Poverty Strikes One Third Of Retirees - Z Reverse Mortgage

A recent study has revealed that fully one third of
all soon-to-be-retired American workers will likely
live at or below the poverty line. This is due in no
small part to the fact that fewer Americans than
ever before have access to employer funded
retirement plans or pensions.
Despite some efforts by the U.S. government to
control healthcare costs, they are still rising as
well, meaning that not only will retirees see less
money in their pockets each month, but they will
also be experiencing higher expenses as well.
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Just 53% of workers aged 25-64 had access to an employer-sponsored
retirement savings plan in 2011, down from 61% in 1999, according to a report
from Teresa Ghilarducci, professor of economics at the New School. More recent
data was not available, but the downward trend has likely continued, the report
finds.
This data includes both traditional pensions and 401(k)-like plans. So the falloff
in access to a retirement plan is not simply the result of disappearing definedbenefit
plans, though that trend remains firmly entrenched.
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Just 16% of workers with an employersponsored
plan have a traditional pension
as their primary retirement plan, vs. 63%
with a 401(k) plan, Ghilarducci found.
For most American retirees what wealth
they have managed to accumulate comes in
the form of their home, meaning this
becomes their best chance at living a
comfortable retirement. Fortunately, a
reverse mortgage can help them leverage
the value of their home, while they remain
living in it.
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