Anxious boomers struggling with mortgages
September 30, 2010
Possibly hit by the recession the hardest, the baby boomers are now struggling to make ends meet as they face the problems of job loss, cutbacks and mortgages, according to The Detroit Free Press.
The problem seems to stem from the fact that many boomers were making enough money in the 90s to buy larger homes and invest in 401(k) plans which would guarantee an easy road to retirement.
Now, many boomers, such as 51-year-old Lawrence Jackson of Belleville, Michigan, appear to feel trapped in their own homes during what should be their prime-earning years, the news source reports.
Jackson was previously employed at a bank and making $70,000 each year, until job layoffs and other cutbacks led him to a $50,000 a year position at an agency that helps people obtain loans from the Small Business Administration.
He told the news source that his wife and he purchased a home for $250,000 in 1997, but the house across the street was just bought for $99,000.
Boomers who are reeling from the economic downturn may also be juggling a career with caring for an older parent. One way to ease the stress of this situation may be to install an elderly alert system in a senior's residence, which can allow an older adult to contact a caretaker immediately in the case of an emergency.