Baby Boomers should start preparing now to inherit less than expected from their parents, a Today Show segment featuring finance expert Jean Chatzky says. The shrinking inheritances seen by baby boomers today is due to two things, Chatzky says: People having less money and living much longer than they’d thought.
“You’d better plan on living a lot longer than average,” she says. “If you don’t start talking about it, [you might be] surprised down the road.”
Chatzky recommends that families begin talking today about a strategy for downsizing, including the use of reverse mortgages or the purchase of long term care insurance as possible tools to help in that strategy.
View the segment on Today.com.
Written by Elizabeth Ecker