Over the next two decades, the United States will experience the largest intergenerational wealth transfer in history. Economists estimate that $124 trillion will pass from older adults to their heirs. On its surface, this sounds like a financial windfall for American families. Headlines frame it as a once-in-a-lifetime opportunity to secure the futures of children and grandchildren. But beneath that headline lies a more sobering truth: without intervention, this massive wealth shift will reinforce—not reduce—the divides that already separate who ages well in America and who does not.
For those of us in the aging field, this moment demands attention. Aging networks cannot remain silent about wealth disparities. We are already living with their consequences, and we will be asked to shoulder the burdens they create in the decades to come.
The Unequal Starting Line
Wealth disparities are not new. For generations, systemic barriers have ensured that Black, Hispanic/Latinx, and Indigenous households enter later life with fewer resources than their white counterparts. Discriminatory housing policies, exclusion from pensions, unequal pay, and inequities in healthcare access have compounded over decades. The result? By the time people reach retirement age, the disparities are staggering.
A report by KFF found among older adults that “median per-capita savings for older White adults was more than eight times higher than for older Black adults and more than fifteen times higher than for older Hispanic adults.” These aren’t abstract numbers; they shape where older adults can live, the care they can afford, and whether they can pass anything on to the next generation.
This gap is not narrowing with age—it is widening. Wealth compounds, and so do inequities. Those who already have assets see them grow, while those without wealth face the high costs of aging with nothing to fall back on. Many older adults are forced to rely heavily on Social Security, Medicaid and aging services networks to meet even basic needs.
A Transfer of Wealth—or of Debt
Against this backdrop, the much-heralded intergenerational wealth transfer looks less like a shared boon and more like a dividing line. Some families will inherit homes, retirement accounts, and investments that provide security for decades to come. Others will inherit debt, medical bills, or nothing at all.
For LGBTQ+ families, immigrants, and those who rely on chosen family structures, outdated estate laws and limited recognition of non-traditional relationships add another layer of exclusion. Many of these households are left out of the systems designed to transfer and preserve wealth. Instead of lifting communities up, the wealth transfer threatens to pull them further down.
‘To act is to recognize that economic equity is inseparable from the work of aging.’
This isn’t just a financial story—it is a justice story. Who gets to age with dignity, stability and peace of mind? And who must fight for survival in a society that has stacked the deck against them?
Why Aging Networks Must Act
Aging networks are where these inequities land. Every day, providers see older adults who must choose between medication and food, or who face eviction because their fixed income can’t keep up with rising housing costs. The growing economic divide means that aging networks must serve as both a safety net and an advocate.
To do nothing is to accept a future where opportunity remains stratified along race, class and family structure. To act is to recognize that economic equity is inseparable from the work of aging.
What can be done?
Four Imperatives for the Field
- Equip families with tools for planning. Too many households avoid conversations about wills, advance care directives, or estate planning because they assume they have “too little” to protect. But even modest assets—like a home or savings account—can make a profound difference for the next generation, if preserved. Aging services can partner with legal aid clinics, bar associations, and community organizations to provide education and support.
- Build cross-sector partnerships. No single system can close the wealth gap. Aging networks should collaborate with housing advocates, financial educators, and philanthropy to align efforts. These partnerships can create community-based programs that combine practical financial literacy with culturally responsive support.
- Advocate for systemic change. Policy reform is essential. From fair housing enforcement and retirement security protections to long-term care financing, aging network leaders can bring the realities of their clients to lawmakers. The reauthorization of the Older Americans Act, tax reform, and state multisector plans for aging all provide opportunities to integrate economic equity into aging policy.
- Change the public narrative. Too often, the stereotype of the “comfortable retiree” obscures the truth. Aging network professionals can speak with authority about the real economic struggles of older adults. Lifting up stories from diverse communities can counter myths and build public will for action.
A Question of Belonging
At its heart, this is a question of belonging. Who is allowed to imagine a future where aging is secure, supported, and celebrated? And who is excluded because of the compounded effects of discrimination and inequity?
The wealth transfer is not only about dollars; it is about who belongs in the vision of America’s future. Aging networks have always been about dignity, equity, and preparing for tomorrow. As this unprecedented transfer unfolds, we must expand that vision to include the economic realities shaping how older adults live today and how their children and grandchildren will age tomorrow.
The question isn’t whether wealth will be transferred. It is whether aging networks will stand aside as disparities deepen—or step up to help build a more equitable future?
Patrice L. Dickerson, PhD, is ASA’s Senior Equity Strategy Director.
Photo credit: Shutterstock/Dmytro Zinkevych
