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Housing Bust Deals a Cruel Blow to Older Homeowners
Tweet Share on Facebook March 9, 2009 Comment (7)Home foreclosures, sub-prime loans, and underwater mortgages have understandably dominated concerns about the collapse of the housing market. Yet plunging home values have also triggered equally devastating consequences for the retirement hopes of millions of older homeowners. Perhaps even more than falling retirement-plan investments, 30 percent to 40 percent drops in housing values are destroying the very foundations of retirement for people who did all the right things and played by the rules. Dean Baker, founder and co-director of the Center for Economic and Policy Research (CEPR), spoke to largely closed ears and minds as far back as 2002, when he warned of an imminent housing collapse. He has since turned his attention to the impact of that collapse on older Americans.
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Is a New Retirement Account in Our Future?
Tweet Share on Facebook March 4, 2009 Comment (5)Retirement security is a painful oxymoron to millions of older Americans. According to estimates from Dean Baker, co-director of the Center for Economic and Policy Research, we have lost $15 trillion in wealth from the declining values of our investments and our homes. No stimulus package can bring that back anytime soon.
However, committees in the House and Senate have already begun the process of looking for better retirement solutions. They are joined by think tanks and financial trade associations. Expect to see lots of summits called, and much circling of wagons. We will be witnesses to an extended reassessment of whether or not the private sector is to be trusted with our money. Heck, it goes beyond that. Consumers are on trial as well. Can we even be trusted to take good of our own money? -
Boomerater™ Report: Taking Car Keys from Parents
Tweet Share on Facebook March 2, 2009 Comment (14)The Boomerater™ Report is our weekly collaboration with Boomerater. Boomerater is the online resource for Baby Boomers offering advice on areas such as financial planning and finding a job. In each report, we feature a selection of helpful tips from Boomerater’s collection of financial, consumer, and lifestyle content.
We also post a question of the week where we are looking to hear your thoughts and first-hand perspectives. Last week, we asked readers for advice on taking car keys away from parents. Here are a few of the responses:
