people were oblivious to the value of the unpaid work of women throughout history, and now we're surprised it costs a lot of money to pay someone else to do childcare and eldercare.

[@ronswansonsdog2833]

Gen X: welcome to the original sandwich generation.

[@xcw4934]

East Asian societies have a culture of intergenerational living but I believe it was more a product of pragmatism and necessity than desire. If parents help you buy your home while you're alive by selling theirs and moving in with you, you can collectively save so much on a multitude of expenses but research has shown Chinese women experience a very high level of stress and depression from pressure put on them by in laws so it's not like living in close quarters with an older generation is easier for them than it would be for us. Our society has finally started to reach a tipping point where intergenerational living is going to be forced on us for economic and practicality reasons too.

[@danshakuimo]

Lol I live in a intergenerational household and I guess it will stay that way with zero generations in between

[@djm2189]

If possible just build a small nanny flat with a separate entrance. They don't need more than 1 bed 1 bath. We do this with our grandparents as Mexicans. Works very well and we all can have our privacy when we want it. That's what I'ma do for my parents. I already told them.

[@benoitlaporte1700]

You know what's great about countries with nationalized healthcares? Their services do not come with an age restriction.

[@freesk8]

Socialized medicine sucks. Longer wait times, higher costs for similar services, worse outcomes. People still come to the US for care, despite the fact that it is half socialized. The more government has gotten in to health care over the last 60 years, the worse things have gotten.

[@scxble]

@@freesk8 Impressive, every single word you just said was wrong Universal systems on average cost half of America's system[1], and deliver far better outcomes[2] in terms of life expectancy, infant mortality, and survival rates of common diseases. While the US does have lower than average wait times, it's driven largely by the fact that many Americans choose to forgo needed care due to cost[3], so you have less competition getting to the doctor. And in fact, it usually people from the US who travel to Canada or Mexico to get medical treatments and prescription drugs they can actually afford[4], not the other way around. As for your last sentence, I would argue that the more *corporations* have gotten into healthcare, the worse things have gotten, as Medicare is consistently one of the US government most popular programs. We are the only developed country in the world not to guarantee healthcare as a right, if Canada, Australia, New Zealand, England, France, Spain, Portugal, Germany, Denmark, Luxembourg, Netherlands, Belgium, Norway, Sweden, Finland, Estonia, Latvia, Lithania, Poland, Greece, Italy, South Korea, or Japan can do it for cheaper and better than our current system, why can't we do it? [1] ourworldindata.org/us-life-expectancy-low [2] www.healthsystemtracker.org/chart-collection/quality-u-s-healthcare-system-compare-countries/ [3] www.healthsystemtracker.org/chart-collection/cost-affect-access-care/ [4] ufhealth.org/news/2020/uf-study-2-million-americans-buy-prescription-drugs-outside-country

[@freesk8]

@@scxble Americans spend more on health care, not because it is more expensive here if you really compare like procedures, it is because Americans are RICHER. They are richer because of free markets and property rights. Americans sometimes get prescription drugs overseas, taking advantage of the fact that drug companies sell for less there. They make their capital costs back in the US, and know they can't charge as much in foreign countries because they are poorer. But when they need cancer treatment and MRI imaging, they come to the US. We are the only country that doesn't have socialized medicine, but that's no argument. If every other nation were a socialist dictatorship, we would still be stupid to copy them. Health care can never be a "right" because it requires the labor of others to provide it. Life, liberty and property are rights because they come from self-ownership. Food, shelter, clothing and health care are not rights, they are goods, needs, or benefits. Socialism has failed everywhere it has been tried. The more completely it is implemented, the more spectacularly it has failed, and the poor are hurt the most. Venezuela, Cuba, N. Korea are examples of socialism.

[@scxble]

@@freesk8 The US spends twice as much on healthcare than every other developed country AS A PERCENTAGE OF GDP, both before and after costs are PPP adjusted. Canada, France, or Japan are not socialist countries nor dictatorships because they have public healthcare systems for the same reason that the United States in not a socialist country even though we have a public education system. Healthcare, food, or education are positive rights, but they still exist as *legal* rights in other countries the same way that education exists as a legal right in the US. You're way too invested in semantics to counter the point that every single study and piece of evidence domestically and internationally shows that a single-payer public health insurance programs would lower costs and improve accessibility and outcomes of healthcare in the US.

[@freesk8]

@@scxble Definitions of words are important. I do not accept your definition of the term "rights." You may use the term as you choose, of course, because I believe in the right to liberty, but rights do not come from governments. They come BEFORE governments. Good governments defend the individual rights to life, liberty and property. Bad ones violate those rights. Governments can give bribes to people from taxpayers to pay for food, shelter, clothing and healthcare, but that does not make these things "rights." Socialism exists on a spectrum. Some nations have more government control, and some have less. Switzerland and Singapore are at the free market end of the spectrum, and Cuba, N. Korea and Venezuela are at the other. The US is only the 30th most free market nation on the planet, lower than the Scandinavian nations and Canada. The AHA was a step in the direction of socialism, and it resulted in increased health care and health insurance costs. Free markets and competition do a better job of reducing costs than do government controls. As far as your statement about percentage of US GDP is concerned, when you get rich, you tend to shift the amount you pay for different things. When you have more money, you CAN spend more on health care, and Americans do this because they can. Single payer would reduce efficiency, increase waste and wait times, and reduce outcomes. When comparing different nations, it is impossible to account for racial and immigrant diversity. Since the US has so much more of these than most other nations, comparing superficial outcomes makes little sense.

[@djpuplex]

My mother is spending my parents retirement on mail order garbage. I won't get jack.

[@youtubeuser1052]

But on the plus side, people who make and sell mail order garbage aren't out on the streets thanks to the steady income stream from your mother

[@leprechaun3677]

Both sets of my grandparents are still alive (silent era) and so are my parents (boomers). When they pass away, I can only hope to get something from them, though I expect nothing. Not because they don’t have money, but because it’s not my money to take.

[@StephenJonas-k5d]

Hit 250k today. Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 24k in April 2024

[@PeggyCrane-l7j]

I would really love to know how much work you did put in to get to this stage

[@StephenJonas-k5d]

I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear that you saved me from huge financial debt with just a small Investment, thank you Alesia Haas you're such a life saver

[@AmeliaMaranoMcDermott]

As a beginner in this, it’s essential for you to have a mentor to keep you accountable. Alesia Haas is also my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.

[@RLoger87]

Same, I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Alesia Haas, has been an amazing experience.

[@SylwiaJewiak-j8g]

I'm favoured, $30K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America,, all thanks to this same Alesia Haas.

[@Aerik]

Both of my boomer parents left me bills when they died...

[@quincekreb6798]

You aren't responsible for their bills.

[@Aerik]

@@quincekreb6798 I'm not such a shitty son that I didn't want them taken care of after their deaths. Burials/cremations and funerals, even bare bones ones are not free.

[@MiguelRPD]

​@@quincekreb6798yeah sure. And my best friend also isn't responsible for her parents (both died) mortgage and bills but if she didn't hunker down. Get a 2nd job. JUST to keep up. She would be homeless. Some people inherit debt and insanity rather than peace of mind.

[@RainbowWarrior903]

@@Aerik quincekreb means like their medical debts, mortgage, credit card debt, etc. Good on you for paying for proper memorials for them.

[@Starfish987]

Don't pay them. They are not in your name.

[@SOFIACAULIFLOWER-l3mstudy]

I was just laid off at the age of 45, I have a 9K military pension and access to Tricare and VA healthcare. With a 401k, assets, and savings, I am considering selling or renting my home and relocating abroad. What are some good passive income opportunities?

[@ArchieJohnson5h]

It makes sense to consider a financial advisor at this stage, but delaying retirement might be a smarter choice

[@SOFIACAULIFLOWER-l3mstudy]

I'm not sure if I should combine all of my investment accounts into one. If so, what should I know and how should I respond? In addition, I want to sell my property, which could eventually fetch an additional $200,000. Is it best to put everything into one account or divide it among several investments?

[@AdamWright8fool]

These are key questions for a financial planner. I connected with mine at a summit, and with her help, my wife and I reallocated our 1.7M portfolio between a traditional IRA and brokerage account. She’s been managing the investment with our approval and has helped us recover twice our losses. Currently hodl’ing steady and cautiously navigating the market

[@FreemanJameZ]

That’s impressive! My portfolio has been struggling. Who is your advisor?

[@AdamWright8fool]

June Renae Matthysse. Look her up online, she's well-known

[@agme8045]

8k per month for a nursing home is insane. Literally just move overseas lol In my city, you can expect to pay around that for a luxurious place that’s like an all inclusive hotel but with professional medical staff, psychiatrists, gerontologists, dietitians, entertainment/shows, restaurants quality meals, swimming pool, etc. But that’s not a normal nursing home lol, and something tells me that for 8k in America you aren’t getting something very luxurious.

[@mustasheolll2020]

Wtf, that would make like 90% of the US population broke

[@Louis_Varga]

I'm planning on getting nothing, so if I do get anything, it will be a bonus.

[@jamesalias595]

Early baby boomers were born at a pretty good time. Later baby boomers born in the 1960's didn't come of age until 1980 and onward. Later baby boomers were too late for pensions and Social Security will face a crisis just as they start to retire. So, not a lot to leave for millennials.

[@WinstonSmithGPT]

Tell me about it. Every job i worked in my 20s started with a package explaining why I wasn’t getting the pension everyone else was and NO one talked about 401(k)s.

[@Elemblue2]

My entire life I always assumed no one will be taking care of me and all the attempts to disguise it will happen are scams. Constantly reinforced by hospital failures, and inflation just deleting peoples retirement savings. Wealth is having what you need to not spend money.

[@TheAureliac]

And many had their biggest investment wiped out in the Great Recession.

[@ryant2568]

sorry, Gen-X here, did you forget we exist again? The Boomers are our parents.

[@zacharybob4336]

You’re two generations off bud, gen X and millennials have boomer parents. Gen z with boomer parents would mean you were born when your parents are near or well into their forties, not very common.

[@ryant2568]

@@zacharybob4336 the boomers are in their 70s and 80s now meaning their children are in their 40s and 50s (gen-X) I am sure there are a few millennial with boomer parents out there but we outnumber you.

[@zacharybob4336]

@@ryant2568 Right, Gen X. not Gen Z like you said.

[@ryant2568]

@@zacharybob4336 your right, sorry I made a typo in my original post and didn't even notice.

[@NineteenEightyFive]

​@@ryant2568a few? Look up the years of the generations because it's clear you haven't

[@ImVeryBrad]

My parents have planned everything out with a will and have talked it out with us (4 kids). They have a lot of money. Anything I get will be used for creating generational wealth.

[@luvisuzu]

Dont forget folks: You dont have to retire in the US. Lots of cheap countries out there.

[@100rapports]

So basically, you are very proud of not paying mandatory social insurance and national minimum welfare/retirement benefits all your life because it's "a free choice". And when time comes when you would actually need those systems, you just go to countries who don't let their elders die ? I swear US and UK retirees are the one kind of migrant that plagues Europe. ->Think they speak the international language so don't feel the need to learn the local language. ->Not productive at all, just collects benefits from social welfare. ->Doesn't mix into the society, prefers to stay between "expats" (because migrant is the word for poor people) All the criticisms African people get apply even better to Anglo-Saxon retired.

[@amanasd26]

yeah at one point you could have gotten portuguese citizenship just by purchasing a home in portugal

[@thomasjpuleo8112]

@@amanasd26 Worth it just for the sardines and bacalhau alone.

[@HermanWillems]

But the medical is very bad. It's a choice though if you think you just want to die earlier than in the USA and not spend all. Then its fine.

[@KC-2049]

and when you go there, don't forget to call yourself an expat rather than an immigrant despite the fact that you're parasitically mooching off an empoverished country for cheap cost of living while contributing nothing to the local economy except to drive up housing costs lol

[@Inflammasomes]

Thank God I live in Australia, the average American really has a bad deal. In Aus most healthcare is covered by the government and long term residiental care facilty costs are completely covered after the user pays around $60K USD, and if the person has less than a certain wealth threshold it's esentially free. This is all despite the fact that the US has 10K more GDP per capita than Australia and that Australia taxes our resources industries very lightly.

[@neolibertarian5492]

People really shouldn’t count on an inheritance.

[@thegreypath1777]

@neolibertarian5492 - You need a megaphone.

[@kohtalainenalias]

They propably can't count on working hard as well

[@dawnkeckley7502]

My kids know to donate my body to science and just have a get together to remember my life. I do not want my money / their money going to funeral homes and burial expenses.

[@gr8dvd]

How? For similar reasons was thinking of composting, the least environmentally impactful solution (vs. traditional casket or cremation).

[@dawnkeckley7502]

@@gr8dvd I’ll have to ask my friend. Her mom asked for the same thing. When she died in Arizona (my friend lives in Virginia), people just took the body away. If you’ve ever watched Institute of Human Anatomy, they are always working with cadavers. I love composting, but human composting is still expensive.

[@HermanWillems]

Pretty nice option though giving away your body to science. And helping people in the future with it.

[@vollengineer]

Just got my info packet from Mayo. Thanks for the idea. I'll have to make provision for travel costs. So I need to see how much that will cost.

[@Bryan-e2n]

The system is a scam. You save your whole life to give it back.

[@eileenmateo7300]

I’m 69 years old. My husband and I anticipated a healthy inheritance from his mother. Sadly my husband died unexpectedly at age 72 a year ago. His 102 year old mother was still alive. She died 6 months ago. Now my 4 children (ages 36, 34, 29, and 26) are enjoying their inheritance from her. Oh well!

[@aeryn_mobil]

Leave it to a bunch of Millennials to forget Gen X. Pathetic - I want my 2 cents back! Way to go PBS

[@visceratrocar]

Millenials aren't getting shit and we know it

[@matheenarif8645]

The government and a few crooks are getting it

[@jeabo0adhd]

Every system tries to fleece us. It's our job to understand what we do and to avoid scams.

[@Elemblue2]

Yes. Unfortunately the whole system considers itself "fair" because if you do enough research you can dodge the trap. Thus the "You shouldn't have stepped there that was your fault" mentality. Unfortunatly its reached the point, especially in tech, where research = almost a survival expert. There is almost no way a person can hit all the bases. You will fall into the trap. The rich avoid them by hiring specialists to avoid the traps in all areas, no one else can afford that strategy.

[@stevenlerner5515]

run the numbers is my fav part.... and thank you for bringing light to a lot of these things... I would not think about alot of things or even know about good savings without yall. thanks for keepin this going and thanks again for being an actual education channel instead of just selling us something.... yall are AMAZING

[@frankprit3320]

I'm 58 my parents are in their 70's, I think you guys nailed it. Thanks for the "heads up".

[@masterchinese28]

My boomer dad reminds me every time that I'm back home that I will one day inherit his pistol. That's all I have to look forward to. Meanwhile, he and mom housesit my home in the States. Good thing they had a son who moved overseas, otherwise Dad would have to sell that pistol, and I would have no inheritance.

[@tylercampbell6058]

I would have loved to inherit my grandfather’s old lever action .30-30 saddle rifle. Not sure which cousin got it but hope they take care of it.

[@ThugByChoice]

Wouldn’t call your parents dying catching a break. This video was uncomfortably dystopian.

[@Primeros1000]

I knew a guy that their family was somewhat well off, but her mom was hospitalized the last 8 days and had 2 surgeries and had a medical bill of over 400k for the last 8 days of her life that insurance wouldn’t cover since they used a hospital that wasn’t approve by the insurance. Thats was a wealth transfer!

[@HermanWillems]

Damn i rather die 8 days earlier and give my kids 400k.

[@NightinGal89]

​@HermanWillems they probably hoped she was going to make it

[@kiwifruitkl]

The video makes a point that: (1) young people think that they will just receive a big inheritance from their old folks without really knowing a thing about their old folks' finances (2) young people should have an open discussion about finances and end-of-life care with their parents (3) young people do not save whatsoever because they think that they can live off of inheritance in the future, and that just means they can spend all they want right now What the video does not say is: (1) Americans tend to be very individualistic. Older parents generally don't care about their children's personal, professional, financial stuff. The children's business is their own. The parents' business is their own. It's very individualistic. (2) Americans generally put themselves first, then the spouses, and if they have anything left over, they will think about their kids. (3) Americans generally live in a very consumerist culture, so people are generally encouraged to spend and spend and spend as much as possible. On KZbin, there are ads everywhere. Even the social media influencers promote stuff, trying to get people to buy stuff. Because there are so much stuff to buy, people are incentivized to live in the here and now--even for things that they don't really need. It's one thing to buy food (basic need); it's another to buy a high-tech gadget like an iPad Pro with Apple Pencil Pro and Magic Keyboard or something like that (want).

[@tw8464]

Nailed it.

[@AThirstyPhilosopher]

I agree. Maybe we need a paradigm shift away from the North American dream of owning a McMansion in the suburbs and living a hyper-individualistic life. Not sure why we keep grasping at this unrealistic and unhealthy “goal.” But maybe it will take a generation getting financially crushed before things change for the better.

[@starsiegeRoks]

​@@AThirstyPhilosopherwell, the big problem is the "american dream" that you speak of, doesnt exist anymore. We did have a dream of everyone owning a nice home with a white pickett fence and a couple kids and a pet, but that dream required a less capitalist and more socialist U.S, like we were in the 1940s-1970s. It wasn't so hyper individualistic, and it also had its fair share of inhereted problems, but what really killed it was Reagan era economic thinking, which was devoid of empathy, altruism, or selflessness. Back during F.D.R's Presidency the corperate tax rate was 90% and the middle class tax rate was 10%, the poor just didn't get taxed. Now, its the opposite. Back then you had more government regulations, like the Fairness Doctrine on News and advertising, we used the Sherman Anti-trust act, unions were strong and numerous. All of that is really dead or neutered. The sociopaths at the top have won, and alot of us realize it. Were just continously fighting the other 30-40% of our nation that wants to go along with all of this, and if Conservatives win...well...itll me more of the same, the numbers will just be worse.

[@AThirstyPhilosopher]

@@starsiegeRoks, I appreciate the history lesson. I’m in Canada, which is similar in some ways (too many tax breaks for corporations and wealthy people), but different in others (universal healthcare). It really is sad to see the lack of consideration for humanity that the people in power have. (I’m reluctant to call them “leaders.”)

[@GreekRetroGeek]

Also (4) Americans pay 9k a month for a nursing home, instead of working out a solution for a support home-care, family driven system, where children take care of them like in asia and other collectivist societies.

[@carleynorthcoast1915]

I'm Canadian so jokes on you. Good luck!

[@oldguy445]

My parents were fortunate that I was able retire early and move in with them to care for them. My Dad passed from complications from a fall. After about a year my sister and I moved my mother into a group home which is another option to a nursing home. It was $4100. Sister and I wound up inheriting 170K each after dividing the assets. Either way both parents and children have to make sure their affairs in order. Make sure there power of attorneys are in place for accounts. When possible, put assets in a trust. That way the State can't take your assets such as your home if you apply for Medicaid. However, the trust has to have been in effect for a minimum of five years. Unfortunately, family dynamics don't allow these actions to take place.

[@richard1113]

Definitely depend on yourself to make your dreams come true! My parents were the youngest of the "Silent Generation" and since they had kids young, I was among the oldest Gen Xer's. This means that mom stuck around (happily!) until we were all in our mid 50s. There was no hope of pile of money to get that house. I had to wait longer (37, in an expensive area) before I could afford one but I did, on my own!

[@vollengineer]

I was 36 - it was a cheap fixer-upper but man was that sweet. Congrats!

[@richard1113]

@@vollengineer Congrats to you as well!

[@paulfarr7]

Everything about America financially .. is just gross. Why is everything soooo expensive in your country? 😷

[@texaspineywoods3879]

All we are is dust in the wind

[@magnaesca165]

a damn expensive dust at that

[@trevinbeattie4888]

Be excellent to each other

[@brigingthemap]

Dear AMERICANs, please come to India, you can get great healthcare at a Fraction of Cost... I pity the way America ripps off it's own citizens in their times of need

[@mattttttttt4510]

This comment section is wild. Americans not understanding there are alternatives to your crazy form of capitalism is so strange. Its called welfare state. And no, it's not socialism, its still very much capitalistic. Literally all of Europe does it.

[@nicolasgirard2808]

Yeah except that none of the European welfare systems are sustainable because their populations are aging and the workers tend to be lazy and unproductive and generate less tax revenue. And even the hard working people get paid low wages compared to the US

[@ieornl]

I'm not American but I kinda had an American Dream when I was younger, I wanted to live there for a better life, but knowing all these things and being already frugal myself, I would rather just stay where I live now.

[@dddon513]

My parent are silent generation, not boomers. My father, who abandoned us when I was 13 and pissed away whatever he did have, at least had the grace to pass away fairly suddenly. My mom does indeed own a house worth half a million, and quite a good portfolio but she will almost certainly live many more years and eventually need care. She frets over what she will have left to leave me and my sister. I tell her to spend it all on herself as need be. She took up all the slack of my deadbeat father so she deserves it.

[@bfrost7]

'prepare as if you'll be on your own', jesus christ, what a way to end an episode. i get we need a dose of reality to make sound decisions but doesn't this open up a bigger discussion on why we should have medicare for all, at least.

[@dawnkeckley7502]

Wait, a retired school teacher with health insurance is paying $50,000 a year in medical expenses? What it the world is his health plan? I’ve never seen a health plan with an out-of-pocket maximum of $50,000.

[@dawnkeckley7502]

Just asking because I don’t have great insurance, and after my breast cancer treatment (lumpectomy and radiation), I owed $10,000 - my out of pocket maximum.

[@H2SO4H20]

There is no limit on annual out-of-pocket expenses for Medicare recipients unless they have some sort of supplemental plan, e.g. Advantage Plan or Supplemental Plan G. Advantage plans usually have a higher annual out-of-pocket expense limit with lower monthly premiums. Supplemental Plan G plans usually have a lower annual out-of-pocket expense limit but have higher monthly premiums. Going "bare bones" with only a standard Medicare plan is risky but people do it for a variety of reasons including not wanting or being able to pay additional monthly premiums or not understanding the magnitude of potential out-of-pocket costs.

[@sor3999]

I asked the same thing. My maximum per year is $3,000, but I have what I consider good insurance. My mother has something like $10,000 and she is 63 years old. I have no idea where they're getting their numbers, but preventing the ballooning of healthcare costs is the reason why we buy insurance in the first place (well before it was required by law).

[@Starfish987]

Out of pocket maximums are becoming what the entire bill used to be ten years ago. 😅🫤🤕

[@TheAureliac]

Check out how much is paid toward chronic diseases and long-term care. Even long-term care policies seldom pay off: too many exceptions and limitations and too little payoff to address actual costs.

[@sabotabby3372]

there is something truly rotten in a society which accumulates obscene wealth, power, and opulence at once end while at the other accumulating misery, desperation, and hunger as the father of capitalism himself said, "for one very rich man there must be at least 500 poor, and the affluence of the few supposes the indigence of the many"

[@thedopplereffect00]

Don't forget most pensions don't adjust for inflation. Boomers just lost 20% of their pension value in the last 4 years.

[@nolongeranurse3369]

How's that possible when the stock market doubled in 3 years ? Please exsplain

[@thedopplereffect00]

@@nolongeranurse3369 pensions are typically a fixed payment that are not tied to an investment asset performance. Pension funds normally have safer investments like bonds.

[@YouTuber-my2ky]

Pension in India changes with inflation.

[@RBzee112]

​@@KZbinr-my2ky how are those pensions funded? Are you talking about government pensions?

[@DevoutSkeptic]

At least for federal employee pensions, they are adjusted for inflation via Cost of Living Adjustments (COLAs).

[@codygolden7074]

Why would the millennials who are mostly the grandkids of BBs get anything they have after death do they hate their kids the gen x generation that much?

[@jawsvvvvv]

Long term care for my mother is over $9000 a month. We also have a mother-in-law who has no savings. So hopefully it will cover both.

[@bodhixxx1]

looks like if you want to save your inheritance you need to "fluff their pillows"

[@karil6461]

💀 so...I'll just have to take care of my mom and a nursing home will take all the money. Cool, cool..

[@Rue21st]

I love two cents despite their cynicism. Hahah. Can I be considered a program patron if I get a tatoo of their faces on the pennies?? 😂

[@alaakela]

The main benefitiaries will be the medical industries, banks, big pharma, retirement village.

[@andresmattos7541]

ALL THIS WOULD BE SOLVED IF BILLIONAIRES AND TRILLIONARES PAY THEIR FAIR SHARE IN TAXES!

[@pedroasencio3290]

The best gift from parents to their children is to teach them to not be lazy. That solves pretty much most of it, appreciate the work you do and take pride of it

[@OVXX666]

its so over holy shit

[@crayonburry]

Redistribute the wealth in wealthiest country in human existence.

[@theweb3182]

As European, one day I had the dream to go in US, but we as many others just seeing this crazy situation. Starting to look elsewhere

[@xxportalxx.]

Well there's insane opportunities in the us still, I would say if you have a good paying job (by american standards) save up and wait for the housing market to crash before making the move. The housing bubble has been growing since covid, it has to burst at some point or there's going to be trouble.