For years, economists and financial planners have spoken in glowing terms about the “Great Wealth Transfer.” As the Baby Boomer generation—which currently controls more than half of all U.S. household wealth—nears the end of life, an estimated $68 trillion to $84 trillion in assets was projected to pass down to their adult children. It was supposed to be a historic financial windfall, offering younger generations a safety net against rising home prices and economic uncertainty.
However, a stark reality is quickly dismantling that narrative. The escalating costs of aging, long-term care, and medical treatment in America are rapidly consuming savings that were intended for future generations. Rather than inheriting generational wealth, millions of adult children are watching their parents’ life savings vanish—or worse, draining their own financial reserves to pay for care.
An in-depth analysis by The Washington Post reveals how elder care costs are dismantling generational wealth across the country and what this means for the future of American families. Federica Cocco and Shannon Naimabadi, “As the cost of aging soars, family wealth is evaporating,” The Washington Post, July 23, 2026.