As a nation, we face unprecedented retirement challenges that will stress our health and social systems. The loss of pensions, 17 years of stagnant wages, low returns on personal savings, and because we are now living 20, 30 even 40 years in retirement, we must completely rethink, and rewire retirement. Longevity and our aging demographics are disrupting all the conventional approaches to income planning and portfolio management. Paul believes that collectively, we are grossly unprepared for what is coming.
78 Million Baby Boomers are in the early stages of retiring. Approximately 11,000 people are turning 62 each day, 365 days a year, and that is projected to continue uninterrupted for the next 21 years. By 2030, 45% of Americans will be age 65 or older, and for the first time in history, older adults are projected to outnumber children. Talk to any Boomer today, they’ll tell you their biggest fear is outliving the money.
Paul says, “We must, leverage the 7 Trillion in household wealth lying dormant in the homes of retirees. We can, and we should convert home equity into cash for retirement. We can do it responsibly, and we must do it immediately.”