Coming of age during a time of economic growth and prosperity enabled the Baby Boomer generation to accumulate wealth and career accolades. As Baby Boomers hit retirement age and start contemplating their mortality, members of this savvy demographic are finding a creative solution to transfer generational wealth to their children.
Baby Boomers were born after World War II between 1946 and 1964. Since 2010, nearly 10,000 Baby Boomers per day hit the retirement age of 65, according to the U.S. Census Bureau. By 2030, one out of every five Americans will have reached the traditional age for retirement.
Baby Boomers hit their stride during a time of technological advancements, social change and economic growth. Characterized by their strong work ethic, high business acumen and competitive attitude, Baby Boomers thrived in corporate America. This resourceful generation diligently climbed the corporate ladder and placed a high priority on family. It’s not surprising that more than half of the United States’ wealth belongs to Baby Boomers. Baby Boomers have amassed $78.1 trillion in assets, according to Visual Capitalist.
The financial experts on Wall Street and politicians in Washington, D.C., have been strategizing ways to get a slice of this generational wealth for more than a decade. Politicians are proposing estate taxes and limits on gifting, and Wall Street is devising products aimed at providing solutions to keep the government at bay, creating an environment that’s ripe with opportunity for people who want to create a generational legacy.
I see an opportunity for Baby Boomers to help their children cope with economic headwinds now. The Great Ownership Transfer, where parents use their wealth to help fund a business, is sparking a movement and helping younger generations achieve their full potential in their prime. I see a path forward where one generation can help the next through Main Street business ownership. Not the glitzy overnight millionaires we read about in the news, but practical businesses you pass every day as you drive down the street in your hometown.
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