LOS ANGELES: Many are approaching retirement with only their social security/state pension to support them and a mortgage that is far from paid off, claims an economic study of baby boomers.
The middle quintile of the cohort of workers between the ages of 55 to 65 had an average of just $169,000 in 2013. This is actually $19,000 below the average wealth for this group as reported in 2010. What’s more, it is $150,000 below the peak wealth for the group reported in 2004.
This means that if a typical family in this 55 to 64 age group took all their wealth (which includes home equity) and used it to pay down their mortgage, they would still owe more than $50,000 on the median house. They would go into retirement with only their social security/state pension to support them, and a mortgage that is far from paid off…