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Staying Needed

Interesting difference in attitude about inheritance across generations. While the story is about American attitudes, the phenomenon could be more global. Boomers had to climb out of a much deeper hole to achieve financial success and stability. Millennials much less so because they have a better starting point and more advantages than their parents did. Gen Z is off to a rough and bumpy start and could really use the money now not in a distant, unknowable point in the future. But the Boomer who has to survive on the money they do have, it is far from a given that it will be enough or provide for them to end of their lives

Grandma Sue, yes. My husband took over her affairs after his grandfather died, and at that time, she was 87. She had some health issues. And she told Rick that he would inherit everything, everything, as soon as she died. And at that time, it would have been a fairly substantial amount of money. It would have been about a quarter of a million dollars. But that money was used to take care of her. She eventually spent all that money down, she eventually qualified for Medicaid, she died at the age of 98. And that is a fairly typical story because people live a long time and long-term care can be very expensive.

The whole situation makes you wonder if the Japanese practice of granny-dumping maybe in the cards for the rest of the world. The grandma in the story would have died a hero if she had not wiped out the grandson's entire inheritance by continuing to live. There was a point of inflection there somewhere. Since nothing was mentioned of her contributions to the world and family between ages 87 to 98, presumably there were none. It's great that she made it to the end of her own resources and did not impose on the next generations. Having elderly parents and friends who have already retired, I can't help thinking about my own relevance to the next generation - what does positive contribution look like the age of retirement whatever that might be. 


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