Baby Boomers Hold Big Wealth but Many Still Face Money Problems

Baby boomers own more than half of all household wealth in the United States. A new report says they control nearly $90 trillion by the end of 2025.

The report says the average baby boomer has a net worth of more than $1.6 million. But the middle number is much lower. The median net worth is about $370,000. This shows that many people have much less money than the average.

Most of this wealth is not cash. It is in homes and retirement savings. A person may have a high net worth but still not have much money to spend every day.

For people aged 65 to 74, the usual home value is about $320,000. The usual retirement savings are around $200,000.

Some baby boomers are doing well. Others are not. Some rent their homes. Some have very little saved for retirement. Many also pay high health care bills or care for family members. These costs can make life harder.

The report says net worth often grows during working years. People earn more money, pay off their homes and save for retirement. After they stop working, many begin to use their savings.

Higher prices, rising health care costs and longer lives can make retirement money run out faster. Experts say a high net worth does not always mean a person has enough cash for daily needs.

The report shows that baby boomers still hold a large share of the nation's wealth. At the same time, many face money challenges as they grow older.