Baby boomers return to dating

When Ira Antelis graduated from the Manhattan School of Music in 1980 as an aspiring composer, his parents helped him financially as he found his way into the industry.“The support they gave me was invaluable, and it allowed me to do the things I needed to do to nurture my career until it happened,” says Antelis, now 60, a father of two, and an award-winning composer and producer based in Chicago.He wants to do the same for his two children, a 9-year-old and a college senior, but they need to prove themselves first.“My philosophy is, ‘Get a job, show me that you are working hard, and we are here to help you get from point A to point B.’ Balance is so important.

What sets boomers apart from their age mates in the past is their longevity — an expected 78 to 92 for women and 76 to 89 for men, says the National Academies of Science, Engineering and Medicine, citing the ranges as a function of wealth.If you give your kids too much too soon, it could backfire.” Antelis is talking about “gifting,” in which money is bequeathed to heirs by older generations while they’re still alive.And baby boomers, the generation to which Antelis belongs, have accumulated an astounding amount of wealth — according to the Boston College Center on Wealth and Philanthropy, they have amassed an estimated trillion to trillion to pass along over the next three decades.Now, he says, the account would be lucky to get three-quarters of a percent.Add health-care costs that are far outpacing the rate of inflation to the mix, and the pot dwindles even further.

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