Jamie Dimon says the American Dream is slipping away. The dysfunctional baby boomer retirement wave is a major part of the problem

Jamie Dimon warns that the American Dream is slipping away for many people and future generations. JPMorgan Chase pinpoints a specific reason: aging small-business owners facing retirement without a plan for their businesses. The bank surveyed 1,000 business owners, finding that only 8% consider themselves in the advanced stage of succession planning, while 70% are in the early stages.

Over the next decade, approximately 12 million businesses with $10 trillion in assets are expected to change hands. This transition is particularly pronounced in security-critical industries, where more than half of firms have owners aged 55 or older. The issue extends beyond individual business owners; over a third of S&P 500 companies have CEOs and CFOs nearing retirement without a clear succession plan.

This dysfunction is not limited to small businesses; it extends to the top levels of major corporations. The Great Wealth Transfer, or Silver Tsunami, involves baby boomers who hold most of America's wealth but are struggling to plan for the transition of their businesses. JPMorgan Chase is highlighting the urgency of this issue and advocating for policy changes such as the American Ownership and Resilience Act, the Small Business Succession Planning Act, and the Retire Through Ownership Act.