Baby Boomers' Retirement Savings Shortfall Burdens Younger Generations
A significant number of baby boomers in the U.S. are facing financial challenges due to inadequate retirement savings, leading to a reversal of the expected wealth transfer to younger generations. Instead of inheriting wealth, many Gen X and millennials are financially supporting their aging parents. This situation is exacerbated by the high levels of debt carried by boomers, including mortgages and consumer loans, which are difficult to manage on fixed incomes. According to a report by Visa U.S. Economic Insights, 41% of boomers aged 65 to 79 still have mortgages, and many rely heavily on Social Security. The financial strain on boomers is causing younger generations to dip into their savings, impacting their own financial futures. 
