There is a considerable amount of inheritance money that is floating around and has been augmented over the years. Each generation has not had access to it until they were 58. The expectation was that the principal was preserved but each generation could spend the gains. Functionally they have spent a portion of the gains but the principal has increased with every generation.

Each generation has been able to use the gains for a few things. It has been used to fund family vacations (large and small). It has been used to start college funds for grandchildren. The seed money + 18 years of growth has meant that the grandchildren got college degrees without having to go into debt. In my case it paid for all my college expenses. I also had scholarships that paid for tuition. That preserved some of the funds and I was able to use those funds as part of a down payment on my first house.

The list goes on and on but I can tell you based on personal experience that it is not true that an inheritance received (Or at least controlled) by a 60 year old isn't useful. It is. It has bettered the lives of many, many people.