Today Show to Boomers: Prepare Now for Shrinking Inheritance

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.


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Written by Elizabeth Ecker

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  • It is interesting to note that the first solution was suggested by Ann which was a reverse mortgage. Jean immediately interjected downsizing and long-term care insurance. Jean still does not appear comfortable discussing reverse mortgages as a way to extend cash flow in retirement. Nor does it seem she is familiar with the research which shows it can do exactly that.

    Longevity risk has long been a conversion in the senior community; however, it is only in recent times that Boomers have been discussing it combined with the the devastation of the Great Recession.

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