> They're also on average the wealthiest age demographic in the US.
That's true, but it's a bit misleading IMO. Older folks might have accrued more wealth than younger demographics, but they're not really adding to it each year.
For example, the 65-69 age range has a median net worth of ~$194k[0]. However, somebody in that age range is likely retired and will be living off of that $194k for the remainder of their life. Conversely, somebody under 35 might only have a net worth of $6.6k but will likely be bringing in ~$4,000 each month. Were an individual in the 65-69 age range to withdraw $4,000 per month, they'd be out of money in 4 years. Realistically, most might withdraw around $2,000 per month (before or after Social Security). That's where my parents are at. They really have much less to spend even though they have a lot saved up.
If you take into consideration home equity, it's more apparent why property taxes and such are a big deal to older folks: upwards of 80% of their assets are in their house[1].
Retirement starts to get scary when your parents are thinking about it. You start asking them just how much they have saved, and you start thinking about how much more income you'll need if you end up having to supplement theirs.
If you retire at 72 today you might well live twenty more years. That's a lot of time to live of fixed income. You'll get sicker as you get older, so you know your healthcare costs will go up. That expensive house with high property taxes (if you don't have prop 13 to have made them close to zero for you over 40 or 50 years) starts looking like a burden, and also a source of funds.
