Baby boomers look richer than ever—but many are retiring with record levels of debt

Despite potentially being the richest generation in American history, many Baby Boomers enter retirement carrying substantial debts, primarily credit card balances. As their paychecks disappear, they become reliant on fixed incomes like Social Security and pensions while managing high monthly obligations. This significant debt accompanying wealth creates a disconnect between an overall strong balance sheet and a tighter cash flow.