Boomerang Burdens: Back to the Nest

UNCG Author/Contributor (non-UNCG co-authors, if there are any, appear on document)
Janice I. Farkas Wassel, Director (Creator)
Institution
The University of North Carolina at Greensboro (UNCG )
Web Site: http://library.uncg.edu/

Abstract: Many Americans are having difficulty saving money. But baby boomers, who are often perceived as being self-centered, self-seeking, self-interested, self-absorbed, and self-indulgent, may actually have been too generous to their families at the expense of ignoring their own retirement interests. Personal savings increased through the mid-1980s but began to decline in the era of the great bull market in U.S. equities and soaring housing values. As savings decreased, housing values have increased. Some conclude that the home has become the piggy bank of the future. Home ownership as a form of personal savings provides solvency only when the home equity remains. While older retired adults may find home ownership a reassuring component of their retirement portfolio, many individuals who are not yet retired have been using home equity to make ends meet. Lines of credit based on home equity are being used to pay for healthcare or children’s college expenses. The result for many is a decline not only in personal and retirement savings but also in home equity.

Additional Information

Publication
Aging Well. Summer. Vol. 1, No. 3, 14-15
Language: English
Date: 2008
Keywords
retirement, savings, baby boomers