""I think the wealth transfer isn't going to be just a big bang," Gerend told Fortune. "It's not like, we just passed peak age 65 and now all the money is going to move.""
""There's going to be a significant transfer across spouses first," he said. "And so then you think about what is the time period when Gen X and Millennials will be on the other end of that inheritance, it's more complicated than how people are commonly talking about it.""
""It's crazy out there and people are really anxious," he said. First there was Covid, then "inflation and tariffs and the market and all of these things.""
""People appreciate they're more responsible for their own financial futures than they've ever been," he said. "Employers are important, the government is important, but fundamentally people are really responsible for their own financial"
Projected movement of as much as $124 trillion from baby boomers to younger generations will unfold gradually and with greater complexity. Longer lifespans and higher female longevity will cause substantial transfers across surviving spouses before intergenerational inheritance. The timing for Gen X and Millennials to receive inheritances will therefore extend and become more complicated. Rising financial stress from Covid, inflation, tariffs, and market volatility is increasing anxiety about financial futures. Individuals now face greater responsibility for their own financial outcomes as employer and government roles evolve. Northwestern Mutual holds $366 billion in client assets and nearly $2.4 trillion in active life policies.
Read at Fortune
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