Not a boomer, but from long observation, boomers tend to carry a lot of debt in order to have a certain lifestyle. This includes borrowing money for depreciati

Not a boomer, but from long observation, boomers tend to carry a lot of debt in order to have a certain lifestyle. This includes borrowing money for depreciating assets, not paying off homes, buying too much house because financing was available, consolidating debt into a loan secured by your house, etc. The risk associated with this gets much higher as your earning potential gets shorter. Yet, a lifetime of borrowing habits are tough to kick. Boomers also started out in an age when pensions were a thing. The problem is many of those pensions did not work out due to wall street raiders, bankruptcy, etc. For example, the unlawful restructuring of GM voided the retirements of thousands of engineers and other white collar employees. If you were expecting a nice pension to continue to finance your debt, you're going to be in a world of hurt.