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Most people who grew up during the Great Depression and World War II learned to scrimp and save as a matter of necessity.
Many also gained financial security during subsequent decades when pension plans were more common, homeownership became the norm and government programs like Social Security and Medicare expanded.
For a time, it seemed their Baby Boomer children stood to inherit amounts unheard of for previous generations.
However, many economic factors have taken their toll on seniors’ nest eggs in recent years.
Thus, if you were counting on a sizeable inheritance to help finance your own retirement, you may want to rethink that strategy.
Here are several reasons why many seniors are revising their estate distribution plans:
Most people who invested heavily in the stock market during the Great Recession watched helplessly as their accounts lost significant value. Although the market has mostly recovered, many people — especially those in or approaching retirement — stashed their remaining balances in safer investments earning very low interest, worried the market might plunge further.
Many likely will have to draw on their account principal to make ends meet, thereby depleting their savings (and estates) much more rapidly than planned.
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