Baby Boomers' Retirement Wave Threatens Small Businesses, $10 Trillion in Assets at Risk

Jamie Dimon warns that the American Dream is slipping away due to a dysfunctional baby boomer retirement wave. A new JPMorgan Chase report finds that 70% of small business owners are in early stages of succession planning, while only 8% have reached an advanced stage. The bank estimates that 12 million businesses, representing nearly $10 trillion in assets, will change hands over the next decade, with critical industries seeing over half of firms have an owner aged 55 or older. This "Great Wealth Transfer" or "Silver Tsunami" is playing out like a reluctant exit for baby boomers who hold most of America's wealth.