For decades, the American dream had a clear path: work hard, buy a home, and retire with a pension and Social Security. The Baby Boomer generation was arguably the last to have full access to this dream. Now, however, as they enter their 70s and 80s, a terrifying new reality is emerging.
The fact is, many have not saved enough to cover the astronomical costs of aging in the 21st century. This isn’t just their problem. Instead, it’s a financial time bomb they are leaving for their children, primarily Millennials and Gen X. The true cost of aging is a crisis that will define the next generation’s financial future. Here’s what they are not prepared for.
