This is why baby boomers are divorcing at a stunning rate. Data about retirement savings and predictions about quality of life for senior citizens in the coming decades are mostly bleak.
While earlier generations tended to pay off their mortgages before they retired, the leading edge of Baby Boomers, now in their late 60s and early 70s have been less likely to do so.
"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 of homeowners who were the same.
More baby boomers who have yet to retire will enter their golden years with outstanding mortgage debt than previous generations, according to a recent study from Fannie Mae.. In 2015, fewer than half of all owner-occupants aged 65 to 69 owned their homes free and clear; back in 2000, about 60% of Americans that age had no mortgage.
Boomers are slightly more likely to prefer. [See: 10 Retirement Hot Spots in the U.S.] Spring and summer trips. Most baby boomers prefer to travel during the spring or summer, but the fall is only.
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The last remaining Baby Boomers to retire should be entering their golden years over the next few years. A change we are seeing with baby boomer retirees is that they are less likely to retire mortgage-free , compared to the previous generation, according to Fannie Mae .
Now, as boomers are reaching retirement age. millennial market (which is less likely to respond to traditional marketing), it seems that many brands are missing out by ignoring the enormous.
According to the study, 45% of Baby Boomers have no retirement savings. Only 55% of Baby Boomers have some retirement savings and, of those, 28% have less than $100,000.
· Ready, Set, Retire.. you’ll have lots of company. More than three-fourths of baby-boomers say they expect to work, at least part-time, during.
about 10,000 Boomers turn 65 daily and hundreds of thousands retire each year. Longevity is a big risk to retirement security, and health care costs in retirement will likely be the most significant expense Americans face. The PwC Financial Wellness Survey finds more Baby Boomers than ever before are
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Baby Boomers are much less likely to own their home outright, that is – without a mortgage, than the generations before them, and probably won’t be able to catch up before reaching retirement age.