# Who really wins the great wealth transfer

> Trillions are moving between generations, but the windfall isn't as great or as equal as you might think.
- Title: Who really wins the great wealth transfer · Kiplinger
- Summary: Trillions are moving between generations, but the windfall isn't as great or as equal as you might think. Most Americans won't inherit anything, and those…
- Keywords: great wealth transfer, inheritance, baby boomers, millennials, gen x, cerulli associates, wealth gap, estate tax, retirement, racial wealth gap, real estate, 401k
- Source: Kiplinger — https://kiplinger.com/retirement/inheritance/who-actually-wins-the-great-wealth-transfer
- Published: 2026-09-16T13:00:00+00:00
- Read time: 2 min
- Topics: great wealth transfer, inheritance, baby boomers, millennials, gen x, cerulli associates, wealth gap, estate tax, retirement, racial wealth gap, real estate, 401k
## The $124 trillion promise
Cerulli Associates projects $124 trillion will transfer through 2048, with $105 trillion to heirs and $18 trillion to charity.
## The real number is smaller
After deducting debt, taxes and retirement spending, the actual spendable transfer is closer to $36 trillion over 20 years.
## The rich get most of it
Households worth $10 million or more, about 2% of all households, account for roughly half the entire transfer.
## Most people get nothing
Only about one in three Americans ever receives an inheritance. The median is far lower than the $46,200 average.
## Top 1% average $719,000
The bottom half of recipients average around $9,700, while the top 1% average about $719,000.
## Millennials inherit the most overall
Millennials will inherit around $46 trillion over 25 years, the most of any generation, but Gen X gets $14 trillion in the next decade.
## You'll wait until age 60
Federal Reserve analysis finds inheritance receipt peaks around age 60, too late to help with a home down payment or starting a family.
## The racial wealth gap persists
White households are 2.8 times more likely to receive any inheritance and inherit 5.3 times as much as Black households.
## One in ten Black families inherit
Around a third of white families ever inherit, versus roughly one in 10 Black families, according to a 2023 Boston Fed study.
## Women get it first
Some $54 trillion will move between spouses first, with nearly $40 trillion going to widowed boomer women who outlive their husbands.
## Pensions leave nothing behind
Traditional pensions pay income for life then stop. A 401(k) or IRA can be inherited, but pensions generally can't.
## Home equity isn't liquid
Boomers hold about $19 trillion in real estate. Unlike a brokerage account, a house can't be divided without selling it.
## Some states tax more
Twelve states plus D.C. impose an estate tax, and five states levy an inheritance tax. Thirty-three states levy neither.
## Boomers plan to spend it
In a Charles Schwab survey, 45% of affluent boomers said they'd rather enjoy their money while alive than preserve it as inheritance.

> 45% said they'd rather enjoy their money while they're alive than preserve it as an inheritance.
## Healthcare drains the wealth
Fidelity estimates the average 65-year-old will spend about $185,000 on healthcare in retirement before long-term care costs.
## Have the awkward conversation
Nearly 30% of American parents have no formal estate plan, including a will. Treat any inheritance as a bonus, not a foundation.
## Key takeaway

Most Americans won't inherit anything, and those who do will likely receive it around age 60 when they need it least.