January 20, 2020

Some American homeowners are making a big retirement mistake, survey finds

From Yahoo! Finance

Some Americans are pinning their retirement hopes on their homes, betting that housing appreciation will continue and compensate for their lack of savings. But experts warn that adults shouldn’t bank on houses as their only retirement investment – even if real estate appreciation continues.

One in 4 U.S. homeowners plan to use their home to fund their retirement, according to a

recent survey from Unison, a home co-investing firm. Of those, 1 in 6 said their home represents half or more of their retirement nest egg.

“If someone thinks their home is going to fund 100% of retirement, that’s a little scary, but I’m not surprised,” said James Ciprich, advisor at RegentAtlantic, a financial planning firm. “We have a retirement savings crisis.”

Read the full article here.