"One thing that is rarely mentioned in these stories is the transfer of wealth that will happen when the parents of these baby boomers die and leave their estates to the baby boomers."
It may not be a consideration, since these boomers are probably balanced by those whose parents don't have any "estates" to leave. My parents and many relatives were in the ministry, making meager livings, as were the farmers and blue collar workers in the congregations. You, your parents and inlaws are lucky to be in a better position.
One thing that is rarely mentioned in these stories is the transfer of wealth that will happen when the parents of these baby boomers die and leave their estates to the baby boomers.
I suspect this will be a smaller factor than many expect. The long term care needs of older adults can easily and rapidly consume a lifetime of concientious saving.