Are you ready for the great wealth transfer?

Around $60 trillion will be passed down by baby boomers to their beneficiaries between now and 2061, according to projections. For those of us in the financial planning industry, that’s an indication there’s a lot of work to be done. For those of you saving and investing, that should be a wake-up call to talk with your advisor and get a financial plan on the books. Between 1946 and 1964, about 72.5 million Americans were born. The generation was dubbed the “baby boomers” due to the spike in births during that time period. Members of that generation are now enjoying retirement or are on the cusp of it. As they age, they will begin to pass their assets to their children and heirs, many of whom are members of the millennial generation. This unprecedented event has been dubbed “the Great Wealth Transfer,” and will involve around $60 trillion. Older millennials are now in their mid- to late-30s, and many of them could be inheriting money or property as a result of the Great Wealth Transfer. This impacts both the boomers who will be passing down assets, as well as the millennials and beneficiaries that will be receiving them. Here are