A colleage of mine is trying to sell her house. The house has lost 30% of its value since 2008. Her children are gone, and she lives on her own, but real estates taxes are now close to 10k (and another 10% increase is yet to come). She maybe an example of many people who have realized their house has become a financial trap.
 Quote:
Originally Posted by omni550
From today's NYT, " “The fact of the matter is that this aging-but-not-yet-aged segment of the baby boomer class can’t afford to retire,” said David A. Rosenberg, the chief economist of Gluskin Sheff, a Canadian firm, noting that overall household net worth was 15 percent lower than at the prerecession peak. “Dreams of the 5,000-square-foot McMansion being a viable retirement asset have morphed into nightmares of a deflationary ball and chain.” "
http://www.nytimes.com/2012/05/19/bu...it_th_20120519
omni |
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Very conservative with investments. Not ER'd yet, 48 years old, about 98-99% in cash, CDs, munis, sizeable nest egg, WR < 3.5%, pensions, annuities, no debt, and 47-year planning horizon. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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