Baby boomers will soon retire and begin spending down their massive $75 trillion nest egg. What these seniors don’t pass on to their heirs, they’ll be spending in their Golden Years. Baby boomers — which includes around 58 million people over 65 — had $20 trillion in stocks, $18 trillion in real estate, $15 trillion in pensions, $8 trillion in noncorporate-business stakes, and $9 trillion in cash.
The financial strength of baby boomers has been on full display in recent months after the generation edged out millennials as the top homebuyers, with them making up 39% of home purchases from July 2021 to June 2022.
Mortgage Rates Continue to Climb
Mortgage rates continued their upward trajectory again this week, rising to the highest rate this year so far. This upward trend is being driven by a resilient economy, persistent inflation and a more hawkish tone from the Federal Reserve. These high rates combined with low inventory continue to price many potential homebuyers out of the market.
