The housing boom has helped the current generation of older Australians to be the wealthiest generation yet. Potentially this means that the baby boomers do not need to save as heavily for their retirement, as they will be the beneficiaries of this wealth through intergenerational transfers. However, this may be too simplistic. This paper looks at data on who is currently receiving inheritances and finds that those with the least need have the greatest chance of inheriting a significant amount. In other words, the majority of baby boomers have made a mistake if they are relying on an inheritance to fund their retirement.