Of course nobody wants to see their parents or grandparents pass away, and when this takes place it can be emotionally devastating. That being stated, everyone does pass away. As a result it would be disingenuous to suggest that people do not anticipate receiving inheritances.
There are those who may not take retirement planning all that seriously because they do in fact expect to inherit money when they become senior citizens. However, these assumptions may not be wise given the statistical realities.
The economic crisis that engulfed the country back in 2007 and 2008 took a heavy toll on baby boomer inheritances. A study that was done by Boston College found that the average inheritances that baby boomers can expect to receive went down by 13% during the four-year period between June of 2006 and June of 2010.
Clearly there is a direct correlation between this decrease and the economic debacle. However, there is a broader factor to consider.
The longer you live the more money you are going to spend to pay your bills and support your lifestyle. Individuals are living longer lives as medical science advances. These longer lifespans would naturally erode inheritances.
When you consider the implications of the above you can see why it is important to make no assumptions regarding inheritances. The wise course of action is to take personal responsibility and develop a sound long-term financial plan that leads to financial security during your senior years.
If you get started early enough and you are fortunate enough to earn a solid living you can indeed accumulate the underpinning that you need as long as you act intelligently on a consistent basis with your future well-being in mind.
Mr. Horowitz was awarded his Juris Doctor degree with honors from the University of Connecticut School of Law. While attending law school, Mr. Horowitz received the American Jurisprudence Award in Legal Ethics and the Nathan Burkan Award.
After graduation from law school, Mr. Horowitz continued his legal education at New York University School of Law where he received a Post Doctorate Law Degree in Taxation. He has also recently received a national achievement award.
Mr. Horowitz is admitted to practice before all the state courts in the State of Connecticut and the United States District Court.
Mr. Horowitz was selected for Super Lawyers in 2021.
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