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Forbes
2 days ago
- Business
- Forbes
The Great Wealth Transfer: 6 Reasons Why It Might Fall Short
The Great Wealth Transfer numbers are staggering. Estimates suggest that over $124 trillion is poised to change hands as Baby Boomers transfer their wealth to the next generation. But will this so-called Great Wealth Transfer really deliver the promised windfall? Well into their 60s, Bill and Lori always believed that when the time came, they would leave an inheritance to their children. Nothing extravagant—just a modest suburban home and savings accumulated over a lifetime. For their children, Diane and Adam, it provided quiet reassurance, a mental safety net they never fully depended on but always considered part of their future. (Names and identifying details have been changed to protect the privacy of individuals.) But life has a way of rewriting plans and good intentions. Bill's arthritis and early dementia have resulted in new, unexpected costs. Lori, still energetic but facing her own health challenges, is paying for in-home aides and long-overdue roof repairs. She has also decided it's finally time for that trip to Italy they've been talking about for decades. Diane and Adam understand and are glad to see their parents making the most of their retirement—yet they realize that the inheritance they once quietly anticipated may not be as certain as they had hoped. Their story isn't unique. It's the untold side of the much-discussed Great Wealth Transfer, the historic shift of trillions of dollars primarily from aging Baby Boomers to Millennials and Gen Z. The numbers—like Diane and Adam's once-predictable inheritance—don't lie, but they obscure the very real ways in which longevity, rising healthcare costs, changing family dynamics, and shifting priorities may rewrite how, when, and how much this transfer will occur. This is an untold yet unfolding story within the longevity economy. It's easy to get swept up in the headline numbers: trillions of dollars poised to change hands, a once-in-a-generation economic boost. However, as one family's experience illustrates, the story of the Great Wealth Transfer is far more complex. It's a story of longer lives, unplanned events, evolving priorities, rising costs, and the reality that financial security for one generation doesn't necessarily translate to a great handoff to the next. To understand how the Great Wealth Transfer may unfold—and why it might not be quite as 'great' as the headlines promise—we need to look at six overlooked factors shaping this massive shift of wealth. Estimates from Cerulli Associates suggest that around $124 trillion will be transferred by 2048, with nearly $100 trillion originating from Baby Boomers and older generations. Yet, over 50% of that wealth will come from high-net-worth and ultra-high-net-worth households, which make up just 2% of all families. For most younger Americans, this expected transfer may never happen because it simply isn't there. Even among families who do stand to inherit, the rising cost of healthcare is quietly eroding those assets. Fidelity estimates a 65-year-old couple today will need about $330,000 for medical expenses in retirement—excluding long-term care costs. These expenses often arrive when people least expect them: a sudden hospitalization, a chronic illness that requires ongoing care, or simply the steady rise in insurance premiums as we age. This reality is especially pronounced for women, who often outlive their husbands by years or even decades. For many, this second retirement involves managing rising healthcare costs alone—sometimes for a decade or more after their spouse's passing. What was once a couple's shared plan for an inheritance or a family legacy can become a widow's quiet struggle to pay for her care and maintain her independence. These later-life expenses can turn what was once considered a predictable inheritance into a financial safety net redirected to the daily demands of living longer. Dementia poses a significant and often overlooked threat to the anticipated Great Wealth Transfer. A report by my MIT AgeLab colleague Luke Yoquinto and our AARP partners, Karen Kali and Julie Miller, indicates that financial missteps—such as missed bill payments, risky investments, and susceptibility to scams—can occur years before a formal dementia diagnosis, leading to substantial wealth loss and eroding savings that may have been intended for a planned inheritance. Moreover, the costs associated with long-term care for individuals with dementia can devastate a family's savings. This financial strain not only depletes the assets meant for inheritance but also places a heavy burden on family members, who often take on caregiving responsibilities, further impacting their own financial stability and retirement plans. Much of the wealth held by Baby Boomers is tied up in real estate. Most are suburban homes that may not align with the lifestyles or housing needs of younger generations. Baby Boomers are remaining in these homes longer and often neglect necessary upkeep. A Business Insider article noted that many of these homes are filled with stuff that will take time and money to sort out—resulting in a real estate legacy that can feel more like a liability than a gift. For children inheriting a house in an aging suburb, the financial and emotional costs can be significant—particularly in a dynamic mortgage interest rate environment. Decisions about whether to sell, rent, or renovate become complex, especially if the property requires maintenance or if multiple family heirs are involved. The traditional notion of passing on a legacy is evolving. For many Boomers, the dream isn't to leave it all behind for their kids, but to enjoy it while they can. A significant number are prioritizing travel, experiences, and home upgrades over saving every last dollar for inheritance. A Charles Schwab study reports that nearly all wealthy Americans intend to leave an inheritance. However, 21% of Baby Boomers prefer a strategy of giving while living, such as creating memories through family travel and assisting adult children with home buying. Perhaps most striking is that a full 45% of Baby Boomers agreed with the statement, 'I want to enjoy my money for myself while I am still alive.' Not all families stay close. Being in what has become popularly known as 'no contact' may be quietly on the rise. One in four (27%) Americans report being estranged from a parent, child, sibling, or grandparent. These deep rifts can completely disrupt inheritance plans. Estrangement also brings up uncomfortable questions: What happens to the family home if no one wants it—or if no one is willing to talk? How does the money pass when there's no relationship? These quiet divides can turn even the most generous inheritance plans into a source of confusion and potential conflict. Thanks to increasing longevity and advancements in healthcare, inheritances are often arriving later in life than many younger generations might expect. This delay means that younger Gen Xers and Millennials, who may have already navigated significant financial milestones—like buying a home or sending kids to college—without that anticipated boost, may find inheritances to be more symbolic than transformative. For women, this extended lifespan can complicate matters further. A decade or more of living in solo retirement often leads to a different relationship with adult children and a shifting perspective on what a financial legacy truly means. Plans made as a couple may change as one partner—typically the woman—navigates the final chapter alone, balancing her own needs with the opportunity to pass something on. The numbers around the Great Wealth Transfer are extraordinary, but they fuel a headline that overshadows the underlying story: this is not just a story of dollars, but of decades of longer life, evolving family ties, and the very human decisions about what it means to live well and leave well. In the end, the Great Wealth Transfer will not be measured by bank balances, but by how families navigate these hidden complexities—balancing care, connection, communication, purpose, and legacy in a world where living longer means living differently.
BBC News
2 days ago
- Entertainment
- BBC News
Secret Lives of Mormon Wives on swinging scandals, friendship fallouts and religious backlash
From allegations of infidelity to swinging scandals, The Secret Lives of Mormon Wives offers a look into a version of Mormon life far removed from traditional public in suburban Utah, the TV series follows a group of Mormon women – most of whom rose to fame on TikTok and became MomTok influencers – as they manage scandals, confront marital breakdowns and clash over everything from business ventures to party beneath the sensational plotlines is a more complex story about the evolving dynamics within a tight-knit group of Mormon mothers have been making content online for the past five years but say the concept of reality TV still feels very new to them. "I've heard that eventually people learn how to play the reality TV game but that's not us yet, we're still trying to figure it out," Jessi Ngatikaura tells the BBC. "So you're getting to see the real us." What started off as a hobby has now become a job and the women speak openly on the show about the amount of money they make from reality TV and brand deals."It is totally our job now but we chose this and we could all walk away any time if we didn't want to be part of it," Jessi says. Whitney Leavitt explains that "naturally dynamics will change when there's more money and family involved and definitely some people get competitive" but reassures me the group are still friends off camera. Across the two seasons of the show, Jessi and Whitney have had challenging storylines play out - Whitney is presented as the villain in season one and at the end of season two it is alleged Jessi has had an affair. The pair speak candidly about the impact having your life watched and commented on by millions of people worldwide has had on them. "It's been hard coming to terms with the fact we have no control over the narrative and you don't ever really get over it," Whitney explains. "But you have to accept that and let it go."As the show follows the lives of nine friends, it's easy to see how some of them may create more drama for themselves in order to guarantee some screen time but Jessi insists that's not the case and no one "plays up but naturally emotions are heightened"."We're actually recording four or five days a week so we don't know what will make the final edit."Jessi says her explosive Halloween party was not manufactured by producers and there is just "naturally so much drama that we don't need to create more just for the show". 'Lots of resentment' Given the intensity of drama and filming demands, the presence of strong aftercare is essential and both women praise the production for its duty of care standards. "There are always therapists on hand and at first I was like why are Taylor and Jen having therapy all the time and now I'm having five or six hours of it a week," Jessi confesses. "I've found it's useful even if you're not going through a hard time." Whitney also accessed some aftercare in season one after being presented as the villain of the show."It totally sucked being the villain and I was angry, had a lot of resentment and was really sad. There were so many overwhelming emotions for me but I was proud that instead of running away I stayed and had those hard conversations I didn't want to have," Whitney says. Whitney was one of the members of the MomTok group that Taylor Frankie Paul publicly revealed was involved in "soft swinging", something she denies and caused a rift to form in their friendship. The open discussions around sex, marital affairs and alcohol on the show has caused some backlash from the Mormon church. "When the first trailer came out there was some backlash from the church because they were scared but actually we're showing you how we live the Mormon life and we all live it differently," Whitney says. Jessi adds the docudrama shows how "we are all normal and everyday girls, not people wearing bonnets and churning butter like you might think". The women say that not only has the church come to accept the show, they are also helping young women think about their faith differently. "We've definitely influenced people to question their faith, dive deeper into it or be more honest about it and I've had messages from some people saying that they're joining the church because of me," Jessi says. While their religion plays an important part of their life, they're keen to tell me that they are not the face of Mormonism. "There are Mormons who still get upset about it but we're just showing our version of it and I think that's empowering as hopefully people can relate to our stories and struggles."
Yahoo
4 days ago
- Business
- Yahoo
Shake Shack to introduce first loyalty programme
US-based fast-casual restaurant chain Shake Shack is set to enhance customer engagement through its first loyalty programme and exclusive app offers. From 28 May 2025, the chain introduced a $1 soda offer for app users, described as a "Shake Hack" with more to follow. The initiative, aimed at driving traffic and building loyalty, will be complemented by the launch of a loyalty feature called "Challenges" on 5 June, accessible via Shake Shack's app and website. Bloomberg reports that the decision follows a successful earlier trial, which indicated that such loyalty offerings could significantly increase customer visit frequency. Shake Shack chief growth officer Steph So described the strategy as intended to encourage repeat visits and incentivise app downloads and sustained usage. The soda deal will not only draw customers in but also prompt them to purchase additional items, such as milkshakes, potentially leading to larger transactions and increased overall profits. Under the leadership of CEO Rob Lynch, Shake Shack plans to grow from 333 company-operated US locations to 1,500. The chain opened a record 76 restaurants in the fiscal year 2024, with 43 company-operated, and is targeting suburban areas for further development, including more drive-throughs. Shake Shack plans to open 80 to 85 new company-operated restaurants in the second half of 2025. The brand reported first-quarter revenues of $320.9m for 2024, a 10.5% increase year-on-year, with comparable sales slightly up by 0.2%. In a 1 May 2025 shareholder letter, the company stated: 'Despite macro uncertainties, we remain focused on creating durable value for all our stakeholders through initiatives to drive same-Shack sales, including strengthening our culinary and calendar strategy and driving frequency,' In a recent move to broaden its reach, Shake Shack has entered a licensing partnership with PENN Entertainment, bringing the Shake Shack burger brand to ten of PENN's casino locations across the US. "Shake Shack to introduce first loyalty programme" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNN
4 days ago
- Climate
- CNN
‘The Wire' actor says son was thrown 300 feet by tornado
Actor Tray Chaney, best known for his role on the hit HBO series 'The Wire,' shared a video from outside his suburban Atlanta home after it was destroyed by a tornado.
CNN
4 days ago
- Climate
- CNN
‘The Wire' actor says son was thrown 300 feet by tornado
Actor Tray Chaney, best known for his role on the hit HBO series 'The Wire,' shared a video from outside his suburban Atlanta home after it was destroyed by a tornado.
