How much does the average American 60-year-old have in retirement savings?

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“Research by the Federal Reserve shows that an astounding one in four Americans (including the 27% who consider themselves retired) have absolutely nothing saved.”

“A Vanguard study found those between 55 and 64 held an average of roughly $256,000. But this includes high income earners; breaking the figures down, it shrinks to a median of about $90,000.”

“So if you’re a 60-year-old American and make $50,000 per year, that means you should have $400,000 saved in your retirement account.”

Have you ever considered utilizing home equity to fund the retirement life you desire?

Accessing the home equity has both positive and negative tradeoffs with some skewed more negative and others more positive. It all comes down to the borrower’s goals whether taking advantage of home equity will be the best option or not. There is no one size fits all in retirement but understanding all the available options will put the retiree in the best possible position.

Please reach out to learn about a Reverse Mortgage so you can decide if it will help you or your family members achieve the desired goals in retirement.