Interesting article from the Wall Street Journal about how many baby boomers are re-evaluating their retirement plans and find that they’re forced to leave less or god forbid nothing to their heirs.
Being in the reverse mortgage business, we often get pushback from borrowers heirs about how using a reverse mortgage will deplete any money that would be left to them when Mom and Dad pass away. Now, as millions of families are struggling with new financial realities, including heavy losses in many retirement accounts, even the well are re-thinking how much to leave to their heirs.
WSJ journalist Brett Arends writes that:
Wiping out your wealth when you go — "filing Chapter Heaven," as it were — might sound like a scorched-earth plan. The cynical might even suggest it fits well with the locust-like financial behavior of the Baby Boomers, who consumed a golden legacy and have left their successors trillions in extra national debt.
Maybe it’s selfish, maybe it isn’t. Either way, unless financial markets recover soon, many may find they have few other options