An anticipated wealth transfer from baby boomers to their descendants is failing to materialize as elder care spending eats into seniorsâ finances.
Boomers are the largest-ever generation, and thanks to rising house prices and strong economic growth control more than half of US household wealth. Economists predicted up to $84 trillion in assets could change hands over 20 years as boomers die and pass on their wealth.
But a Washington Post analysis found that increased demand for care has driven up costs to the point that many seniors âare not just diminishing their savings, but obliterating themâ: The median American who died between 2006 and 2022 spent $19,179 out-of-pocket on care.