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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.

View the segment on Today.com.

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Written by Elizabeth Ecker