Dr. John Jahera discussed the transfer of accumulated wealth from one generation to the next. Experts have determined that about $41 trillion will be transferred in the next 50 years. Baby Boomers will inherit more than $10 trillion by 2044 (even though the Baby Boomer generation starts retiring this year) From the wealth transfer, heirs will receive 65.3 percent, with 24.8 percent given to charities. More than money will be handed down. When “valuables” are compared to “values,” the elder generation ranks legacy to be transferred in this order:

1. life lessons and morals
2. personal possessions (heirlooms)
3. financial assets and real estate

However, there is a question about what will be available to transfer due to elders having to deal with rising health care costs, long life expectancy, early retirement and changing attitudes (living comfortably and purchasing items now). Dependence on Social Security was discouraged: in 1950, there were 16 workers per recipient; in 2004 there were 3.3. In 2040, it is expected that there will be about 2.0 workers supporting each recipient. Currently there are about 25 million recipients; in 2015, that is expected to nearly double to 41 million recipients.

Jahara (center) with Club President Debbie Shaw (left) and program host Don Flowers (right)