Retirees may be reluctant to sell homes

Many pre-retirees fear running out of money long before they turn 80.

In fact, a new study by HomEquity Bank finds two out of 10 pre-retirement respondents admitted they could outlive their savings within five years of leaving work.

That’s because nearly a third (29%) of those younger than age 55 and, more alarming, 35% of those who are already retired have saved less than $50,000.

Read: Future retirees worried about health, money

When people run out of money, says Ed Weinstein, president of The Brondesbury Group, “they [must] turn to the money locked in their home[s] to give them a way to be comfortable. They have to learn to see [their homes] as an economic asset.”

The problem, however, is 47% of pre-retired respondents and 56% of those who are retired say staying in their homes is critical to maintaining quality of life.

This story originally appeared on our sister site,

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