Boomer debt crisis rewrites the family wealth transfer

Moneywise reports that many baby boomers haven’t saved enough for retirement and remain heavily in debt—mortgages, credit cards, and other loans—while housing costs eat up a large share of their income. With longer lifespans and rising long-term-care costs, adult children are increasingly subsidizing aging parents’ expenses, including debt service and living costs. About 40% of retirees lack cash to cover emergencies, and 22% of family caregivers have gone into debt, depleting their own savings. This reverses the anticipated Great Wealth Transfer, placing new financial strain on Gen X and millennials and prompting emphasis on downsizing, estate planning, and tapping government aid to ease the burden.