According to Senior News Weekly, the National Center for Policy Analysis (NCPA) reports Baby Boomers 45-64 are experiencing high mortgage and health care expenses while their retirement and savings dwindle, leaving them short of sufficient income to retire. Real incomes for those middle-aged to older have stagnated in the last 20 years, and boomers have not saved the recommended ten percent of their incomes annually. Using data from the Bureau of Labor Statistics’ Consumer Expenditure Survey, the report states the age of the first-time home-buyer rose from 28 in 1985 to 35 in 2011, which increases the likelihood of a mortgage being carried into pre-retirement years. As MHProNews has learned, the NCPA recommends reforming the income tax system and making all types of savings tax-neutral.
(Photo credit: Rich Saal/State Journal Register)