Much has been written about the baby boomer’s retirement including best selling books like Robert Kiyosaki’s Prophecy.

In case you having been paying attention baby boomers are reaching retirement age and the latter generations simply don’t have the resources ie money to provide the baby boomers with the lifestyle they are accustomed to.

Luckily the baby boomers have been saving some money.

Unluckily its no where near enough.

Baby Boomers own most of the wealth now days an a lot of its in real estate. When they need cash for their retirement they’ll be selling up some of that real estate but Generation X’s and Y’s simply won’t have the credit ability to purchase real estate at its current inflated prices.

What that means potentially is a monumental real estate crash.

The same senario exists in the share market.

Generation X’s are often seen as the slacker generation - and terrible with money. Money is a lessor priority compared to having the latest torn up jeans or downloading the latest song for their ipod.

Generation Y isn’t much better.

There are still some savy generation X’s and Y’s when it comes to money and they will be the ones who will capitalize most in monetary terms when it comes to the tranfer of wealth.

I’m predicting however that the Baby Boomer’s will continue to work much longer than other generations since they have all the money (thus can make all the decisions) plus they so into controlling things that they simply won’t want to let go of the ball.

Here’s some interesting stats about baby boomers from Pew Research Center poll of 3,014 adults, including 1,117 baby boomers, conducted Oct. 5 to Nov. 6. The baby boomer results have a margin of sampling error of plus or minus 3.5 percentage points.

Sixty-eight percent of baby boomers with adult children help those children financially.

Twenty-nine percent of baby boomers whose parents are still alive provide them with some financial assistance.

Thirteen percent of baby boomers provide financial support to both parents and children.

Two-thirds of baby boomers say parents have a responsibility to pay for their children’s college education, an opinion that varies little with income.

One-third of boomers say parents have a responsibility to provide housing for adult children.

Fifty-six percent of boomers say adult children have a responsibility to provide housing for elderly parents.