Constantly hearing about the rich boomers all having million dollar homes etc. Reality is much different.
The median net worth for Americans ages 55–64 is around $364,00 driven by home equity and retirement savings.
Nearly 43% of households in this age group lack retirement accounts, relying more on home equity or earnings.
About 77% of households carry debt, with mortgages and home-equity loans being the largest liabilities.
Point is that most boomers aren’t sitting all pretty like Gen Z thinks. The future looks pretty grim for many.