Many Baby Boomers forced to delay retirement due to poor housing market
August 5, 2011
The real estate market is not exactly at its best right now, which is leading many Baby Boomers to reconsider their retirement plans. Many homeowners took a big financial hit during the recession and Fox News in Phoenix reports that this has forced many adults to push back their retirement plans.
"The house was supposed to be the nice stable investment that always went up in value…rarely came down…one of the investments you can live in and enjoy," Arizona State University real estate professor Dr. Jay Baker told the news source. "That went away."
Martin Huber and his wife, both in their mid-50s, thought five years ago that they would be retired in 10 years, but now Martin tells Fox News that they are looking at another 20 to 25 years before they will be able to leave the workforce and enjoy their golden years.
Many Boomers are in similar situations, and are also taking care of aging relatives, which can be another financial burden that can affect retirement plans. A senior alert system can help these individuals keep their loved ones safe, which could potentially save money on medical expenses.