FOX Business' Stuart Varney examines why baby boomers are holding onto their wealth instead of spending it, and how that effects younger generations who are dealing with inflation.
During his "My Take," on Tuesday, "Varney & Co." host Stuart Varney discussed why baby boomers, the wealthiest generation, are holding onto tens of trillions while younger generations struggle with inflation and higher interest rates.
If you were born between 1946 and 1964 you are a baby boomer. Huge increases in the value of homes and stocks have made you the wealthiest generation in history. BABY BOOMERS ARE BECOMING WEALTHIER, WHILE YOUNGER GENERATIONS LAG BEHIND, FED REPORT FINDS What are you going to do with the money? The news here is that, unlike previous retiring generations, you're not spending it. In the 1990s, people 65 to 74 spent 10% more than they took in, says The Economist.
Wealthy boomers are now a target. They could, of course, start spending the money. If not, you will need an army of estate tax lawyers to keep what you've worked for. FOR MORE FOX BUSINESS CLICK HERE
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