Should Your House Serve as Your Nest Egg?

Physician's Money Digest, January31 2004, Volume 11, Issue 2

A recent study of 500 individuals aged 60 with more than $1 million in investable assets suggests that too many people reaching retirement are relying on their house to help fund their golden years.

In the survey conducted by Opinion Research Corp in Princeton, New Jersey, 68% of those surveyed said they were using their residence as a retirement asset with 24% saying they considered their house to be at least half of their savings. While 70% said they had at some time in their career participated in a 401(k) plan, 23% said the assets from those plans only made up three-quarters of their total savings. As far as what these respondents planned to do after retirement, 33% planned to focus on personal interests while 38% planned to work in some capacity after retirement age.