Baby Boomers Less Likely To Retire Mortgage-Free 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.
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More than half of all U.S. workers plan to work past 65 or not retire at all, according to a survey last year by the Transamerica Center for retirement studies. boomers can toil longer because.
Many baby boomers won’t be able to retire – at least, not in the traditional sense. The idea of days on the golf course, adventures around the world and leaving the workforce by age 65 won’t be a reality for many people in this age group, based on the findings of several recent studies.
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About 15% of baby boomers, ages 54-74, still work full time, while they are joined in the workforce by the three generations that succeed them: Gen X, millennials and Gen Z, according to USA Today.
Lusardi and Mitchell’s study suggested that baby boomer’s mortgage balances were so high due to the housing bubble. They noted that many of the boomers were able to buy more expensive properties with lower downpayments during this time and older boomers who bought pre-housing bubble were much less likely to be underwater than newer boomers.
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Perhaps it’s due to having less of it, but millennials take money management more seriously than baby boomers, according to CNBC. About 34% of millennials versus 18% of baby boomers are likely.
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Paying off the mortgage, once a widespread rite of passage for homeowners approaching retirement, has become less common in recent years. Concerns are mounting that the increasing prevalence of housing debt among older homeowners could compromise financial security in retirement by expanding housing affordability problems, crimping essential non-housing spending, increasing vulnerability to.
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. were significantly.