A substantial proportion — perhaps one-third — of older householders ages 55 to 64 will be less secure in retirement because of the housing bubble and its aftermath, according to the Center for Retirement Research at Boston College. Vanished equity may be the most threatening to Seniors who own homes in markets that have seen the steepest price drops, such as Arizona, Southern California and South Florida.
The vision many Seniors once had of their golden years is no more. At the same time, retirement savings invested in the stock market has taken a substantial hit.
Some Scary Stats: Estimated wealth of households in the 55-64 and 65-74 age groups in 2009 and the change from 2004, excluding wealth in defined benefit pensions.
*Households ages 55-64 Wealth Change
Median net worth $159,800 -49%
Median financial assets $52,600 -41%
Median equity in all real estate $65,900 -54%
*Households ages 65-74
Median net worth $214,100 -13%
Median financial assets $79,600 +81%
Median equity in all real estate $98,200 -27%
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