Experts Suggest Using Your Home to Fund Retirement Plans

Experts Suggest Using Your Home to Fund Retirement Plans

Experts Suggest Using Your Home to Fund Retirement Plans 1000 667 Strawberry Insurance

For many retirees, the idea of giving up their family home is a tough proposition to accept. But according to Steven Sass, a research economist at the Center for Retirement Research at Boston College, that’s exactly what’s needed for many individuals to afford retirement.

“People have a serious behavioral resistance to touching their savings or home equity in retirement,” Sass told CNBC. “We think a lot more retirees need to think about using their house for income.”

According to the latest University of Michigan Health and Retirement study – conducted in 2010 – the average household entering retirement has a net worth of just over $300,000, including their home.

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