Good Afternoon,
Attached is the most updated By the Numbers piece from MFS. The two statistics I highlighted today focus on the transfer of wealth to family heirs and the need to get individuals to start saving for retirement.
“37% of US households (45 million out of 121 million total households) will transfer assets estimated to be worth $68 trillion to family heirs and charities over the next 25 years. The $68 trillion represents 64% of the nation’s total household net worth of $107 trillion” (source: CerulliAssociates)
“A November 2018 survey of 1,161 employed adults determined that the average age at which this group began saving for retirement was 31 years old. The most common reason given for not starting sooner was “not making enough money”” (source: Nationwide Retirement)
The first point goes to show just how much money changes hands from one generation to the next and emphasizes that gaining trust in family heirs from early can be extremely beneficial longer term.
The first point dovetails into the second as the 31 year old individuals need help with wealth management prior to gaining their own nest eggs. The opportunity to gain the trust of these individuals could start before they have any of their own assets to invest.
Thank You,
Pete
Peter Malone, CFA
Research Analyst
Direct: 617.226.0030
Fax: 617.523.8118
Crestwood Advisors
One Liberty Square
Suite 500
Boston, MA 02109