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Baby Boomers Unprepared for Retirement? An Inside Look at the Generation Gap  Baby Boomers Unprepared for Retirement? An Inside Look at the Generation Gap


Baby Boomers Unprepared for Retirement? An Inside Look at the Generation Gap

Written By: Jaymi Naciri
Tuesday, October 08, 2019

PropertyShark.com conducted a generational survey and found that, overall, boomers are woefully underprepared for retirement, and many are experiencing financial difficulties that could put their homes at risk. The report is a jumping-off point that can provide insight into this critical portion of the population, especially as it >

Among their key takeaways:

bull;nbsp;ldquo;3 out of 5 Boomers have less than 100,000 saved for retirement; only 4 have more than 1 million set aside.
bull;nbsp;Nearly one-third have struggled to keep up with housing costs in the past year.rdquo;

According to anbsp;Vanguardnbsp;report, 45 of Boomers have no retirement savings. Perhaps not surprising given that financial uncertainty, ldquo;Close to 1 in 3 older adults donrsquo;t plan on ever fully retiring.rdquo;

The good news is that ldquo;approximately 60 of those older than 65 are living mortgage-free,nbsp;and Boomers are expected to pass on aroundnbsp;48 trillionnbsp;in assets in the next 25 years,rdquo; they said.nbsp;

Staying put

The study also found that ldquo;more than half of those 45 and older want to remain in their current homes for their senior years,rdquo; which jives with a recent Chicago Tribune story.nbsp; ldquo;Baby Boomers, the 75 million Americans born between 1946 and 1964, are clogging up the housing market,rdquo; said HousingWire of the article. ldquo;Instead of moving to retirement communities like many of their parents did when they got older, Baby Boomers are opting to agenbsp;in place. The ldquo;near-gridlockrdquo; is keeping about 1.6 million houses off the national market, the Tribune story said, citing anbsp;Freddie Macnbsp;analysis.rdquo;

A significant portion of Boomers own their homesmdash;76, according to a study by Chasemdash;and intend to hold on to them. Part of the appeal of paying off their home, aside from living mortgage-free, is being able to pass it down to family members. Interestingly, though, some of the changes they are making to their homes to make them more comfortable for advancing age may not be attractive to those who stand to inherit the places. Talk about a generation gap.nbsp;

ldquo;An older bathroom retrofitted with grab bars is ra>

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