Sadly, how screwed are the retiring Baby Boomers who counted on the proceeds from their house to fund their retirement?
Bonus Question: Will there be some sort of Baby-Boomer-Bailout to make up for the shortfall in savings (you know, one more AARP big wet kiss)?
Comparing results from the biennial University of Michigan Health and Retirement study, researchers found that, excluding home and business equity, 51- to 56-year-olds hold less wealth than the same age group did in 1992.
"These boomers look richer, but a lot of that wealth is because one asset [their house] revalued," says co-author Annamaria Lusardi, a professor of economics at Dartmouth. "Excluding housing, people have very little in other wealth components."
