Millennials will complain bitterly at the drop of a hat that the older generations owned more wealth than they do at the same age. While this is true, it ignores the fact that the Boomers will start dying off in large numbers in a few years, so a massive intergenerational wealth transfer is just around the corner. What will this mean, in the big picture?
Millions of struggling millennials are about to become wealthy. Their politics, which are currently predominantly left-leaning, may turn to the right. The extent to which they inherit will depend, however, not just on their parents’ resources, but on how much is spent on end-of-life care. Millennials of similar age, occupation, and background may find themselves in dramatically different circumstances, depending on the percentage of a given estate that is spent on doctors. Expect this to become an increasingly important policy issue as time goes on.