Trillions will be inherited over the coming decades, further widening the wealth gap
The rich aren’t just getting richer. They’re getting older. And, fortunately for their children, they’re set to leave plenty of money in the bank.recent reportThe pace of bequests has already started surging. Americans inherited $427 billion in 2016, the most recent data available, up 119% from 1989 even after adjusting for inflation.
Even inheritances, then, are part of a dynamic that’s widening the wealth gap between generations. Americans younger than 50 held just 16% of all investable assets in 2016, down from 31% in 1989, according to the Fed’s triennial Survey of Consumer Finances, leaving the rest to households 50 and older.In 1989, the median household age 65 to 75 held almost eight times more wealth than families headed by 25- to 35-year-olds. By 2016, according to an analysis by the St.
“Most inheritances are going to older adults who have little in the way of retirement savings,” said Fellowes, a former Brookings Institution scholar. “People receiving inheritances are pretty middle class.” As more Americans live longer without the safety net of a traditional pension, the data suggest they’re spending frugally to make sure their wealth lasts. The result is more Americans dying before they can spend all of their savings.
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