Boomers to Transfer $129 Trillion to Millennials But Challenges Remain for Younger Generation
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The "great wealth transfer" from baby boomers to millennials is actually estimated at $129 trillion by Bank of America, more than previous estimates.
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This transfer came from government policies since the 1980s that benefited boomers when they were in their prime working years.
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Boomers have benefited from low interest rates, inflated housing prices, lower education costs, and not paying for environmental damage.
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Millennials face challenges like student debt, a difficult job market, expensive housing, and dependence on boomer parents.
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The pending inheritance wealth transfer to millennials may be less than expected as boomers live longer and have higher retirement costs.