Housing wealth represents U.S. retirees’ largest asset. For the average 65-year-old couple, home equity represents about two-thirds of their total wealth. The only other potentially more important retirement asset is Social Security, since it functions as the main source of retirement income for most retirees.
While there is ample discussion and financial advice focused on Social Security optimization and claiming strategies, home equity is often ignored as a financial asset and potential income source in retirement. Just look at some recent findings published in the Journal of Financial Planning indicating that financial advisors are for the most part ignoring home equity as an asset to support a retirement income plan.
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