Word: inheritability
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Raised in unrivaled prosperity, we inherit an economy still the world's strongest, but weakened by business failures, stagnant wages, increasing inequality, and deep division among our people...
...many of these younger Americans stand poised to inherit their parents' wealth, and the Winnebago to boot. This enormous endowment, much of which is handed down in the form of gifts while parents are still alive, forms an invisible safety net beneath millions of young families and explains their ability to sleep soundly at night despite being overworked and underpaid. Says O'Brien: "I know I'm going to inherit. That's my peace of mind...
...folks don't necessarily need to be rich in order to leave a respectable inheritance. Among homeowners 65 and older, more than 80% have paid off their mortgage. The number of deaths among this group is expected to rise from 1.3 million in 1980 to 1.8 million in 2000, which converts into a lot of teary- eyed beneficiaries. On average, each can expect to inherit $50,000, according to Wolff. Warns Ken Dychtwald, president of Age Wave Inc., a consulting group in Emeryville, California: "There's going to be an inheritance cascade...
Then there is the problem of longevity. With millions of seniors eating right, exercising and forgoing tobacco and alcohol, lots of potential beneficiaries are starting to, well, wonder. "There is the concern that, 'Yes, I'll inherit something, but I may be 70 when I get it,' " says Katherine Triolo, a financial planner in Appleton, Wisconsin. Heirs beware: the typical 65-year-old man can expect to live another 15 years, while women can bank on an additional 19. Americans 100 and over constitute the fastest- growing segment of the population. Despite rising life expectancies, older Americans are still retiring...
...elderly are quick -- and correct -- to denounce the low savings rate among the young. But the growing reliance on subsidies from older generations is more a function of despair than greed, reflecting the downward mobility of millions of young families. "Inheritance looms larger by default," says Phillip Longman, author of Born to Pay: The New Politics of Aging in America. "Increasingly, the only way for the young middle class to stay in the middle class is to inherit the trappings...