July 31, 2012 – The ‘great recession’ is taking its toll on a growing number of older Americans, many of whom are losing their homes.
More than 1.5 million Americans over 50 lost their homes to foreclosure between 2007 and 2011. The highest rate in this group was homeowners over 75.
The American Association of Retired Persons (AARP) recently released a report about why the foreclosure trend has hit so many older Americans. It found a number of factors are driving older Americans from their homes, including pension cuts, increased medical costs and shrinking personal savings.
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ARIA provides a forum for an informed discussion on retirement income adequacy, and other related issues, including pension and retirement coverage, and defined benefit pension plans.