I'm housecleaning a little this afternoon. This report came in yesterday during a deadline frenzy. I haven't had a chance to look at it, but it makes a BIG point about many of us who have thought our home's equity would be a big comfort to us in retirement. As in: forget it.
Here is the nut of it all in one paragraph. I'd be interesting in seeing thoughts from people who do take a look at this.
As Senators McCain and Obama fine-tune their plans for Social Security in preparation for the 2008 presidential election, a new report from the Center for Economic and Policy Research (CEPR) shows that, due to the collapse of the housing bubble, the vast majority of Americans have accumulated little or no wealth. This means that they will be almost completely reliant on Social Security and Medicare to support them in their retirement years.