Retirees Hit Hard by Foreclosures
According to an AARP report based on mortgage data from 2007 through 2011, homeowners aged 75 and older have been one of the hardest hit groups by foreclosures. This report revealed a troubling trend in rising foreclosure rates among homeowners who are 50 years old or above. Within this over-50 group, the highest foreclosure rate in 2011 was with homeowners in the 75+ age bracket. In fact, 3.2% of this age group lost their house to foreclosure in 2011. This rate was just 0.33% in 2007.
Although this report is focused on the statistical facts and not in the underlying causes of their findings, it is at least apparent that many retired individuals did not have a retirement plan which offered protection from the market downturn. In order to ensure that your retirement plan is effectively protecting you from economic downturns while also providing sufficient growth and income for life, please be sure to consult with a retirement income specialist.
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