Seniors believe comfortable retirement is out of reach – report

As retirement becomes more challenging for many Americans, seniors are starting to use alternative methods such as home equity to fund their later years, according to reverse mortgage lender American Advisors Group (AAG).

Data from AAG’s Modern Retirement Survey revealed that 81% of seniors believe retirement difficulties will get harder for the next generation. More than a third (37%) of retirees feel that their employers failed to help them achieve the retirement they wanted.

“Traditional financial strategies no longer guarantee a comfortable retirement, and that has many Americans worried about how their children will fund their future,” said AAG chief marketing officer Martin Lenoir. “Seniors are beginning to retire the old ways of thinking when it comes to their post-work life and are using alternative methods to fund their later years, such as utilizing their home equity. The concept of retirement has evolved, and seniors now see their home equity as a financial tool that can help secure a comfortable lifestyle.”