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The Senate Special Committee on Aging Examines American Retirement Preparedness
With the obvious retirement crisis looming over both retirees and the U.S. government the Special Senate Committee on Aging received input from acamdics, researchers and retirement experts covering topics ranging from retirement savings accounts to reverse mortgages. The hearing was entitled “Bridging the Gap: How Prepared are Americans for Retirement?”.
The goal was to uncover potential solutions in the face of an increasing baby boomer segment reaching retirement while officials struggle to strengthen Social Security and other programs. In written testimony to the Senate members Alicia Munnell who heads the Boston College Center for Retirement Research wrote, “Many households have a little-recognized asset that they could turn to for income in retirement, the equity in their home. Generally, retirees think of their home equity more as an emergency reserve than a potential source of retirement income. However, given the challenge of ensuring retirement security, this view may be a luxury that many can no longer afford”.
Perhaps the government should reexamine the luxury of allowing American retirees to keep their home equity while receiving…
Download a transcript of this episode here.
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