GREENSBORO, NC -- There's about to be a lot of money changing hands. An estimated $750 billion is expected to be transferred to baby boomers in the next 10 years. What's really going to be interesting is how they use that money.
Certified Financial Planner Matt Logan says what they do with it may not make their grandchildren very happy.
"A lot of the baby boomers are planning on spending the money and it's interesting that most millennials are thinking they're inheriting money."
Yeah, that's not a good surprise is it? According to a Neilsen report, 63% of people believe they're going to get an inheritance. The upside for millennials, "the baby boomers have held onto their jobs for longer than most generations. But, they're actually thinking of retiring. You might see more better employment numbers as boomers move out and allow for millennials to move in."
DISCLAIMER: Matt Logan Inc is an independent firm with Securities offered through Summit Brokerage Services, Inc., Member FINRA, SIPC. Advisory services offered through Summit Financial Group Inc., a Registered Investment Advisor. Summit Brokerage Services, Inc., its affiliates and Matt Logan Inc. do not give tax or legal advice. You should consult an experienced professional regarding the tax consequences of a specific transaction. These are the views of Matt Logan Inc, and not necessarily those of Summit Brokerage Services, Inc. and any of its affiliates and should not be construed as investment advice
© 2018 WFMY-TV