💲 Trillion with a T

About 50%* of the nation’s wealth is in the hands of Baby Boomers today, and over roughly the next decade an avalanche of assets estimated at $90 trillion* (with a T) is expected to cascade down. 

Hailed as the great wealth transfer, this massive shift has Millennials poised to become the richest generation in history: On average they expect to inherit about $320,000* from parents or family.   

Two in 3 (67%) Americans want to leave an inheritance, according to Empower research. If passing along a financial legacy is a priority, consider trying some strategies for building generational wealth.  

Here’s a look at more top money stories rolling in. 

— The Editors

Money

🍞 The middle: Smucker’s has sold prepackaged crustless PB&Js since 1998, and celebrity fans like Kansas City Chiefs tight end Travis Kelce have helped propel Uncrustables from the school lunchbox to pop culture phenom. Last year, the company produced almost 5 million of the frozen novelties, slicing up the industry as a nearly $1 billion* brand.  

☕ The caffeine fix: According to new research, 67% of Americans* have enjoyed a cup of joe in the past day — hitting a record 20-plus-year high. Consumption of specialty javas is perking up 7.5%* year-on-year. Lattes are the most popular espresso-based beverage, followed by espresso and cappuccinos. Consumers in the U.S. spent nearly $110 billion* on coffee in 2022, and the industry generates $100 billion in wages, employing more than 2.2 million people stateside. 

📮 The send: The U.S. Postal Service has proposed a price hike for First-Class “Forever” stamps to 73 cents* from 68 cents starting in July. First-class mail volume fell 6.1% in 2023, but higher stamp prices increased revenue by $515 million.* Since 2019, the price of stamps has surged 32%. 

🏦 The build: Lego is one of a growing number of toymakers creating products that appeal to adult fans, and the investment is paying off: Revenue has doubled over the last decade to almost $10 billion* in 2023. Elaborate construction sets branded for “big kids” run as high as $850. 

Play

To the races  

Trot out the top hats and fascinators: The first of the Triple Crown races kicks off on May 4 with the annual Kentucky Derby at Churchill Downs — and this year’s winner is going to need a bigger wallet.  

In January the racetrack announced they’d stretch the purse strings by $2 million,* making the $5 million prize the largest ever for the 150-year-old event. A first-place finish in the iconic 1.25-mile horse race takes home a cool $3.1 million, and the runner-up earns $1 million. 

Louisville Tourism projects this year’s race could mean a $405 million* economic boost and draw at least 256,000 visitors. 

Life

The spending spree 

Cash registers are ringing: Retail sales increased 0.7%* in March. Despite lingering concerns about inflation — as 6 in 10 workers still worry their income isn’t keeping up — Americans are spending. 

After-effects of the pandemic may be one explanation. As of last fall, Americans were still sitting on an extra $430 billion* of savings accumulated during the pandemic. Now many are laying out cash on experiences they missed the most during that time — especially entertainment and travel. Live Nation, the world’s largest entertainment company, hauled in a record $23 billion in sales last year.

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⛳ Time out: At what age do you plan to retire?

Last week’s poll shows that 48% of travelers are most willing to splurge on experiences during vacation, while 28% choose to spend on nicer hotels and 20% indulge in food and dining. 

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Work

Taking 1% a long way 

Nearly 1 in 5 (19%*) people in the U.S. aged 65 or older are employed, according to the Pew Research Center, and it turns out working longer could have big returns. One study estimates that delaying retirement for even 6 months can equate to saving an additional 1%* of earnings for 30 years. Putting off Social Security benefits can pay, too — a potential 8%* benefit boost for every year past full retirement age up to age 70. 

While working into the golden years may help maximize retirement savings, contributing early and often remains the gold standard. Consider this: Assuming an annual salary of $65,000 at age 25, increasing contributions by just 1% more could accumulate to an additional $273,496 by age 67 based on average returns. 

Most experts suggest investing 15%* of income, if possible, or at least enough to get your full employer match. Following some essential steps for retirement planning and using a 401(k) calculator are helpful tools to stay on track.