Baby Boomers Less Likely To Retire Mortgage-Free

“It’s counter intuitive that there are more pensions for boys as women earn less, take more career breaks. although it.

Once considered a rite of passage for retirees, paying off a mortgage is growing far less frequent according to a new study by Fannie Mae. Among other insights, the study reveals that the eldest baby boomers, those who have past retirement age, are far less likely than the generation before them to be mortgage-free.

Baby boomers. may cover less for high-income households. The average benefit check was $1,472 as of July 2019. That adds up to $17,664 per year. While that’s a nice chunk of change, it doesn’t come.

Fannie Mae found that among owner-occupant baby boomers who have already passed traditional retirement age (aged 65 to 69 in 2015), less than 50% were mortgage-free, down 10 percentage points.

Baby Boomers who are concerned about their debt obligations are less likely to report confidence in their own retirement preparedness and these debt worries are one reason many people are postponing retirement. Spending plans also help free up extra money to pay down debt.

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Among baby boomer owner-occupants aged 65 to 69 in 2015, fewer than 50 percent were mortgage-free (see bar marked by purple arrow in Exhibit 1), down 10 percentage points compared with the pre-Boomer group of homeowners who were the same age in 2000, prior to the housing bubble (bar marked by yellow arrow in Exhibit 1).

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Baby boomers are happy to retire right where they are, whereas millennials prefer to move to their "dream location." Approximately 37% of baby boomers said they don’t plan to relocate in retirement, according to a survey by American Advisors Group. Both groups found some similarity.

While baby boomers are the age group with the second-highest average debt, they also care less about price when choosing to spend their money at a retailer. Less than half are worried about the cost.

During each day of the 18 years from 2011 to 2029, about 10,000 baby boomers are expected to reach the retirement age of 65. The generation is defined as those born between 1946 and 1964, which means the oldest members of the generation reached 65 in 2011, and the youngest members will reach that milestone in 2029.