Rising Long-Term Care Costs Threaten 'Great Wealth Transfer' for Middle-Class Americans
The anticipated 'Great Wealth Transfer,' where baby boomers are expected to pass significant wealth to their heirs, is facing challenges due to the rising costs of aging and long-term care. A Washington Post analysis highlights that many older Americans are depleting their savings to cover these expenses, leaving little to pass on to future generations. The study by the Roosevelt Institute reveals that the percentage of people dying with no assets left after paying for care has nearly doubled from 6% to 11% between 2006 and 2022, with the poorest fifth seeing this figure rise to 41%. The analysis suggests that while wealthier families may manage these costs, middle-class families are struggling, often resorting to selling homes and draining inheritances to afford care. 
