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Baby Boomers Less Likely To Retire Mortgage-Free

www.realtormag.realtor.org Retiring baby boomers are less likely to be mortgage-free compared to people their age in previous generations, according to Fannie Mae. That could hurt boomers’ financial security and exacerbate the housing affordability crisis. slightly less than 50 percent

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Lusardi and Mitchell’s study suggested that baby boomer’s mortgage balances were so high due to the housing bubble. They noted that many of the boomers were able to buy more expensive properties with lower downpayments during this time and older boomers who bought pre-housing bubble were much less likely to be underwater than newer boomers.

More worrisome, over a third of baby boomers have saved less than $50,000 for retirement, and just 15% have accumulated nest eggs north of $500,000, an amount that could generate the kind of.

It’s no secret that the baby boomers’ generation is facing a financial crisis, and a recent article by Real Investment Advice says the crisis will affect more Americans than the subprime crisis in 2008: The pension and retirement crisis. There are three "legs" to the retirement "stool.

Roughly 70% of older workers have just $5,000 or less in immediately accessible savings, according to data from the Insured Retirement. You’d think baby boomers would have an easier time saving.

Baby boomers are happy to retire right where they are, whereas millennials prefer to move to their "dream location." Approximately 37% of baby boomers said they don’t plan to relocate in retirement, according to a survey by American Advisors Group. Both groups found some similarity.

The oldest Boomers, who are already past retirement age, are substantially less likely to own their homes outright than their generational predecessor. "Among Baby Boomer owner-occupants aged 65 to 69 in 2015, fewer than 50 percent were mortgage-free, down 10 percentage points compared with the pre-Boomer group.

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