You've heard about the Great Recession, right? So no surprise when the Fed's new Survey of Consumer Finances revealed (BREAKING NEWS!) that the fall in prices of real estate and corporate shares caused Americans' wealth to decline.This decline, The Wall Street Journal points out, further dampens Boomers' hopes of retiring in comfort on the inheritances they receive from their parents. Those hopes were overblown anyway. Only the notorious Top One Percent of families ever had enough wealth – at least a few million – to leave their children significant nest eggs.
The new Fed survey offers plenty of tidbits for those with time to browse. Households in the East are significantly richer than those in the South or Midwest. Americans now have 38.1% of their financial assets in retirement plans. Only about 1% report having trusts or managed investment accounts. That sounds low. Can we try for 2%?
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