Majority Baby Boomers Rely on Savings, Strain US Care, Housing Markets

The rising financial burden of aging is a growing concern for many Americans, particularly millennials and Gen Xers who often must support their aging parents due to insufficient government aid for long-term care. The cost of long-term care is escalating amid worker shortages and inflation, making assisted living and home health services largely unaffordable for the middle class. Meanwhile, many retirees are considering downsizing into 55+ communities, which offer social and physical benefits but come with financial trade-offs such as fees and homeowner rules. The aging U.S. housing stock, with typical homes purchased now averaging 36 years old, exacerbates financial challenges due to maintenance and energy inefficiencies, complicating retirement planning. In the UK, older adults are increasingly depleting savings to cover basic living expenses amid rising costs and global tariff impacts, with many cutting back on essentials to cope. Collectively, these trends highlight the complex financial pressures facing older populations and their families, emphasizing the need for more affordable care options and housing solutions.