Preserve Your Wealth... The Retirement Conversation You Need To Have

Jun 1 2023 • 15 mins

In this episode of The Retire One show, host Johnathan and Melissa Rankin delve deep into the subject of generational wealth transfer and the importance of talking to your children about money and inheritance. They shed light on an ongoing study, revealing an astounding $84.4 trillion in wealth expected to be transferred by 2045, primarily from the baby boomer generation.

Johnathan and Melissa discuss the potential pitfalls of not having these crucial conversations about inheritance, citing studies that show 90% of family wealth is often lost by the third generation, largely due to a lack of preparedness and financial education. They also address fears that parents may have, like the worry of raising entitled children or children not being ready to handle a substantial amount of money responsibly.

Throughout the episode, they provide valuable tips on how to approach these conversations and the importance of setting expectations to avoid future resentment or surprises. They also stress the importance of introducing your children to your financial team for a smoother transition to wealth.

This episode serves as an important reminder of the necessity to communicate about your wealth and values, especially in light of the imminent, massive generational wealth transfer. For anyone looking for guidance on initiating these conversations, this episode of The Retire One show is a must-listen.

If you have questions or comments for the show email us Retire@theoremwm.com or head to www.Retireonceshow.com

See if you are on track to retire https://www.theoremwm.com/start-here

- - - - - - - - - - - - - - - - - - -

Our mission here at Theorem Wealth Management is to help diligent retirement focused savers achieve their dream retirement while reducing the stress caused by managing wealth.

- Johnathan Rankin CRPC® CEPA®, Founder & CEO

- Melissa Rankin - Wealth Management Advisor

- Theorem Wealth Management

🎁 [ULTIMATE RETIREMENT TOOL KIT] https://www.theoremwm.com/retirement-toolkit-download

👍 [SCHEDULE A CONVERSATION] https://www.theoremwm.com/start-here

😁 [REACH OUT ON FACEBOOK] https://www.facebook.com/Theoremwm/

➡️ [CONNECT WITH ME ON LINKEDIN] https://www.linkedin.com/in/johnathan-rankin-crpc%C2%AE-cepa%C2%AE-4a908b4a/

🌐[HOMEPAGE] https://www.theoremwm.com/

1️⃣[RETIRE ONCE] https://www.theoremwm.com/retire-once-show

-----------------------