Are your retirement plans in place, locked down and solid? Or do you or maybe your parents fall into the overwhelming statistics below?
- Baby Boomers are turning 62 at a rate of 10,000 a day.
- Senior home equity is at an all time high.
- They live longer, are active, carry debt, and have equity.
- 25,000,000 households with Americans over 65.
- 85+ is the fastest growing demographic in America.
- Federal Reserve estimates 50% of Boomers with no retirement savings.
- $49,800 average savings of those who have saved.
- $51,000 is average annual cost of assisted living.
- 80% of seniors have substantial equity in their homes.
- 81% of seniors plan to remain in their homes as long as possible
- 43% of current HECM seniors report that without their Reverse Mortage, they could not remain in their home.
- 23% married social security beneficiaries receive 90% of their income from SSI.
- 43% Single social security beneficiaries receive over 90% of their income from SSI.
- 30% gap between social security and desired monthly income
- Inflationary pressures on Fixed Income.
- Health care costs continue to rise.
- ZERO alternative sources of additional monthly cash for most seniors other than home equity.
West Coast Real Estate 