Baby Boomers' Insufficient Retirement Savings Burden Younger Generations
The anticipated Great Wealth Transfer, where baby boomers were expected to pass down wealth to Gen X and millennials, is not unfolding as planned. Instead, many adult children are financially supporting their boomer parents, who are struggling with debt and living expenses, including long-term care costs. A significant portion of boomers, aged 65 to 79, still carry mortgage debt, and many rely heavily on Social Security for income. This financial strain is forcing younger generations to dip into their savings and forgo opportunities to support their parents. The situation is exacerbated by boomers' substantial consumer debt, including credit cards and loans, which they find challenging to manage on fixed incomes. 
