Distributional Impacts of Baby Boomer Wealth Bequests

This paper explores the impacts of bequest and inheritance from Baby Boomers to younger generations in the United States. Using the 2023 Survey of Income and Program Participation (SIPP), I estimate future distributions of Baby Boomer wealth and bequests. The simulation exercise finds that inheritance emerges as the most important determinant of wealth among recipients over the next two decades. The importance of inheritance in accumulation particularly acute among those at the top of the wealth distribution. These projections are markedly different from patterns of accumulation among previous generations.