Boomer Parents: It's Time to Cough it Up | Money Moves with Jill Schlesinger
Summary
Many Baby Boomers are expected to pass down large amounts of money to their children, a process called the "great wealth transfer." However, since people are living longer and keeping their money longer, experts suggest older adults should consider giving financial help to their children now.Key Facts
- The "great wealth transfer" means trillions of dollars moving from Baby Boomers to their kids.
- People are living longer, which means they keep their money for a longer time.
- Because of this, the expected transfer of wealth may be slower than predicted.
- Financial expert Jill Schlesinger advises Boomers to start giving money to their children earlier.
- Questions from callers included whether silver jewelry is a good investment and if it makes financial sense to take a pay cut for better life quality.
- Viewers can send money questions to Jill Schlesinger by email.
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